Do Billionaires Still Collect Social Security? The Answer Might Surprise You

The Social Security program is a way to help retirees cover their daily expenses, allowing them to live more easily in retirement when they no longer receive a steady paycheck from their jobs. Given this idea, the program's purpose is more aimed at helping those who truly need it.A billionaire doesn't fit this description, being among the richest of the rich. As of March, there were 900 billionaires in the U.S., according to Investopedia, among a U.S. population of over 340 million people. Do billionaires still receive Social Security benefits? The answer might surprise you.Social Security is one of the major mandatory spending programs in the U.S. government, meaning it's a required program. Spending programs like Social Security are dictated by existing laws and formulas, which adjust the program each year without requiring congressional approval or a vote. For this reason, anyone who pays Social Security payroll taxes throughout their career is entitled to Social Security benefits, meaning that yes, billionaires do receive monthly Social Security checks, just like everyone else.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool