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Assets Do Not Affect Your Eligibility For Social Security - The Motley Fool
Social Security was created in 1935, and the rules have changed over the years. The earnings limit now ends in the month you reach your full retirement age (FRA). Originally, if you made any money, you could not receive your Social Security benefits, even if the amount you earned was less than your Social Security benefit. There were no dependent benefits or disability benefits.
Social Security was originally created to help keep the elderly out of poverty. However, it is not means-tested. If you paid in and you qualify for Social Security, the amount of your income and assets does not matter. If you earned it, even if you are a billionaire, you can collect Social Security.
There is a limit on how much of your earnings you pay Social Security taxes on. The limit for 2026 is $184,500, but the average worker doesn’t earn nearly that much. As that is the maximum amount you are taxed on, that is the maximum amount your Social Security benefit is based on. The maximum Social Security benefit someone reaching their FRA in 2026 can receive is $4,152. You need to work for 35 years, paying the maximum amount of taxes. None of the earnings above that threshold increases your Social Security benefit.
For years, there have been discussions about means-testing Social Security, but it is an earned benefit. You earned it; you are eligible to receive it. But you don’t have to take it if you don’t want to. Reuben Gregg Brewer has written an article on this subject, “ Do Billionaires Get Social Security?” Read his full article here …….
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.