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When the rich collect Social Security
Though they don’t really need it, the rich and even the super-rich among us are entitled to and frequently collect Social Security benefits, although they are subjected to the same maximum benefit rules as everyone else. But there are circumstances where wealthy people do not collect Social Security, for example if their fortune was inherited and they’ve never really earned income by working. Conversely, if they worked and paid payroll taxes into the program over their lifetime, an argument can be made that they have earned it, This madison.com article by Matthew Frankel outlines how much the very rich get in Social Security, and discusses the concept of “means testing” for qualifying for Social Security. Click here to read more.
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