Path Home News Face the Facts Thousands of Millionaires Collect Social Security

Thousands of Millionaires Collect Social Security

47,535 millionaires received Social Security benefits totaling $1.438 billion in 2010. Median income of all recipients older than 65 is $26,000.

Thousands of Millionaires Collect Social Security - Infographic

 

You don’t have to need Social Security benefits to collect them: Every eligible American can collect benefits at retirement, and that includes millionaires. In 2010, 47,535 millionaires received Social Security benefits totaling $1.438 billion. The maximum benefit is $2,533 a month, or $30,396 a year.

The median income of all Social Security recipients 65 or older is $26,000. 27 percent of recipients have incomes of less than $15,000.

People who earn higher salaries in their working years benefit more from Social Security. The higher the payroll tax contribution, the greater the benefits at retirement.

 

Source:

http://www.facethefactsusa.org/facts/millionaires-receiving-social-security