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.

How Social Security works

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.

The bulk of benefits are covered by payroll taxes. The Internal Revenue Service (IRS) levies a 6.2% Social Security tax for both employees and employers. However, self-employed workers are responsible for the full 12.4% tax. Many billionaires start out like everyone else, meaning they likely worked normal jobs for at least a period of time and therefore paid Social Security taxes.

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The law states that anyone who earns inflation-adjusted wages of at least $1,810 for at least 40 calendar years, the equivalent of a decade of work, can start claiming benefits as early as age 62. The years also don't have to be consecutive.

Now, considering retirees' benefits are based on the taxes they paid into the system, one might think that billionaires receive more in benefits, given that they likely earned higher wages for a significant period and therefore paid more in taxes. However, there is a wage cap, known as the benefit base, on the amount the IRS can tax in benefits each year, and this base is adjusted annually based on national wage growth. In 2026, that cap will be $184,500, meaning people will only pay Social Security taxes on earnings up to that amount.

The maximum monthly Social Security check that a retiree could have received in 2025 was $5,108. Believe it or not, billionaires aren't guaranteed to earn the maximum benefit because one must earn the benefit base for at least 35 years, which could prove elusive, especially at the beginning of one's career.

Billionaires may also opt for lower salaries in exchange for stock or other forms of compensation. For instance, billionaire Warren Buffett, the longtime head of Berkshire Hathaway, has received an annual salary of $100,000 for over 35 years.

Social Security is a complex program

It's easy to see why people may feel slighted that a billionaire who doesn't need Social Security still collects benefits, but laws are intended to govern everyone, and most billionaires, at the very least, participate in some level of charitable efforts.

However, the Social Security program faces numerous challenges, including solvency issues related to its trust funds. If nothing is changed in the coming years, the Social Security Administration won't be able to pay out all of its projected benefits starting in 2035, meaning there would be benefit cuts if nothing changes. It's a touchy issue because Social Security impacts tens of millions of Americans, but at some point, Congress will have to act.

One potential change is the extent to which people's income can be taxed under Social Security, which could result in a higher benefit base targeted at wealthier individuals paying more in taxes. Alternatively, other policy changes could be implemented to increase the tax burden on wealthy Americans, in part to address the shortfall.

For now, retirees should focus on what they can control. Normal people with average wages can, in theory, still reap the same Social Security benefits as billionaires like Buffett.