When you think of Social Security recipients, billionaires and celebrities probably don’t come to mind.
Yet some of America’s wealthiest individuals are eligible for — and likely collecting — monthly Social Security checks. Here’s a look at which famous people qualify for benefits and how much they might receive.
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Warren Buffett: The Oracle of Omaha’s $5,108 Check
Warren Buffett, worth approximately $138 billion, is estimated to receive around $5,108 per month in Social Security benefits, according to calculations by GOBankingRates using the Social Security Administration’s calculator. Born in 1930, Buffett is well beyond full retirement age.
While it’s unknown whether Buffett actually collects his benefits, the legendary investor has been vocal about Social Security policy. At a 2005 Berkshire Hathaway meeting he said that he believes it’s a mistake to support any changes that would reduce Social Security benefits below their current guaranteed levels, according to Benzinga.
Interestingly, Buffett’s massive wealth doesn’t factor into his benefit calculation. Social Security is based on earned income — specifically, your 35 highest-paid years. Since Buffett has reportedly taken a modest $100,000 annual salary from Berkshire Hathaway for decades, according to MoneyWise, most of his billions in stock holdings don’t count toward his benefits.
Check Out: Here’s the Average Social Security Check for Someone Who Made $100K Their Whole Career
Bill Gates: A $5,181 Monthly Benefit
Microsoft founder Bill Gates is eligible for approximately $5,181 per month in Social Security benefits or about $62,172 annually before taxes, according to GOBankingRates. Like Buffett, Gates’ benefit is capped at the program’s maximum despite his enormous wealth.
In a 2023 interview with AARP, the interviewer noted that Gates, at 67, had reached the age to be eligible for Social Security, yet he remained actively engaged in his work. While the article doesn’t confirm whether he collects benefits, Gates is certainly eligible.
Whoopi Goldberg and Other 1955 Babies
Celebrities born in 1955, including Whoopi Goldberg, Kris Jenner and Gates, are all eligible for the maximum Social Security benefit of $5,108 per month if they waited until age 70 to claim, according to MoneyWise.
The maximum benefit requires earning at or above the Social Security wage cap (currently $176,100) for at least 35 years and delaying benefits until age 70. Regardless of celebrity status or net worth, the maximum anyone can receive is capped, according to the same source.
How Billionaires Qualify Despite Enormous Wealth
The key to understanding why billionaires qualify lies in how Social Security works. Benefits are based on earned income that was subject to Social Security taxes, not total wealth. As long as someone worked and paid into the system for at least 10 years (40 work credits), they qualify for benefits, according to GOBankingRates.
However, many billionaires who inherited wealth or live primarily off investment income may not qualify at all. Investment income, dividends and capital gains don’t count as earned income for Social Security purposes, according to the same source.
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This article originally appeared on GOBankingRates.com: 3 Famous People Who Collect Social Security
