Yes, the Wealthy Can Get Social Security

Some people believe that the very wealthiest people do not get Social Security. They might, if they otherwise qualify.

Whenever a debate comes up about the future of Social Security, there are people who argue from a belief that Social Security is not something very wealthy people are entitled to receive.  For some wealthy people, that is true and they do not receive Social Security.

Others do, however.  It all depends on how they earned their money. 

If a person worked at least 10 years and paid into Social Security, they are eligible to receive payments, no matter how much money they have.

Wealthy people who became wealthy because of passive income only would not be eligible for Social Security, as The Motley Fool explained in "Do Billionaires Get Social Security?"

Whether wealthy people should get Social Security or if the program should be limited only to those without the means to take care of themselves was a subject of debate at the time the program was founded.

Ultimately, President Franklin D. Roosevelt decided that the program should not be means-tested, so it would be viewed as a universal right by people.  He believed that would make the program much more difficult to cut or eliminate in the event future politicians tried to do so.

Later events seem to have proven Roosevelt right about that.  Politicians have found it difficult to make cuts to Social Security.

If you have questions about Social Security and your eligibility, an elder law attorney should be able to assist you.

Reference: The Motley Fool (July 17, 2017) "Do Billionaire's Get Social Security?"


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