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Thousands of millionaires collect Social Security

March 05, 2013

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

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 SS recipients 65 or older is $26,000. 27 percent of recipients have income 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.

Check out our infographic for more on how Social Security benefits are distributed. See “What Do Others Say?” for more opinion, then add to the discussion below. Is the current system fair? Should more affluent Americans get reduced benefits despite greater contributions to the system?