Do Billionaires Still Collect Social Security? The Answer Might Surprise You.

As long as they have a qualifying work history, billionaires collect Social Security benefits like everyone else. But not precisely like everyone else. The average American on Social Security in 2025 receives $1,976 per month. Presuming a billionaire's income is from earned wages, it's likely that they'll receive something close to $5,108, the maximum Social Security monthly benefit available.

Work history matters

Let's say the billionaire inherited their wealth, doesn't own a business, and has not worked long enough to earn the 40 credits necessary to be eligible for Social Security benefits. If their billionaire status is thanks to inheritance, interest earnings, investment gains, and dividends, they would not qualify for Social Security benefits. To be entitled to retirement benefits, a person must have paid into the system through payroll taxes.

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Americans must pay Social Security taxes on the first $176,100 earned in 2025. That means once a billionaire has scored their first $176,100, they're done paying Social Security taxes for the year, the same as other high-income individuals. If they pay those maximum taxes for 35 years, it puts them in line to receive something close to the highest possible monthly benefit in retirement.

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Paying Social Security taxes is easier for some

Whether they aim to retire early or plan to work to 70, most (163 million) Americans pay Social Security taxes all year. For some of the remaining 6%, Social Security taxes are paid in a few months. And for a few, they're paid much faster.

But for many billionaires in the business world, it's hard to pin down exactly how much they receive in compensation that's subject to Social Security payroll tax under current law. Figures from Rep. John B. Larson (D-Ct.) suggest that Elon Musk's Social Security taxes would take approximately 15 minutes to pay if you looked through any formal salary figure to incorporate Tesla's earnings. If all of Musk's income were taxed, he would have paid all his Social Security taxes in somewhere between 30 and 60 seconds, with the Los Angeles Times also weighing in.

Again, based on public data and certain definitions of income that are more inclusive than the wages currently subject to tax, others would pay their Social Security taxes in less time than it takes some folks to eat breakfast. Here's more of what Rep. Larson's office found:

• Palantir CEO Alexander Karp would take approximately 19 minutes to get his Social Security taxes squared away.
• Hock Tan, CEO of Broadcom, would likely finish paying Social Security taxes in about 30 minutes.
• Also finishing in approximately 30 minutes would be Brian Armstrong, CEO of Coinbase.

The Los Angeles Times added two more rough estimates to the list:

• McDonald's CEO Christopher Kempczinski could have all his Social Security taxes paid by Jan. 3.
• Apple Chief Executive Tim Cook could rest easy around 2 p.m. on New Year's Day, knowing his Social Security taxes would have been done and dusted for the year.

The silver lining

While paying their annual Social Security taxes in minutes or hours is undoubtedly good news for the wealthy individuals mentioned above, it may ultimately be good news for the American public. According to the Social Security Trustees, eliminating the tax cap could raise around $3.2 trillion over 10 years. While that's not enough to make Social Security 100% whole, it would cover 53% of the 75-year funding gap.

Eliminating the income cap and including more types of income into the payroll tax base are just two of many Social Security solutions floating around Washington. Who knows? Combining it with other practical ideas may be how Congress unifies long enough to secure Social Security for future generations.

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