News Column

Millionaires Collect Social Security

March 6, 2013

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 Social Security 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.

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Distributed by MCT Information Services



Source: (C) 2013 Mclatchy-Tribune News Service.. All Rights Reserved


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