Jeff Bezos is one of the richest people on the planet, but he’s still entitled to Social Security, just like everyone else who contributes to the system. Bezos turned 62 in January and could technically start collecting benefits if he wanted to.
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Yes, Bezos can collect Social Security when he turns 62, since that’s the minimum age at which he can start receiving benefits. However, there are some benefits to waiting a while before receiving your check.
For people with health problems or a family history of longevity, it often makes sense to take Social Security early. Yes, Bezos was attacked by kidney stones in 2014 and was flown from a cruise ship to his private jet for emergency treatment, but kidney stones are not associated with a shortened lifespan. Considering billionaires have more resources to ward off health ailments, it stands to reason that Bezos may actually live longer than the average person.
Social Security can provide a financial cushion early on, but taking it out right away will immediately limit your returns. Waiting until age 70 to collect Social Security will result in higher payouts and make your retirement smoother.
Social Security is also considered ordinary income, and a higher percentage of your benefits will be taxed if you are still paid a salary. It’s best to take it out when you retire, so Bezos should wait until he is 70.
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The Social Security Administration has limits in place to ensure that millionaires and billionaires get the same amount from Social Security each year, and most six-figure earners end up getting the same amount. The amount you receive depends on the amount you put into the system. Inflation, average monthly earnings over your 35 most productive years, and lifetime earnings are all assessed.
If you retire at age 62, you can receive up to $2,831 per month. However, you won’t be able to collect Social Security benefits up to $5,108 per month until you reach age 70. When Bezos decided to participate in the program, he would achieve both goals simultaneously.
Bezos has amassed wealth to the point where he barely notices Social Security spending. While the program itself is a financial safety net, Social Security benefits alone are often not enough to cover the cost of living that continues to rise each year.
