"At the age of 70 with a net worth of about $104.3 billion, Bill Gates is eligible to receive Social Security, just like the rest of us. In fact, he can collect about $5,181 per month, or about $62,172 every year. That amount is determined by a wage limit of $184,500, which means any money he makes above that amount isn't figured into the calculation."
""Gates might earn millions daily from Microsoft dividends and investment returns, but Social Security calculates his benefits using only those capped wage amounts from his early Microsoft salary days. You face the same cap on your earnings, whether you're making $200,000 or $200 million annually. The system literally cannot see income beyond that ceiling,". Also, by waiting until 70, Bill Gates, you, and I can earn even more money from Social Security."
Bill Gates, at age 70 with a net worth of about $104.3 billion, qualifies for Social Security and would collect about $5,181 per month, or $62,172 annually. Benefits are calculated using a wage cap of $184,500, so earnings above that figure are excluded from the benefit formula. Waiting past full retirement age increases benefits; full retirement age is 67 and delaying claimed benefits up to age 70 yields roughly an 8% annual increase. Social Security aims to replace roughly 40% of working income. Current projections indicate trust reserves could be exhausted around 2034 absent policy changes, risking reduced benefits or higher taxes.
Read at 24/7 Wall St.
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