Whenever a debate comes up about the future of Social Security, there are people who argue from a belief that Social Security is not something very wealthy people receive. For some wealthy people, that is true.
They do not receive Social Security. However, others do.
It depends on how they earned their money.
If a person worked at least 10 years and paid into Social Security, they are eligible no matter how much money they have.
Wealthy people who became wealthy because of passive income only, would not be eligible for Social Security, as The Motley Fool explained in "Do Billionaire's Get Social Security?"
Whether wealthy people should get Social Security or if the program should be limited only to those without the means to take care of themselves, was a subject of debate at the time the program was founded.
Ultimately, President Franklin D. Roosevelt decided that the program should not be means-tested, so it would be viewed as a universal right by people. He believed that would make the program much more difficult to cut or eliminate, if future politicians tried to do so.
Later events seem to have proven Roosevelt right about that.
Politicians have found it difficult to make cuts to Social Security.
If you have questions about Social Security and your eligibility, a Cincinnati elder law attorney should be able to assist you.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: The Motley Fool (July 17, 2017) "Do Billionaire's Get Social Security?"