Billionaires earning their income from work pay a percentage of that income to social security taxes, just like anyone else. So, although they may not need the extra benefits in retirement, the ultra-affluent are entitled to collect a monthly Social Security check. A caveat to this, Social Security benefits are based off earned income only; many billionaires earn income solely through passive business activities. These passive earnings are not counted for the purpose of determining benefit levels. The general qualifications are the same though: even billionaires must have earned income for the ten-year minimum or they will not receive the maximum benefit.
See Matthew Frankel, Do Billionaires Get Social Security?, The Motley Fool, July 17, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
