How Much Is Donald Trump’s Social Security Check — And Is He Collecting It?
Written by
Marc Guberti
Edited by
Brendan McGinley
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President Trump was eligible for the maximum Social Security payout in the first year of his first term. He’s eligible for the maximum benefit since the real estate billionaire has paid more in taxes than most Americans.
However, you don’t have to be a billionaire to receive the highest benefit. You might receive the same Social Security paycheck as Trump if you put enough money into the program.
Claiming Social Security
Although you receive the maximum benefit if you wait to claim Social Security until you turn 70, the program lets U.S. citizens claim Social Security as soon as they turn 62. Taking Social Security early offers immediate cash flow, but you also end up with a lower benefit.
Your health and lifestyle are key factors in determining when you should take out Social Security. People who have a familial history of passing away in their early 70s may want to take Social Security when they are first eligible. That way, they receive some money before passing away. However, people who expect to live deep into their 80s and 90s should wait until they turn 70 to take out Social Security.
President Trump is currently 79 years old, so he’s had almost a decade of maximum Social Security benefits, assuming he tapped into the program upon turning 70.
How The SSA Determines Your Monthly Benefit
The Social Security Administration rewards people who have contributed heavily to the system. A higher annual income ensures that you receive a higher benefit, but people who earn $500,000 per year are in the same boat as billionaires due to the program’s upper limit.
The program also considers inflation and other factors when determining limits, not just your total earnings.
How Much President Trump Receives From Social Security
If President Trump waited until he turned 70 to collect Social Security, he would be earning $5,181 per year. However, he would only receive $2,969 per year from the program if he requested Social Security payments upon turning 62.
Social Security income scales higher from 62 to 70 based on when you take it out. President Trump would be receiving $4,152 per year from the program if he took it out when he reached full retirement age, which was 66 for Trump. If you were born in 1960 or later, your full retirement age is 67.
Don’t Rely On Social Security For Retirement
President Trump isn’t wealthy because of his Social Security paychecks. He became a billionaire with strategic real estate investments and by leveraging his brand. Setting aside some of your paychecks and putting them into investments can generate long-term returns that make it easier to retire, but you should also strive to build wealth independently of government programs.
It’s nice to think about how Social Security paychecks can help your finances, but some people may feel like they’re barely breaking even after using their Social Security income to pay off expenses. Focusing on building a nest egg that can sustain your lifestyle is the better approach, with Social Security serving as extra padding.
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