The Surprising Truth: What Tech Billionaires Like Elon Musk Actually Collect From Social Security

When you think about America’s wealthiest entrepreneurs — from Elon Musk to Warren Buffett — Social Security might be the last thing on your mind. Yet remarkably, even billionaires are entitled to these government benefits, provided they meet the same eligibility criteria as ordinary Americans. But here’s the catch: the monthly checks they receive often amount to far less than many assume.

How Social Security Payments Are Calculated for Ultra-Wealthy Individuals

The Social Security benefit system doesn’t discriminate based on net worth. Instead, your monthly payment is determined by three primary factors: your lifetime earnings record, inflation adjustments, and your average monthly income during your 35 most productive working years. The age at which you decide to start collecting also plays a crucial role in determining your final benefit amount.

To qualify for the maximum Social Security payout, you must have averaged at least $184,500 annually over 35 years (as of 2026). Most billionaires easily surpass this threshold. However, claiming the absolute maximum requires patience — you must wait until age 70 to receive the full amount.

For context, here’s what the maximum benefit looks like at different claiming ages in 2026:

• Claiming at 62: $2,969 monthly
• Claiming at full retirement age (66-67): $4,152 monthly
• Claiming at 70: $5,181 monthly

Which Billionaires Are Eligible Right Now?

Several of America’s most prominent billionaires have already reached Social Security eligibility age. The roster includes:

• Warren Buffett (age 94, Berkshire Hathaway leader)
• Larry Ellison (age 80, Oracle co-founder)
• Michael Bloomberg (age 83, Bloomberg LP founder)
• Rob Walton and Jim Walton (ages 80 and 76, Walmart heirs)
• Bill Gates (age 69, Microsoft co-founder)
• Steve Ballmer (age 69, former Microsoft CEO)
• Alice Walton (age 75, Walmart heir)
• Jensen Huang (age 62, Nvidia CEO)

Notably, tech innovators like Elon Musk, while younger than some of his billionaire peers, will eventually become eligible as well, though his specific claiming strategy remains unknown.

The Hidden Cost of Collecting Early While Still Working

Here’s where the narrative takes an interesting turn. Many working billionaires continue to earn substantial income well into their 60s and beyond. If they attempt to collect Social Security before reaching full retirement age while still generating significant earnings, their benefits face substantial reductions.

The Social Security Administration applies these penalties:

• Before reaching full retirement age: For every $2 earned above $23,400 (2025 threshold), your benefit is reduced by $1
• In the year you reach full retirement age: For every $3 earned above $62,160 (2025 threshold), $1 is deducted from benefits

For active billionaires — whether running companies like Musk’s ventures, managing investment portfolios like Buffett, or overseeing corporate operations — these earning thresholds are virtually irrelevant. They vastly exceed these limits, meaning early collection could slash their monthly checks to virtually nothing.

Why Billionaires May Never See Maximum Benefits

The irony becomes apparent: billionaires who need Social Security benefits the least are also the least likely to collect them efficiently. Those still generating wealth through business operations face substantial benefit reductions if they claim before full retirement age. Waiting until 70 maximizes the monthly payment, but requires them to defer collection for years — a choice that may not align with their broader financial strategies.

Additionally, the maximum benefit of $5,181 monthly (roughly $62,000 annually) represents an infinitesimal portion of most billionaires’ portfolios. For context, this amount is less than many workers earn in a single day at certain income levels.

The Social Security system, designed to provide retirement security for average Americans, ultimately offers these ultra-wealthy individuals a relatively minor financial supplement — not out of generosity, but simply because the benefit formula cannot scale to reflect extraordinary lifetime earnings.