do celebrities over 65 that are worth millions still collect social security?

Answer 1

Yes, but it's taxable because their AGI from other income is above the threshold limit.

EDIT: Though many include additional details and aspects there are 2 key elements of your question that imply logical assumptions and my initial brief answer is still accurate.

Celebrity - In order to maintian "celebrity status" the person must continue to remain "in the spotlight" of the public eye. This means they must produce something of entertainment value (music, art, films, TV shows, Radio show, book novel, etc.) or "rent their fame" for speaking engagements and appearances. All of these things are sources of EARNED INCOME and would count towards the threshhold limit of how much of their Social Security is taxable. If they don't do these things they're not really celebrities anymore, ...just rich formerly famous people.

Social Security - Earned income in the US is subject to Social Security tax, which means that a celebrity that maintains their status DOES pay into Social Security for the activities above and hence, entitled to Social Security payouts when they reach retirement age.

Answer 2

Social Security is not paid out by how
much (total) money anyone has. It is
paid out by how much a person PAID
INTO THE TRUST FUND during their
working lifetime. That money is paid out in a certain monthly amount (that only the government can determine.).
So then what about the unfairness of
having all that unneeded money?
Do you actually think the gov't would
let them get away with that??? Oh NO
IF they are still working, they must pay INTO Soc.Sec PLUS pay yearly
income taxes PLUS pay a monthly
premium if they get Medicare.
An elderly person who has millions
also has a good accountant who works
very diligently to legally keep that money (usually to provide a legacy
for their children or business.) Many
CELEBRITIES are PENNILESS by the
time they die.

Answer 3

I would imagine they would. I know that if they are still paid
residuals from songs they wrote, or movies they made, they continue to get paychecks that are still taxable from those. If they fit under the guidelines of being below the poverty level, then they probably wouldn't be actually taxed. For that smaller income wouldn't be of much consequence. You are allowed to earn a certain income over and above the SS you collect each month, before they will tax or penalize you.

Answer 4

I could be wrong, but I think collecting Social Security is optional. I know it's an option to collect or not before "mandatory" retirement age.

Answer 5

Regardless of how much money someone earns now, or over a lifetime, IF they paid into Soc. Sec. and Medicare - then YES they are ENTITLED to claim their own benefits. The Govt. doesn't just give benefits to everyone, you have to apply for them. So if a Millionaire Celebrity wants his/her share of the SS pot - he/she is entitled to put in a claim for it.

Answer 6

If they paid in, they're entitled to draw out accordingly. -- You should be checking the requirements and withdrawals of Congress folk -- therein is a huge rip.

Answer 7

Social Security Disability Help - http://DisabilityHelp.siopu.com/?dHf

Answer 8

Absolutely! why not? They have paid more than most, and they deserve it as much as anyone...fair is fair. Why would anyone punish someone because they are successful in life? Peace Goldwing

Answer 9

If they have all their millions in someone else's name. My mom is on SS and my grandma was on SS. You can't even give them money to spend. If it is found out, that amount is deducted from their monthly check.

Answer 10

Most do. They paid into the system after all. I know one who donates his check to a charity.