Does Warren Buffett

[disney junky]

collect social security?

 

[taitai]

Probably. He is old enough and he paid in like everyone else. Why does it matter?

 

[kaytieeldr]

Well, whether he does or not, at least he doesn't rely on it to live on

 

[golfgal]

It depends--he has paid into SS so he is more than entitled to collect, however, if your EARNED INCOME is over a certain limit they reduce your benefit by that much. I am going to guess that his earned income is more then his SS payment so he probably doesn't actually get a check.

Also, keep in mind that there is a cap on how much you can receive and therefore when you get to a certain amount of income paid during the year you don't have to pay into SS any longer. This year is is something like $106,000 so once you have earned that much they stop taking SS out of your paycheck.

 

[disney junky]

Probably. He is old enough and he paid in like everyone else. Why does it matter?

Doesn't matter. Just wondering. Why did you respond?

 

[The Mystery Machine]

It depends--he has paid into SS so he is more than entitled to collect, however, if your EARNED INCOME is over a certain limit they reduce your benefit by that much. I am going to guess that his earned income is more then his SS payment so he probably doesn't actually get a check.

Also, keep in mind that there is a cap on how much you can receive and therefore when you get to a certain amount of income paid during the year you don't have to pay into SS any longer. This year is is something like $106,000 so once you have earned that much they stop taking SS out of your paycheck.

Yep, so the answer here is probably no.

 

[trip]

Once you reach "full retirement" age(66 for most people now), you can work and earn as much as you want and still receive your full SS benefit payment.

 

[scrapquitler]

It depends--he has paid into SS so he is more than entitled to collect, however, if your EARNED INCOME is over a certain limit they reduce your benefit by that much.

This is only true if you are collecting social security and under the full retirement age (which is something like 65 1/2). If you are over that age, you can collect your full social security benefit and earn as much as you want or can without a loss of benefits.

 

[ZachnElli]

I highly doubt it.

 

[Disney Doll]

My guess is he paid into it but doesn't collect because of his annual income.

I remember when my late DMIL retired, she started collecting SS, then went back to work for a friend "part-time" and she ended up working so much and earning so much that she had to pay back some of her SS!

DFIL was not happy, to say the least. Not so much because she had to pay it back, but because he wanted her to retire, relax and enjoy life a little instead fo working so much.

 

[GeorgeG]

Social Security would be nothing more than chump change for someone like that. Still, he would be entitled to collect as long as he met all the guidelines. It's possible, though, that he never paid into it. I seem to recall that for many years contributing to S.S. was optional for some professionals.

 

[FireDancer]

If he paid in he should collect regardless of how much he makes. Whether this is the case or not I have no idea but if you were ineligible to collect you should have to pay in.

 

[taitai]

He does get social security and he does cash the check. At least that is what he told Lou Dobbs.

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