The Social Security program helps support an estimated 52.9 million retired workers per month, according to the Social Security Administration, from the poorest to the wealthiest retirees.
Learn More: How Much the Average Upper Class Retiree Claims in Social Security Benefits at Age 65
For You: 10 Cars That Outlast the Average Vehicle
But what would happen if billionaires no longer received Social Security benefits? Here’s what ChatGPT had to say.
How Eligibility Works Now
Under the current Social Security system, benefits are earned by working and paying payroll taxes. There is no “means” test, and even billionaires receive benefits if they’ve paid in. Because of this, many billionaires receive a higher monthly benefit than the average American.
The average retiree receives $2,005.05 per month, based on the SSA’s latest data. However, The Motley Fool estimated billionaires receive something closer to $5,108 — or $61,296 per year — which is the maximum Social Security monthly benefit available.
Not every billionaire qualifies for Social Security benefits, though. The Fool also pointed out that if a billionaire inherited their wealth, doesn’t own a business and has not worked long enough to earn the 40 credits necessary to qualify for Social Security retirement benefits, they would not qualify. Every person must have paid into the system through payroll taxes.
Consider This: 3 Little-Known Social Security Rules That Could Save You Thousands
How It Would Impact the Social Security System
According to ChatGPT, there would be minimal financial impact if billionaires no longer received Social Security benefits.
“Billionaires make up a tiny fraction of the roughly 52 million Social Security retirement beneficiaries. Even at the maximum benefit, eliminating payments to all billionaires would save only a few hundred million dollars per year out of over $1.5 trillion in annual benefits — less than 0.02% of total costs,” ChatGPT explained.
ChatGPT also noted it would have no meaningful impact on solvency.
“The Social Security Trust Fund is projected to be depleted around 2034. Cutting billionaire benefits would push that date back by, at most, a few days or weeks,” it added.
This change would also require the government to introduce a way to identify billionaires, according to ChatGPT, likely through tax filings or asset reporting, since current eligibility is based on work history and payroll tax contributions. Wealth could also be hidden or moved, so this would require regular and ongoing monitoring, which could increase the cost of administration.
“Taking Social Security away from billionaires would be more about making a statement than fixing the system’s finances,” ChatGPT said. “While it might align with some people’s sense of fairness, it wouldn’t solve the program’s long-term funding challenges. Those would still require broader reforms that affect far more than the ultra-wealthy.”
More From GOBankingRates
- New Law Could Make Electricity Bills Skyrocket in These 4 States
- I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money
- 5 Strategies High-Net-Worth Families Use To Build Generational Wealth
- 10 Used Cars That Will Last Longer Than the Average New Vehicle
This article originally appeared on GOBankingRates.com: I Asked ChatGPT What Would Happen If Billionaires Lost Social Security — Here’s What It Said
