Jeff Bezos is one of the richest people on the planet, but he’s still entitled to Social Security just like anyone else who contributed to the system. Having recently turned 62 in January, Bezos is technically allowed to start receiving benefits if he so chooses.
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That’s right, Bezos can claim Social Security upon turning 62 since that’s the minimum age when he can start accessing his benefits. However, there are some advantages to waiting a bit longer before receiving checks.
Should You Take Out Social Security Early?
Taking out Social Security early often makes sense for people who have health issues or a history of short longevity in their families. Yes, Bezos suffered a kidney stone attack in 2014 and was airlifted from a cruise ship to his private jet for urgent medical treatment, but kidney stones aren’t associated with a shorter lifespan. Considering billionaires have more resources to withstand health ailments, it stands to reason that Bezos might actually live longer than the average person.
Social Security can provide a financial cushion early, but taking it out right away immediately caps your returns. Waiting to take out Social Security until you turn 70 results in higher payouts that can make your retirement more seamless.
Social Security is also treated as ordinary income, and a higher percentage of your benefits will be taxable if you are still bringing in a salary. It’s better to take it out when you are retired, so Bezos should wait until he turns 70.
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How the Social Security Administration Determines Your Payouts
The Social Security Administration has limits that ensure millionaires and billionaires receive the same amount from Social Security each year, and most six-figure earners will end up with the same amount as well. The amount you receive depends on how much you put into the system. Inflation, your average monthly earnings over your 35 most productive years and lifetime earnings are all assessed.
If you retire at 62, you can receive up to $2,831 per month. However, waiting until you turn 70 results in Social Security benefits that can get as high as $5,108 per month. Bezos would hit both of these marks when he decides to tap into the program.
Don’t Rely on Social Security
Bezos built his wealth to a point where he will barely notice Social Security payouts. While the program presents itself as a financial safety net, Social Security benefits alone typically aren’t enough to cover living expenses that continue to rise each year.
It’s important to be proactive with your retirement and build a nest egg. Regularly investing in stocks, real estate and other assets can put you in a better position by the time you reach retirement age. It is also worth working a few extra years if you are living paycheck to paycheck so you can maximize your Social Security benefits instead of tapping into the program the moment you turn 62.
No matter how old you are, there is still time to get closer to meaningful financial goals. You can also work part-time instead of retiring completely to ensure that you’re still earning some cash. A part-time job can also prolong how soon you have to request your Social Security benefits.
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This article originally appeared on GOBankingRates.com: Jeff Bezos at 62: How Big Could His Social Security Check Really Get?
