Former President Donald Trump is eligible for Social Security benefits, but according to his released tax returns from 2015 through 2020, he has not claimed any Social Security income. This is in contrast to President Joe Biden and First Lady Jill Biden, who file their taxes jointly and are currently collecting respective benefits from the program. Their 2023 Form 1040 shows the couple collected $64,254 in benefits, with Joe Biden receiving $42,842 and Jill Biden receiving $21,412.
Although Trump has not collected Social Security benefits, he meets the eligibility requirements. Any American citizen who amasses 40 lifetime work credits and is at least 62 years old can receive a monthly Social Security benefit. However, Trump’s high earnings throughout his career would likely result in his benefits being capped.
Social Security benefits can also be subject to taxation, stemming from the bipartisan Social Security Amendments of 1983. Up to 85% of benefits can be taxed if provisional income surpasses certain thresholds. The Bidens had $54,616 of the $64,254 collected in 2023 subject to federal taxation.
If Trump were to collect Social Security, he would likely face similar taxation due to his substantial income.
Trump’s unclaimed Social Security benefits
As a former president, Trump is entitled to several benefits after leaving office, including an annual pension equal to the pay of a Cabinet Secretary, which was $246,400 in 2024.
He also receives funds to maintain an office and staff, as well as reimbursement for travel related to his status as a former president. During his 2024 presidential campaign, Trump proposed eliminating taxes on Social Security benefits. Currently, retirees with incomes above $25,000 (single filers) or $32,000 (joint filers) pay taxes on up to 85% of their benefits.
While this policy could increase retirees’ net Social Security income, experts warn that without alternative funding, it could accelerate the program’s insolvency concerns. Trump has repeatedly stated he would protect Social Security, but his past policies have raised concerns. During his presidency, he proposed payroll tax cuts, which critics argue could have reduced Social Security funding and indirectly threatened the program’s long-term financial stability.
For high-income individuals like Trump, Social Security contributions stop at the earnings cap ($168,600 in 2024), meaning no Social Security taxes are paid on income above this threshold. Additionally, because Trump’s income exceeds the tax threshold, 85% of any Social Security benefits he received would be subject to federal taxes. Many wealthy retirees choose not to claim Social Security because they do not need the income or prefer to delay benefits for a higher payout later.
For middle-class and low-income retirees, however, Social Security remains a crucial income source in retirement.
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