I’m now eligible for Social Security — but I’m wealthy and I frankly don’t need the money. Would I be crazy to decline my benefit?

Around 75.6 million Americans claimed Social Security benefits in June 2026. This includes people collecting spousal benefits, disability benefits, Supplemental Security Income, and more.

Not everyone who claims Social Security needs the money. In fact, former President Joe Biden’s tax returns showed he received income from Social Security, and it’s pretty unlikely he was waiting for his checks to pay any bills at the White House.

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But some people with a lot of money may decide that collecting their benefits simply isn’t worth doing.

Let’s pretend, for example, that Mia is in her mid-60s and she’s done very well for herself. Since she’s worth millions and needs nothing, she’s considering declining her Social Security benefits. Should Mia pass up her funds, or should she start collecting despite not needing the money?

Mia isn’t required to collect Social Security

First things first. Mia absolutely has the option to just not claim Social Security.

“If you contributed to Social Security and are eligible for the benefit, then when and if you collect is a personal decision,” Domenick D’Andrea, founder of Dan Darah Wealth Management, told Moneywise.

No one is going to force Mia to start collecting her Social Security checks, and there’s some evidence that wealthy people don’t. For example, the most recently available tax returns in 2015 for Bill and Hillary Clinton show they didn’t collect any Social Security, despite being old enough to qualify.

You don’t have to officially deny your benefits if you don’t want them either. Money you contributed over the years isn’t just sitting there waiting for you. The money you paid in while working went to fund the retirement of people who were retired at the time, while future workers will fund your retirement if you collect.

Read More: Millionaires under 43 hold only 25% of their wealth in stocks. Here’s where their money is actually going

You may still want to collect benefits even if you have money

Although you don’t have to claim Social Security, many wealthy people choose to do so anyway, and there are good reasons for that — including the possibility of facing large unexpected expenses in the future.

No one can predict what will happen during a decades-long retirement, so your Social Security benefits can serve as a form of insurance against financial ruin, as these benefits are a reliable, guaranteed source of lifetime income that’s there if you need it.

For example, D’Andrea suggested that “you could claim the benefit and potentially purchase long-term care insurance, so if you ever need to make a claim, you can protect your assets as you see fit.”

You’re also entitled to the money, and there’s no shame in taking it even if you’re very well off. In fact, the creator of Social Security, Franklin D. Roosevelt chose payroll tax as a means of funding Social Security because then “no damn politician can ever scrap my social security program.”

Because FDR made Social Security an “earned” benefit open to anyone who meets the work requirements*,* it’s become one of the country’s most popular and successful programs. If you take advantage of it despite being rich, you’ll be doing exactly what FDR intended —and you can still use the money strategically.

“You could also claim the benefit that you qualify for and potentially donate it to charity or help less fortunate family members,” D’Andrea said.## Forgoing Social Security means you’ll create complications with Medicare premiums

If you decide not to claim Social Security, you must be aware that this can affect your Medicare coverage. Many retirees have Medicare payments directly collected from Social Security. If you aren’t getting benefits, this won’t happen for you.

Be sure you sign up with Medicare when you first become eligible at 65. Otherwise, you could face a 10% penalty for late enrollment for each full year you delayed signing up for Part B. Once you’re signed up, you need to pay your bill for coverage. You should receive the CMS-500 quarterly and must make sure to pay to protect your coverage.

The case for foregoing your benefit

While there’s a lot of hassle and very little to gain by not claiming Social Security, there is one potential benefit.

The Trust Fund for the Old-Age and Survivors Insurance program is expected to run dry as soon as 2032, which would necessitate an automatic 22% across-the-board cut to benefits it pays out.If you paid into the system but didn’t claim benefits, you could play a small part in helping Social Security’s finances since you paid in but didn’t collect.

While one person giving up benefits isn’t going to have a big impact on Social Security, if more wealthy retirees did the same, then that may start to move the numbers a bit and reduce the likelihood of big cuts occurring that could affect the most vulnerable.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.