President Donald Trump celebrated his 79th birthday this June; that means he has been eligible to claim reduced Social Security benefits since 2008, when he turned 62. As he was born in 1946, his full retirement age (FRA) was 66, a milestone he hit in 2012. And the same year Trump launched his first bid for the presidency in 2016, he turned 70. At that age, he would have been eligible to claim his maximum benefit by earning delayed retirement credits. Does President Trump claim Social Security benefits? Well, according to his most recently available tax return, tax year 2020, he doesn’t claim Social Security benefits. The First Lady won't be eligible to claim Social Security until 2037, when she turns 62.
It’s not easy finding out whether our senators or congresspeople are claiming Social Security benefits. No one in any of the three branches — judicial, executive, or legislative — is required to release their 1040s. They do have to file financial disclosure forms, but the forms don’t reveal if the filer had reported Social Security benefits that were taxable or not. Historic returns that are available don't reveal much; benefits only became taxable in 1984 after the passage of the 1983 Amendments to the Social Security Act. There would be no track record to follow without the taxation of benefits.
If you are wondering if presidents pay Social Security taxes on their income, they do, starting in 1984. The Social Security Act in 1983 brought members of Congress, the President and Vice President, federal judges, and most political appointees under the Social Security program. The wages paid to Presidents Reagan, Bush '41, Clinton, Bush '43, Barack Obama, Donald Trump, and Joe Biden were subject to FICA taxes.
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My best resource for presidential tax return records was the Tax Analyst’s Tax History Project, which includes presidential tax returns going back to Woodrow Wilson. Let’s take a look at which politicians do claim Social Security benefits.
President Donald Trump and Melania Trump did not claim benefits as of 2020
President Trump didn't release his tax returns; his tax returns from 2015 through 2020 were released by the House Ways and Means Committee that voted along party lines to release the returns on December 20, 2022.
While none of these returns show any Social Security income, they do provide other information. On their 2020 federal tax return, both Donald and Melania Trump checked 'Yes" to add $3 to the Presidential Election Campaign fund. They showed $915,171 in itemized deductions and $13,468,593 in tax overpayments. They elected to take $5,468,593 as a refund and apply the remaining $8 million to their 2021 estimated taxes.
Joe and Jill Biden have claimed benefits since 2008
Before running for the Senate in 1972, former President Biden worked at a few law firms, started one of his own, and managed properties on the side. Joe Biden was born in 1942, and he and his '42 cohorts were eligible for full retirement benefits when they were 65 years and 10 months in 2008. That is also the first year the Bidens' joint tax return shows Social Security income of $6,534. In 2023, the couple reported $64,254 in Social Security income.
The Bidens' tax returns from 1998 through 2023 are available for review or scrutiny, depending on your political affiliation.
Hillary and Bill Clinton did not claim benefits as of 2015
Hillary Clinton was the First Lady from 1993 to 2001. She and her husband, President Bill Clinton, were too young to collect Social Security when they were in the White House. However, the tax returns from Mrs. Clinton's presidential run in 2016 provide us with insight into the Clintons' finances. As of 2015, neither Hillary nor Bill Clinton collects Social Security benefits.
Hillary Clinton turned 62 in 2009 and hit her FRA of 66 in 2013. Bill Clinton became eligible for reduced benefits at 62 in 2008 and reached his full retirement age of 66 in 2012. The Clintons' joint tax returns from 2008 through 2015, when they were eligible to collect benefits, show no Social Security income.
George H. and Barbara Bush did not claim benefits as of 1991
George H.W. became the 41st president after two terms as vice president for Ronald Reagan. Bush was eligible to start receiving reduced benefits at age 62 in 1986. He reached his full retirement age in 1989, a year after he was elected president. There are only three joint tax returns for the Bushes, from years 1989, 1990, and 1991, available for inspection. Those returns show no Social Security income.
Ronald and Nancy Reagan did not claim benefits as of 1987
Former President Reagan took office in 1981, the same year he would turn 70. He could have begun claiming Social Security benefits in 1973 at age 62. His full retirement age was 65, which he hit in 1976. As I mentioned earlier, until benefits became taxable in 1984, there was no definitive way to know if someone collected benefits outside of a personal statement or admission. The only relevant tax returns available for review are 1985, 1986, and 1987. None of these (joint income) returns shows any Social Security income.
The clock is ticking on the Social Security trust fund
Social Security has often been called the ‘third rail of politics' because attempts to tinker with benefits have been met with immediate and vocal pushback. What are the politicians afraid of? Older Americans vote in larger numbers than any other group. In 2024, 72.1% of those aged 65-75 and 71.2% of those aged 75 and over voted, according to the Census Bureau. These two groups turn out to vote in higher numbers than other demographics. For instance, less than half of those 18 to 24 voted in the 2024 election cycle.
The Social Security and Medicare trust funds are on track to become insolvent in the next decade. If nothing changes, the Social Security’s Old-Age & Survivors Insurance (OASI) Trust Fund will be depleted by 2033, at which point benefits would be reduced by 21%. The Medicare Trust Fund is in slightly better shape. It's estimated that future beneficiaries will need to save a little over $100k to make up the shortfall if benefits are reduced.
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