JIM WATSON | AFP | Getty Images
US President Donald Trump and his son Barron (L) speak in the Rose Garden of the White House in Washington, DC, on November 21, 2017.
Donald Trump, like many Americans in his age group, is eligible to collect Social Security. And so can Barron, the president’s youngest son.
That perk is part of what the Social Security Administration calls family benefits.
To qualify, the agency has two tests: whether you’re eligible to receive benefits on your own earnings record and whether you have a child or children who meet certain criteria.
The kicker: Your net worth is never considered.
The 72-year-old tycoon-turned president is eligible for benefits based on his earnings record as a real estate mogul in New York.
And because 12-year-old Barron is underage, he would also qualify for Social Security payments on his dad’s record — 50 percent of his father’s benefit — until he reaches 18 or is out of high school. The maximum monthly check for a worker first claiming at full retirement age, is $2,788 in 2018.
Trump’s wife, Melania, 48, may be able to collect benefits because she is caring for Barron, though those payments to her will stop once he turns 16. When she turns 62, she can start collecting spousal benefits.
It’s unclear whether the president or his family are receiving benefits. An inquiry to the White House was not returned.
Many families who are eligible for these payments are surprised to find out about them, according to David Freitag, a financial planning consultant and Social Security expert at MassMutual.
“It’s a big aha moment for many people to recognize that this benefit that they’ve paid for for 35 years will not only pay them, but will pay their dependents and children specifically to help fund their expenses,” Freitag said.
Those extra funds can make a big difference.
“For couples who have children later in life, this is a substantial part of Social Security,” Freitag said. “It’s all good. There’s no bad news here.”
But just like everything else when it comes to Social Security, there are complex rules regarding eligibility.
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