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?

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.

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