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SS Requirement

grumpygy
quote:In order to qualify for retired worker benefits, a person must earn 40 lifetime work credits. These credits are actually pretty easy to earn, but the key fact to remember here is that the maximum number of credits that can be earned in a given year is four. In 2018, workers will earn one work credit for each $1,320 in wage income. Therefore, if you generate $5,280 in earned income this year, you'll have maxed out your work-credit potential. So, to qualify for Social Security retirement benefits, you'll need at least 10 years of work history, given that a maximum of four credits can be earned per year.

While a vast majority of Americans are going to qualify for Social Security benefits based on their work and earnings history, there are a few rare exceptions to the rule. For instance, disabled workers may qualify for benefits even if they haven't reach 40 lifetime work credits. A staggered age-to-credits scale determines whether an individual will qualify for benefits.

Dang I got that 30 years ago.
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Comments

7 comments

Date Votes
  • mark christian
    What they don't tell you is that your benefits are calculated by totaling your earnings and then dividing that total by 35 years. Lets say you worked your ten years and for the sake of argument you earned $200,000 during that period (they do adjust for inflation). It sounds like your benefits will be based on $20,000 per year ($200,000/10)...WRONG! Your actual benefits will be based on an income of about $5700 ($200,000/35). Once you've got your 35 years of covered wages, then you can relax.
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  • grumpygy
    quote:Originally posted by mark christian
    What they don't tell you is that your benefits are calculated by totaling your earnings and then dividing that total by 35 years. Lets say you worked your ten years and for the sake of argument you earned $200,000 during that period (they do adjust for inflation). It sounds like your benefits will be based on $20,000 per year ($200,000/10)...WRONG! Your actual benefits will be based on an income of about $5700 ($200,000/35). Once you've got your 35 years of covered wages, then you can relax.


    Just to point out I got the 10 years 30 years ago so I have better than 40 years.
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  • Junkballer
    SS tells you very little on their own, if you have a question and want to know the answer you have to ask a point blank question, they are then required to answers honestly.
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  • bpost
    quote:Originally posted by Junkballer
    SS tells you very little on their own, if you have a question and want to know the answer you have to ask a point blank question, they are then required to answers honestly.


    Okay, lets test this; SSI worker where are Hillary's 30,000 missing emails.
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  • nmyers
    They got wiped, Bruce. Like, rubbed off with a rag.

    Neal
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  • Junkballer
    quote:Originally posted by bpost
    quote:Originally posted by Junkballer
    SS tells you very little on their own, if you have a question and want to know the answer you have to ask a point blank question, they are then required to answers honestly.


    Okay, lets test this; SSI worker where are Hillary's 30,000 missing emails.
    I said "required", didn't say they would [:)]. If you ask that question....they may cut your benefits off [}:)]. I caught them with 4 errors calculating my benefits, the back payment on those 4 yrs. of errors was pretty darn nice [;)].
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  • 11b6r
    PLEASE NOTE: And for those that already know this, just ignore me-

    If you are just about to begin drawing Social Security retirement- AND HAVE OTHER INCOME- up to 85% of your Social Security retirement MAY be subject to income tax. They do NOT automatically withhold taxes.

    Simple country boy that I am, was drawing Social Security at 66, still working- My first tax return after a full year of SS, found I owed the Feds $9,000.
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