24 Feb Social Security Credits

When am I eligible for Social Security?

A lot of my clients are travelers, and some have traveled to work here. A question that sometimes comes up is, when am I eligible for Social Security?

How do the Social Security credits get earned?

For your own benefits you must have 40 credits to be eligible for social security*. You earn 4 credits each year, so you need 10 years of earnings to qualify. The earnings amount is quite low and may change each year. In 2021, $1,470 earns one credit, a total of $5,880 will earn the full 4 credits for the year. That total can all be earned in one quarter; it doesn’t have to be spread over the year.

Earnings refers to covered earnings – the amount of an employee’s pay that counts towards the calculation of retirement benefits.

Find your own records at ssa.gov

The Social Security website is surprisingly easy to navigate for a government website. You can find out about your own social security status by enrolling online at ssa.gov.

* If you are married, note that even if you are not eligible on your own work history, you may be eligible for benefits based on the work history of your spouse.

For more on social security: Your Social Security Statement: What’s in It for You?

This information is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results.

© Meredith D Sims 2021. Prepared by Heart Strong Wealth Planning.