Social Security Eligibility: How to Qualify for Social Security Retirement Benefits
June 18, 2009
While millions of Americans rely on Social Security in their retirement years, not everyone qualifies.
Here are some general guidelines regarding Social Security eligibility:
How Long Do You Have To Work To Qualify For Benefits?
To qualify for Social Security retirement benefits, you must work in a Social Security covered job for at least 10 years. More specifically, you must earn 40 credits (you can earn 4 credits per year) to qualify.
A credit is earned when you earn a minimum dollar amount; in 2009 the minimum amount you needed to earn in order to earn a credit is $1,090. You can earn up to four credits per year, so someone who earns at least $4,360 in 2009 will earn four credits.
Getting the Maximum Social Security Benefits
June 16, 2009
Now that you understand a little more about how Social Security works, and how important this income stream can be to your retirement, here are some tips to help you get the maximum Social Security benefit you are entitled to:
Maximize Your Social Security Earnings
Your retirement benefit is based on your top 35 years of earnings so it’s important to get as many “high earning” years in as possible. If you’re at the top of your career as far as income goes, working just one year longer in a high paying job could make a big difference in your retirement benefit.
Delay Taking Your Social Security Benefits
Under the current Social Security Act, you are penalized for every month you take your Social Security before you reach your full retirement age, with the maximum penalty being 25%.