Retirees Won’t Receive an Increase In Social Security Benefits Next Year
July 1, 2009
Earlier this year, retirees on Social Security saw one of the largest COLA increases they’ve seen in years – since the 1980s to be exact. Unfortunately, the Social Security COLA is expected to be zero for the next few years.
If you’ve been receiving Social Security for a while, you know that your benefits are adjusted each year for inflation. This is known as a cost of living adjustment, or COLA.
The COLA is announced in October of each year and is based on the CPI-W (the Consumer Price Index for Urban Wage Earners and Clerical Workers) from the 3rd quarter of the previous year to the 3rd quarter of the current year. Changes announced in October go into effect in January of the next year.
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.