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.
Common Social Security Retirement Questions
June 16, 2009
As Baby Boomers are getting closer and closer to retirement, they have many questions about Social Security, such as…
Will Social Security be there for me when it’s my time to retire?
We’ve heard for years that Social Security is going broke. Millions of Americans rely on Social Security to fund all or part of their retirement, so this is a huge concern in our country. So, just how true are the rumors that Social Security is going broke?
According to the 2009 Social Security Trustees Report, Social Security benefits paid out will exceed revenues starting in 2016, and the trust fund could be exhausted by the year 2037. Once the trust fund is exhausted, benefits will still be paid out, but the taxes collected from workers will only be enough to cover 76% of the benefits promised.
While these numbers are definitely alarming, the chances that Social Security is allowed to fail are minimal. Most likely we will see reforms such as raising the full retirement age, raising the income limit that Social Security taxes are paid on, and reduced benefits for future recipients (it’s less likely that people already receiving benefits will see their benefits reduced).