How long does a person need to work to become eligible for retirement benefits?
When you work and pay Social Security taxes, you earn up to a maximum of four “credits” for each year. The way you earn a credit has changed over the years. Before 1978, employers reported your earnings every 3 months—these credits were called “quarters of coverage,” or QCs. Back then, you got a QC or credit if you earned at least $50 in a 3-month calendar quarter. In 1978, employers started reporting your earnings just once a year. Credits are now based on your total wages and self-employment income during the year, no matter when you did the actual work. You might work all year to earn four credits, or you might earn enough for all four in a much shorter length of time. The amount of earnings it takes to earn a credit changes each year. In the year 2005, $920 in covered earnings was required to get one Social Security or Medicare work credit and $3,680 to get the maximum four credits for the year. As of 2006, $970 in covered earnings was required to get one Social Security or Medicar
Related Questions
- What EPAF do I use to hire an employee into an adjunct faculty position considering the person recently retired and is receiving retirement benefits?
- Is a person suffering from mental illness eligible for Social Security disability benefits?
- How long does a person need to work to become eligible for retirement benefits?
