Is there a maximum Social Security retirement benefit?
The maximum benefit depends on the age at which a worker chooses to retire. The amount for 2009 for a person retiring at full retirement age (66) is $2,323. This is based on earnings at the maximum taxable amount for every year after age 21. If a husband and wife retire, each receives his or her own benefit amount. Social Security imposes no “marriage penalty” when two members of a couple are each entitled on their own earnings record. How long do you need to work to become eligible for retirement benefits? Everyone born in 1929 or later needs 40 Social Security credits to be eligible for retirement benefits. You can earn up to four credits per year, so you will need at least 10 years to become eligible for retirement benefits. During your working years, earnings covered by social security are posted to your Social Security record, and you earn credits based on those earnings. Each year the amount of earnings needed for a credit rises as average earnings levels rise. In 2009, you recei
