4. Workers with too few social security credits
We don’t need to tell you that if you haven’t worked a day in your life, you won’t be able to receive Social Security benefits. Because it’s obvious. In order to be able to pay for everything and have system benefits, you have to earn the credits through working.
This will help you get the money you want when you are ready to retire.
And the right amount of credits is 40. Let me give you an example: if you’re still working this year and you earn at least $1,510, then you will receive one credit. And you can earn a maximum of four per year.
And to get all 40 credits you might need to work a couple of more years in case you don’t have enough until this moment. 40 credits are equal to almost 10 years of work.
And the bad news does not stop here. Unfortunately, if you only earn $7.25 per hour, you will need 208.28 hours of work to receive only one credit.
But don’t get discouraged! Because even those who work part-time jobs can access the benefits of the Social Security system. You can always check how many credits you have at this moment by opening a Social Security account on their website. It’s easy!
You neglect to mention those affected by the GPO and WEP issues that reduce or, in some cases, remove the Social Security benefits that should be paid.
Don’t forget the people who earned their 40 credits, but also worked under a state retirement plan. I get my state retirement, but no social security. Not even using my husband’s social security amount.
Agree with Tamia. I get a federaal retirement. My husband retired from the Navy after 43 years after which he worked in the private sector for over 20 yrs. I can not get anything from Social Security based on his history.
Losing social security is a risk for all Americans. we reached budget limit. Yellen announced accounting trick to delay default until June. Yesterday she announced not reinvesting in govt retirement bonds. no plan on repayment, so this eliminates another year of social security. Medicare payments being delayed. Tell yellen and congress don’t use my social security to pay your bills. Cut military expenses. Stop developing new weapons that US can use to start more wars.
If my wife don’t have enough credits can she use some of mine to bring her up to the amount
she need?