USA workers need to get work credits in order to get retirementor disabilitybenefits. There is an exact number of credits in order to be able to qualify for these benefits. You will need to get up to forty credits so as to get retirement benefits. Remember that there is also a limit to the work credits you can get per year. The maximum of credits allowed is four per year.
Not everyone who works gets 4 credits per year to get retirement benefits. This is because you earn work credits depending on the earnings you have got each year. If you do not reach the minimum amount, you may not get as many as four. This amount of money usually changes. It increases because of the COLA increase. In this way, it is more realistic and it adapts itself to the current economic situation of the USA.
Just by reading the name of these “work credits” you may have guessed you can only get them by working. Therefore, you can never buy these credits. You will have to pay taxes to Social Security Administration. Remember that you will have to earn as much as 1,640 dollars to get one single work credit. In the USA, it usually takes ten years to get the 40 credits you need for retirement benefits.
Could you get a benefit if you do not have enough work credits for retirement?
Under certain circumstances, you may be eligible for some benefits if you do not have enough work credits for retirement. For instance, if you are a member of a family of a worker who has paid taxes and worked to get those credits. Those surviving spouses who meet the requirements could qualify to get benefits. It could be the case of spouses, former spouses, children, or even parents who do not work and meet these requirements.
Despite the fact that you could get benefits on a member of the family’s record after their passing, you cannot take the work credits they have got for your retirement benefits. There is no possibility to transfer them. To be able to claim Disability Insurance benefits you will have to work too. Again you will have to pay the corresponding taxes. Obviously, you must prove with medical records that you also have a medical condition.
Another important factor to take into account when it comes to benefits is your age. The number of credits you may need for a disability benefit varies. For example, if you are before age 24 you might be able to get it if you have at least 6 work credits. Bear in mind that you must have gotten them in a 3-year period ending when your disability started. Try to get your work credits for retirement as soon as possible to avoid uncertainty.