For people in the United States, having a Social Security check every month brings enormous financial peace of mind. The main problem is that not all citizens are able to get one of these checks. There are several requirements that must be met in order to have monthly money from the Social Security Administration.
The first requirement is to reach the age of 62. This requirement is different when it comes to Social Security disability. The other requirement is years worked. It is mandatory to reach 40 work credits. Therefore, we must work for some time before even thinking about applying for the retirement benefit.
It should be made clear that there is no maximum number of years worked. There is a minimum, but not a maximum. There is a maximum amount of money we can get each month from our Social Security check. This figure increases every year due to the COLA. In this year 2023 the maximum amount is $4,558.
What happens if I don’t get the minimum credits for Social Security?
Each year worked gives us a total of 4 work credits. It is not mandatory that it be a year in a row, that is, it can be a year divided into several periods of time. It is important to remember that we cannot get more than 4 credits per calendar year.
Knowing this, the minimum number of years we must work is 10 years. This is because it is mandatory to get 40 credits of work. We do not have to work all 10 years in a row, as we discussed earlier. Even so, a Social Security check from just 40 credits will be especially low.
However, in the event that we do not reach 40 work credits, what is the Social Security check? Well unfortunately there is no Social Security check if this condition is not met.
Remember, we are talking about age retirement. Disability, spousal and other different types of retirement have other individual requirements. To find out if we are entitled to one of these other benefits we can consult Best Tool.
If I am not entitled to a retirement check, what can I do?
The recommendation is that no one should have to live on their Social Security check alone. However, it is important to get one, even if it is minimal. Couple that with saving money on a monthly basis, and you’re sure to have a good retirement.
Your Social Security check depends directly on the taxes you pay as a worker. That is why we must reach a minimum number of years worked and that is why it is so important to have the maximum salary possible.