Social Security Benefits: Your Questions about Social Security Credits
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by: albert.tobega
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Your Social Security Benefits Questions: Social Security Credits
Q: Social Security tells me that I dont have enough credits to qualify for benefits. How do these credits work, and how is it possible for me to not have enough when I have worked for years and paid taxes the whole time?
A: When you work and pay Social Security taxes, you earn credits that are used to qualify you for social security benefits. The Social Security service bases the number of credits a person receives on the amount of money they earn and the amount of time they have worked. The necessary income level for receiving social security benefits credits rises a bit each year; as of 2008, you receive one credit for every $1,050 you earn. You can receive a maximum of four credits annually (which is why credits are also called quarters), and any credits you earn will remain on your record even during periods in which youre not working.
A certain number of credits or quarters are required in order to qualify you to receive social security benefits. The number of credits you need for social security is based on your current age, and is calculated by the number of years you have worked. Most people looking to qualify for retirement social security benefits (that is, over the age of 62) will need 40 credits, or 10 years of work, to be eligible for benefits.
However, it can happen that a person who has worked a seemingly appropriate number of years does not gain the necessary credits for social security benefits. This can happen to workers who didnt (or dont) have social security taxes deducted from their wages. In general, this sort of situation occurs with Federal employees who were hired before 1984, employees of railroads who have more than ten years of service, and the employees of governments (both state and local) which have chosen not to participate in the social security program.
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