Not everyone qualifies for Social Security retirement benefits. Some people are surprised when they realize they do not qualify for monthly checks once they reach the age to retire.
As a matter of fact, you must have worked for at least 10 years to be eligible for Social Security. Of course, your work must be covered by Social Security. Some jobs are not.
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If you did not pay enough taxes to Social Security, you will not qualify for retirement or disability benefits either. But if you have worked for many years and have been a high earner, there might be good news for you.
ELIGIBLE COUPLES FOR A SOCIAL SECURITY CHECK WORTH $5,420
If you turn 62 in 2024, you can file for Social Security retirement benefits. Before filing it is essential to get a statement to check the possible amounts depending on the age you file.
If your spouse and you meet three key requirements, you may receive $5,420 in 2024. The first requirement to cash such a large payment is to have worked for a minimum of 35 years.
Remember that if you do not work for 35 years, your Social Security benefits will be lower. So those who have worked fewer years should continue working if they do not want to get a reduction.
In this case, working for 35 years is essential but is not enough. There are two more conditions that you must fulfill before you can get more than $5,000 per month for your spouse and yourself.
THE IMPORTANCE OF EARNING THE TAXABLE MAXIMUM EVERY YEAR
Workers who have not earned the taxable maximum for 35 years will not qualify for the $5,420 payment in 2024. In this case, it is even more complex because your spouse and you must meet all three requirements.
So, if you have earned the contribution and benefit base (taxable maximum) for 35 years and you both retire at 62, you can collect $5,420. The Social Security Administration has recently confirmed the new maximum amounts in 2024.
So, if you are single and meet all the requirements you will receive $2,710 in 2024. Those who meet all the requirements but are 70 years old in 2024 can get up to $4,873 if single. Seniors at Full Retirement Age can get up to $3,822 in 2024 claimed SSA.
This may be impossible for many workers to achieve. The lesson to learn from all this is that your earnings matter for your final amount. The age you file can reduce or enlarge your payments too. And the number of years you work for affects payments too. File to get money every month.