Getting Social Security retirement benefits or disability insurance is becoming more difficult every year as inflation increases. Some Americans still do not know the way the Administration works.
It is essential to know how to get Social Security or work credits because you will need them in retirement. To get retirement benefits at the age of 62, you must have earned 40 work credits.
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SOCIAL SECURITY WORK CREDITS IN 2024 & THE EARNINGS YOU NEED
A worker can earn up to 4 work credits per year. Sometimes, you may not have worked much and you may just have earnings for one single work credit. On other occasions, you may have achieved earnings to get 6, but you can only receive 4, which is the maximum per year.
The earnings you need to get 1 work credit in 2024 is $1,730, up from $1,640 in 2023. Therefore, you will need to earn 90 dollars more to manage to get the same number of Social Security work credits.
If you would like to earn 4 work credits in 2024, you will need to earn 4 times that amount. In fact, 4 credits are worth $6,920 in earnings in 2024. That amounts to $360 extra to get the same number of work credits.
NUMBER OF YEARS TO EARN ENOUGH SOCIAL SECURITY WORK CREDITS
American workers should know that they need to have worked for at least 10 years to qualify for Social Security retirement benefits at 62. But will this be enough to get a large payment?
Actually, it will only provide you with a small payment. Hence, it is of vital importance that you follow Social Security’s guidelines to have the largest retirement benefit possible when you file.
The top tips to get a larger Social Security retirement benefit are working for 35 years in jobs covered by SSA, earning the taxable maximum for all those years, and filing at the age of 70. All this tips can give you a check worth $4,873 in 2024.