Social Security retirement benefits are only for those workers who have paid taxes to the Administration. Even if you have worked for the necessary number of years and paid enough taxes, you must file.
Bear in mind that there is a necessary age to start receiving retirement benefits. Social Security allows workers to file for retirement benefits at the age of 62. Those who have a disability may receive SSDI benefits before that age though.
How many Social Security or work credits do you need for retirement?
A worker will need at least 40 work credits to apply for retirement benefits in the United States. That does not mean that it will be enough to get a large check.
In fact, it may only provide you with a small check and you may not have enough money to get by if you rely on just Social Security. It would be wiser to work for a minimum of 35 years.
That is the number of years the Social Security Administration uses to work out your payment amount. So, if you work for just 10 years, the 25 years remaining years will count as $0 in earnings.
How can workers aged 18-61 increase their Social Security retirement benefits?
The Administration will take into account 4 things that can help you boost your retirement check or direct deposit. For instance, you can delay retirement as much as possible to get more money.
It is easier said than done because some workers may be unable to find a job in their 60s, they may be in poor health or they do not need this money and prefer to file at 62, even if they get a 30% reduction. Summing up, workers can:
- delay retirement until they are 70 to get 24% extra per month
- work for 35 years or more
- look for better-paid jobs or ideally earn the contribution and benefit base for 35 years
- have jobs that pay payroll taxes