The Social Security Administration receives money as workers pay payroll taxes. In this way, the Administration can fund the payments of retirement and disability benefits every month.
Believe it or not, Social Security does not save the money you pay now to give it to you when you retire. This means current workers are paying retirees, and future workers will pay your retirement benefits.
What is more, you must have worked for at least 10 years to get retirement benefits. Social Security will make sure you have earned 40 work credits to be eligible for retirement. In the same way, disability benefits require workers a minimum number of credits.
How many years do I have to work to get disability benefits at 23?
Social Security has said that before you are 24 years old, you may be eligible for disability benefits with 6 work credits. Bear in mind that you must have earned them before in the three-year period ending the moment your disability started.
So, if you can only earn 4 work credits per year, you may need about one year and six months. That is 1.5 years of work. Because you can earn 8 credits in two years, but you only need 6 Social Security credits.
Do not forget that Social Security will make sure you have $1,640 to give you one credit in 2023. This amount will be more expensive in 2024, so it will be harder to get disability benefits next year.
For your information, the price of a work credit or Social Security credit will be $1,730 in 2024. Then, 4 credits cost $6,560 in earnings this year, and $6,920 in 2024.
How many years do I have to work to get disability benefits at 60?
According to Social Security, you will need 9.5 years if your disability starts at the age of 60. If you are 50 years old when your disability begins, you may need 7 years of work approximately said SSA.
In seven years of work, you may have had time to earn 28 work credits. Besides, you will just need six years of work to get disability benefits if you are 46 years old.
Some workers may have a disability at the age of 42, so they will just need 5 years of work. At the age of 38, if a disability starts, you will need to have worked for about 4 years.
Keep in mind that this is just an estimate and you need to apply for disability benefits and Social Security will tell you if you are eligible or not. If your disability starts when you are 30 years old, you must have worked for two years.
Those who have not been able to work because they were studying or doing something else, may not be eligible for SSDI disability benefits. However, they may give it a go at the Supplemental Security Income (SSI).
SSI can provide people with a disability with checks worth $943 in 2024, up from $914 in 2023. SNAP benefits is another alternative to get money for healthy food if you have a really low income. Make sure you make the most of your benefits so you can make ends meet.
