Getting a monthly payment is only possible If you have earned the necessary work credits. Contrary to popular belief, Social Security retirement benefits are not for all Americans.
For example, if you reach the age to retire, you must have earned the required Social Security credits. If not, you must continue working until you can get retirement benefits.
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So, you need a total of 40 work credits to achieve a monthly payment at the age of 62. They may seem like too many credits, but they can be obtained in just ten years.
HOW MANY WORK CREDITS CAN I GET IN 1 YEAR?
According to Social Security, the maximum number of work credits you can obtain is 4 per year. That is why it can take you ten years to achieve 40 work credits.
Unfortunately, you cannot buy work credits to get a monthly payment. However, you earn credits as you pay taxes and get earnings.
The price of 1 single work credit in 2024 is $1,730. So if you have earnings of $1,730 as you work, you get 1 work credit.
POSSIBLE PAYMENT AMOUNTS WITH 40 WORK CREDITS IN RETIREMENT
If you have earned 40 work credits at 62, you can receive a monthly payment of up to $2,710. It could be higher if you delay retirement. For example, at Full Retirement Age, you can receive a check of up to $3,822.
What is more, retirement at 70 can give you a larger payment. Social Security can pay retirees up to $4,873 if they meet all the requirements. They are filing at 70 and you must have earned the taxable maximum for 35 years.
Do not forget that you must have worked in jobs covered by SSA too. Social Security average payments are worth $1,909 as of January 2024. So, expect a smaller check if you have earned a low salary for many years.