Social Security Benefits: Your Questions about Social Security Credits
View PDF | Print View
by: albert.tobega
Total views: 134
Word Count: 338
Social Security Benefits: Your Questions about Social Security Credits
Q: Social Security tells me that I dont have enough credits to qualify for benefits. How do these credits work, and how is it possible for me to not have enough when I have worked for years and paid taxes the whole time?
A: Credits that go towards qualifying you for benefits from Social Security are earned by working and paying your Social Security taxes. The number of credits you receive is based on both income and the number of years worked. The necessary income level for receiving social security benefits credits rises a bit each year; as of 2008, you receive one credit for every $1,050 you earn. These credits are also called quarters, as you can earn a maximum of four of them a year; any social security "quarters" that you earn during your working career will remain on your record even during times of unemployment.
A certain number of credits or quarters are required in order to qualify you to receive social security benefits. The number of credits you need for social security is based on your current age, and is calculated by the number of years you have worked. Most people looking to qualify for retirement social security benefits (that is, over the age of 62) will need 40 credits, or 10 years of work, to be eligible for benefits.
However, it can happen that a person who has worked a seemingly appropriate number of years does not gain the necessary credits for social security benefits. This can happen to workers who didnt (or dont) have social security taxes deducted from their wages. This situation mostly occurs among Federal employees hired before 1984, railroad employees with ten years or more of service, and state and local government employees whose employers do not participate in social security. Related articles Disability attorney Social security attorney orlando Social security help Veterans lawyer
About the Author
Related to social security attorney, goto socialsecuritybenefits.infonow411.com/?Social-Security-Benefits-and-Using-a-Social-Security-Lawyer-&p=3225.
Rating: Not yet rated