Did you guys know, that Social Security is a big club!
Do you know what Social Security is?
… Unless you pay your taxes… which amounts to 6.2% of your gross annual income.
In return for paying taxes, you’ll receive credits.
You earn one credit for every quarter you earn at least $1,410 to a maximum of 4 credits a year… so you must earn $5,640 to receive all 4 credits. The amount it takes a to earn one credit increases every year.
Your next step is to earn a minimum of 40 work credits which is equivalent to 10 years’ work. In other words, anything less than 40 credits will not be eligible for Social Security benefits. The size of your benefit depends on the average of what you earned over your 35 highest-earning years.
but there are few situations where you can still receive a benefit, even if you didn’t earn credits.
If you’re a surviving spouse over the age of 60 and you haven’t remarried, or you’re 50 and disabled, you’re eligible for benefits. There’s an exception for those younger than 50 and caring for a child who is under 16 or disabled.
If you’re younger than 18, or older and disabled, you’re eligible with some exceptions if you’re step-children, grand-children, step-grandchildren, or adopted children.
If you’re age 62 and married to someone who’s receiving their benefits at their full retirement age, you are eligible, and that spousal benefit increases the longer you wait to claim it.
You can even receive a benefit if some of your working years were spent in companies outside of the U.S., however, the U.S. government has to already have established agreements with them, and it’s limited to just 26 countries.
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