The first thing American workers need to know is they must pay payroll taxes to get Social Security retirement or disability benefits. If your job is not covered by SSA, you will not be entitled to these monthly payments. Instead, you may get a pension. In general, a worker needs 40 work credits at 62 to get retirement benefits.
That means you must have worked and paid enough taxes for at least ten years. For your information, you need to know that it is only possible to get 4 work credits per year. Besides, the amount of covered earnings you need to get Social Security goes up after the annual COLA increases. For example, you must have earnings of $1,810 in 2025 to get 1 work credit, up from $1,730 in 2024.
How to check Social Security amounts in retirement
The Social Security Administration allows workers to check the possible amounts of their retirement benefits at different ages. To do so, all you need to do is download an SSA Statement.
If you would like to get a Social Security Statement online, you will need a my Social Security account. Create one on SSA’s website or log in if you already have one. Get one on this link: https://www.ssa.gov/myaccount/statement.html
Not only is this Statement useful to check the future retirement payment amount, but also to see if your earnings history is accurate. Those workers who happen to spot an *error can report it, but there is a time limit to do so. Thus, make sure you check your Statement regularly.
What other things can I learn from my Social Security Statement?
This Statement will let you know if you are eligible for retirement benefits or not. Hence, it will inform you if you have earned enough work credits. What is more, it will tell you your Full Retirement Age.
The Full Retirement Age refers to the age you can file and claim 100% of your benefits. Although American workers can get retirement benefits at 62, it means getting 30% less.
A personalized monthly retirement benefit estimate by age will be provided. So, you can see when is more convenient to retire. Information about these topics will also be disclosed:
- Medicare
- Survivors Benefits
- Disability Benefits
- Earning recors
- Earnings not covered by SSA
- Taxes paid
*Errors can be reported if you call Social Security at: 1-800-772-1213
