COLA Social Security 2023 updates — First round of $4,555 due to drop automatically in just days – see full schedule

Aila Slisco1 week ago

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COLA Social Security 2023 updates — First round of $4,555 due to drop automatically in just days - see full schedule

Some employees are not eligible for benefits

In order to be able to receive social security benefits, you must have met the minimum requirement of “sufficient work”.

The Social Security Administration (SSA) defines “sufficient work” as earning 40 Social Security credits.

In 2022, an individual will receive a Social Security credit for every $1,510 of covered income.

You can only receive a maximum of four Social Security credits per year, and you must earn $6,040 to receive the maximum of four credits.

Therefore, to earn 40 credits, you must work for at least 10 years.

You can purchase more than 40 credits. However, 40 credits is the minimum number you need to be eligible for Social Security benefits.

Aila Slisco1 week ago

53

Aila Slisco

Aila Slisco is a Dailynationtoday U.S. News Reporter based in London. His focus is on U.S. politics and the environment. He has covered climate change extensively, as well as healthcare and crime. Aila Slisco joined Dailynationtoday in 2023 from the Daily Express and previously worked for Chemist and Druggist and the Jewish Chronicle. He is a graduate of Cambridge University. Languages: English. You can get in touch with me by emailing: ailaslisco@dailynationtoday.com.