
For many, the fact of working for a few years and making contributions automatically makes them pension beneficiaries with guaranteed monthly payments, but things are not so simple, or at least there are nuances, and here we will try to solve one of the most recurring doubts for anyone seeking the benefits of Social Security.
The minimum retirement age is 62, although there is a reduction in the monthly amount. If you were born in or before 1957, you are already entitled to your full benefit, while full retirement age is 66 if you were born from 1943 to 1954. If you were born from 1955 to 1960, your full retirement age gradually increases until it reaches 67 years. For anyone born in or after 1960, full retirement benefits are paid at age 67
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How many credits do I need to get benefits?
In order to be eligible for Social Security benefits, every worker and essentially taxpayer must have accumulated at least 40 Social Security credits, and these credits are accumulated when you work and pay Social Security taxes, at a rate of four per year.
For example, in 2025, a Social Security and Medicare credit is earned for every $1,810 of covered earnings each year and you must earn $7,240 to get the maximum of four annual credits.
Average income is important in determining the amount
This criterion is established for eligibility for benefits and it does not matter if at retirement age you have more credits than required, but it will not increase the amount of your benefit, which will depend on the average of your income over your working years.
If you do not earn enough credits, Social Security will not pay benefits, it is that simple. In layman’s terms, 40 credits are earned in about 10 years of work in Social Security-covered jobs and the respective tax payments.
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