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Qualifying for Social Security – 2024 Requirements
Credits are the “building blocks” that Social Security uses to find out whether you have the minimum amount of covered work to qualify for each type of Social Security benefit (retirement, disability, or survivor) based on your own work record. In 2023, you must earn $1,640 in covered earnings to get one Social Security or Medicare work credit and $6,560 to get the maximum four credits for the year.
The table below shows what you needed to earn per quarter in prior years. You can earn all 4 credits in less than a quarter if your income is high enough.
That’s the basic math behind a worker qualifying for Social Security benefits, but it’s important to know that these limits change yearly, so that factor must be considered in one’s long-range planning. Also, as explained in a post today on nasdaq.com by The Motley Fool’s Maurie Backman, a beneficiary without the required work credits may be eligible based on a spouse’s work record. Check out her article here. Beyond that information, if you have any other questions or if you need any assistance deciphering the maze of options available to you, know that the AMAC Foundation offers a free-to-the-public advisory service that can help you. Learn more about this service and how to access it here.