Social Security is a popular program in the country, one of many run by the Social Security Administration (SSA). And, while it may appear that everyone is entitled to benefits, the truth is that the requirements for accessing them can be very tight and must be fulfilled exactly.
As with everything that comes from the public administration, bureaucracy may frustrate even the most patient people, therefore it is critical to be educated ahead of time about all of the conditions that must be met in order to get compensation. Although the requirements can be stringent, they are not difficult to meet with a little time, patience, and foresight.
Conditions to access Social Security benefits
The first requirement is well understood in the abstract, but the details can be hazy. To be eligible for benefits, you must have worked for at least ten years and earned taxable income. What does this mean in practical terms? Social Security awards four credits per year, and forty credits are required to qualify for benefits, therefore ten years of employment is the minimum.
As many people are aware, not all income is subject to Social Security taxes, and there is both a maximum and a minimum. Both of these values are increased every year in accordance with the Cost of Living Adjustment (COLA), and according to the Social Security Administration “You earn credits by working and paying Social Security taxes.
The number of credits does not alter the amount of rewards you obtain. We use the number of credits you’ve earned to evaluate your eligibility for retirement or disability benefits, Medicare, and survivors’ benefits. We cannot pay you benefits unless you have adequate credits.”
Having said that, credits do have a value, and it is the minimum taxable income. In 2024, you will receive one Social Security and Medicare credit for every $1,730 in covered wages each year. You must earn $6,920 to receive the maximum four credits for the year. To obtain one credit in 2025, you must earn $1,810 in wages and self-employment revenue, while four full credits require $7,240.
Once you have completed the fundamental requirements for receiving benefits, the remainder are easier to administer. The most important thing a beneficiary must do to keep their benefits is disclose any changes in their life to the SSA. They should report:
- Housing changes: moving to a new home, changing mailing address, and leaving the country for more than 30 days.
- Changes in employment and income: starting a new job, losing a job, and increasing or decreasing monthly income.
- Changes in family composition: marriage or divorce of the beneficiary, or if the beneficiary becomes a biological, adoptive, or stepparent parent.
- Updates to the personal record: change of the beneficiary’s legal name, change of citizenship or immigration status, conviction for a criminal offense, and release from prison.
While it may appear to be excessive and time-consuming, it is intended to prevent fraud, as checks have been stolen or mismanaged in the past. This is why SSA authorities constantly check each member’s identity to guarantee that no one is stealing money from the state, and keeping the information up to current is critical to avoiding problems.
Most people are unaware that they need to report “changes in employment” because they believe that if they have a job, they are ineligible for assistance. This is not true, and the requirements for working while receiving benefits are convoluted, but you can get all of the information you need on the SSA’s website to prevent reporting errors.