It’s Getting Harder to Qualify for Social Security Benefits in Retirement. Here’s the Reason Why

One of the biggest myths about Social Security is that everyone is entitled to a monthly benefit once they reach a certain age. But that’s not how the program works.

Generally, the way to get Social Security benefits in retirement is to earn them by working and paying into the program. There can be exceptions for people who are not working but are eligible for spousal or survivor benefits. But if you want to guarantee yourself those benefits for your retirement, it’s important to make sure you have enough work credits in your lifetime.

especially, Social security A total of 40 hours of work is required to be eligible for benefits. But the tricky thing is that you are only allowed to earn up to four work credits per year. This means that you basically have to work in some capacity for at least 10 years to qualify for Social Security.

Meanwhile, the value of business credit can change from year to year — and that’s exactly what will happen in 2025.

On October 10, the Social Security Administration announced a number of major changes to the program that are scheduled to take effect in 2025. One of the major changes is Cost of living adjustment of 2.5%. Another is to raise the maximum wage for Social Security tax purposes — $176,100, up from $168,600 in 2024.

The additional big change that will occur in 2025 is the value of one business credit. Currently, it takes $1,730 in earnings to get one business credit. Next year, it will take $1,810. This is something to keep in mind if you work part-time but want to make sure you’ll be able to get Social Security in the future.

However, you should know that if you work full-time, this change shouldn’t really affect you, even if you only make minimum wage. If so, if you earn minimum wage for 40 hours a week over 50 workweeks, that’s more than enough income to secure your four work credits for 2025.

Although Social Security has been around for a long time, the program tends to undergo changes on an annual basis. It’s a good idea to keep an eye on these people, no matter your age.

You may assume you don’t need to read about Social Security if you’re not close to retirement. But if you don’t understand what it takes to get benefits, you could end up losing this major source of income once you’re unable to work at all.

Of course, if you’re someone who works so part-time that you’re unable to cram together 40 hours of work in your life, you may have someone else’s income to fall back on, such as a spouse’s income. You may be eligible for some type of Social Security benefit in the future depending on they Earnings record. But it’s better to know the rules so you know what to expect when you get older.

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