When it comes to securing financial stability, understanding the ins and outs of Social Security benefits, including Supplemental Security Income (SSI), is essential.
One crucial aspect of this system is work credits.
But how many do you need for Social Security Income, and what happens if you fall short?
Firstly, let’s grasp the concept of work credits.
SSI measures work in these credits, with individuals being able to earn up to four per year based on their annual earnings.
The required amount of earnings for a work credit increases annually as general wage levels rise.
For most benefits, such as those based on blindness or retirement, eligibility hinges on earning an average of one work credit per calendar year between the ages of 21 and 62, with a cap at 40 credits.
However, a minimum of six work credits is required, irrespective of age.
If you’re eyeing Social Security benefits based on a disability, the requirements differ.
The number of work credits needed depends on your age when meeting the disability criteria.
For instance, individuals under 24 may qualify with six work credits earned in the three-year period leading to the disability onset.
What happens if I don’t get 40 credits for Social Security?
A pivotal milestone occurs at age 31 and above, where the general rule entails acquiring a specific number of work credits, with at least 20 earned in the ten years before becoming disabled.
Moreover, it’s essential to understand who can benefit from your earnings…
