One gains credits through employment and Social Security tax payments. To receive Social Security Work Benefits, a candidate must earn a minimum of 40 Work Credits by 2024. The number of credits does not affect the amount of benefits that an individual receives.
A candidate’s credit accumulation determines their eligibility for Medicare, retirement or disability benefits, and survivor benefits for their dependents. SSA cannot grant benefits an individual who does not have enough credits.
Overview
The minimal income needed to receive a credit may change annually. In 2024, a person will receive one Social Security and Medicare credit for every $1,730 in yearly covered earnings. To be eligible for all four Social Security Work Credits, their annual income must be $6,920.
It is possible to earn more credits than what is necessary to be eligible for benefits. These extra credits do not improve the amount of your benefit. The officials calculate your monthly benefit payment using the average of your earnings over the course of your working years.
Social Security Work Benefits For Disabled
Benefits for disability require completion of both a term work test and a recent work test. A person may require a varied amount of credits to pass the recent work test depending on their age. Disability Benefits Require Social Security Credits as of 2024:
Prior to turning 24 years old: A 24-year-old must obtain 6 credits within 3 years of the beginning of their impairment.
24 to 31 years of age: A person between the ages of 24 and 31 must work for half of the time they were able to work before the onset of their condition.
31 years of age or older: Before the commencement of the incapacity term, a person must have earned at least 20 credits in 10 years.
| The age when the Disability is developed | Years of work experience |
| Before the age of 28 | 1.5 years |
| 30 | 2 years |
| 34 | 3 years |
| 38 | 4 years |
| 42 | 5 years |
| 44 | 5.5 years |
| 46 | 6 years |
| 48 | 6.5 years |
| 50 | 7 years |
| 52 | 7.5 years |
| 54 | 8 years |
| 56 | 8.5 years |
| 58 | 9 years |
| 60 | 9.5 years |
| Number of Credits Needed For Disability And Retirement 2024 | 40 Credits |
Evaluation Of Social Security Work Benefits
The following is a full explanation of how to calculate social security earnings:
List Earnings from previous year: The social security statement, which you can access on the official website, includes details regarding wages from the prior year. It includes earnings below cap.
Inflation Adjustment: Social Security uses a technique ‘Wage Indexing’ to calculate how to adjust earnings for inflation. Social Security releases the annual average wage for the country each year. A person’s compensation changes to reflect the average salary for that year when they turn 60.
35 years on average at its highest: When calculating social security benefits, the highest 35 years of earnings are taken into account to estimate the average monthly wage. If an applicant does not have 35 years of earnings, they will not receive any credits.
| Beneficiaries | Annual Amounts for the years | Monthly Amounts for 2024 | |
| 2023 | 2024 | ||
| Eligible Individual | $10,970.44 | $11,321.49 | $943 |
| Eligible Couple | $16,453.84 | $16,980.36 | $1,415 |
| Key Person | $5,497.80 | $5,673.73 | $472 |