Eligibility
How Social Security Benefits Work
What You Need To Know About Eligibility
To be eligible for Social Security benefits, 10 years of employment is the minimum amount of time required to earn the mandatory 40 credits based on your earnings.
A Quarter of Coverage (QC), also known as a Social Security credit, is the basic unit for determining if you’re insured under the Social Security Program.
The amount of earnings required to accumulate one QC credit is adjusted higher each year.
These QC credits remain on your record when you change jobs or stop working however you cannot earn more than 4 QC credits in one year no matter how high your earnings may be.
Your monthly Social Security benefit is determined by your highest 35 years of earnings.
When You Can Start Receiving Monthly Benefits
The earliest you can start receiving Social Security retirement benefits is age 62.
Known as “filing early,” you can start receiving your benefit at age 62 up to your full retirement age (FRA).
Keep in mind, starting your benefit early permanently reduces your monthly benefit for the rest of your life and also lowers the benefit your surviving spouse is eligible to receive under your work record.
What You Need To Know About Delayed Retirement Credits
If you wait to file for Social Security after you reach your FRA, you earn delayed retirement credits that increase your monthly benefit by a certain percentage depending on the year you were born.
The increase is added in automatically each month from the time you reach FRA until you start taking benefits or reach age 70, whichever comes first.
If you continue to delay filing for benefits once you turn 70, you can no longer earn delayed retirement credits.
We Can Help You Navigate Social Security
Our expert team can provide you with the latest information about filing for Social Security. We strive to help you understand the ins and outs of all the rules and help you develop strategies to maximize the benefit you receive.
