Retirement loans: what they are and how to earn them

Social Security credits are required for every worker to be eligible for a US pension. Each worker needs a certain number of loans to qualify, and the amount required depends on your age when you apply and the type of benefit you are applying for. The edition told in more detail GoBankingRates.

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Social Security uses your total annual earnings to calculate Social Security credits (points). The amount required for one loan in 2022 is $ 1510. The maximum number of credits you can earn in one year is four. The amount required to obtain one loan increases automatically every year, when the average salary also increases.

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In general, you need a certain amount of loans even to apply for Social Security benefits. The exact number depends on your age when you apply and the type of benefit you are applying for. In general, no one will need more than 40 credits for any Social Security benefit. The amount of loans that you earn in a year will not change if you change jobs; it is based on earnings, not employer.

There are certain special rules regarding certain workers and how they can earn credits. For example, anyone born in 1928 or later must work 10 years to be eligible for retirement benefits.

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In terms of disability benefits, if you develop a disability before the age of 24, you generally only need 1,5 years of work or six work credits earned over the three-year period ending from the start of your disability.

Survivors' benefits, which are paid to a widow, widower or young child, usually require at least 10 years of work.

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