10/21/2024
Social Security:
To qualify for "benefits", you earn "credits" through your work - up to (4) each year. This year, you'll earn (1) credit for each $1,730 of wages. When you've earned $6,920, you've earned your (4) credits for the year. Most people need 40 credits, earned over their working lifetime, to receive retirement benefits. You can start pulling from your benefits at a reduced amount at age 62.
(Calculations: Max 4 credits per yea, for 10 years = 40 Credit required) The retirement benefit at age 62 would be approx >$200 /mo.
People who receive a pension typically do not pay into Social Security: Pension payments are not considered earnings so the Social Security Administration does not consider pension payments to be earnings, so they are not subject to Social Security taxes.
If people work a non pensioned job in addition (before, during or after retirement) , their social security benefit deminshes. As of right now, SSA is slated to run out of money in 2041.