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How You Earn Credits |
As you work and pay Social Security taxes, you earn "credits", up to a maximum of 4 for each year. "Credits" determine whether you have at least the minimum amount of work you need to qualify for benefits. You earn credits by working in jobs covered by Social Security or by operating your own business as a self-employed person. (You do not earn credits for pension payments or for interest or dividends on savings and investments. You do not pay Social Security tax on that kind of income.)
Most people need 40 credits (10 years of work) to qualify for benefits. Younger people need fewer credits to be eligible for disability benefits or for their family to get survivor benefits if they die. During your lifetime, you will probably earn more credits than the minimum number you need to be eligible for benefits. These extra credits don't increase your benefit amount; it is your average earnings over your working years that determine how much your monthly payment will be. |
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Last reviewed or modified Monday Jan 14, 2008 |