For whatever reason, you do not yet qualify to receive Social Security benefits, but you are old enough to begin thinking about your retirement. What can you do about that?
One of those reasons you haven’t paid enough into the system to qualify may be that you stayed home to raise children. That’s a big job for sure, but an unpaid one. Now that the children are grown, you might want to get back into the workplace to earn Social Security benefits.
Or, perhaps you worked for a public entity that had its own retirement program and did not pay into the federal system. You could retire from that job with 25 years experience and if you’re in your early 50s still have enough time to work to qualify for Social Security benefits.
What kind of job can you get after age 50 that will build up your credits? The simple answer is any job where the employer pays Social Security taxes, and we will give suggestions on that later in this post.
How Social Security Credits Are Accrued
Social Security benefits are earned through your work history. To be eligible for benefits, you must work full time for 10 years, earning a maximum of four Social Security credits a year. (You could also work part-time over a number of years and earn enough credits.) In 2022, a worker gets one credit for each $1,510 earned, so that earning $6,040 in one year gets you the four credits for the year.
Social Security taxes are taken out of your salary to fund the Social Security program. You must have 40 credits to qualify for Social Security benefits when you reach 62½ years of age.
The good news is that what credits you have earned over the years are still in your account even if you didn’t work for a number of years. You can add to your account by acquiring a job that takes Social Security taxes out of your salary. Go to ssa.gov to find out how many credits you already have in the system. You’ll need to set up an account first.
Almost Any Job Can Build Credits
Jobs where the employer takes money out of your salary to pay into the Social Security system will build your credits.
Keep in mind, though, there are jobs — such as state, county or municipal positions, and some teaching jobs — that have opted out of the Social Security program. That means jobs as public school substitute teachers or part-time work at your local City Hall will not likely earn you any credits.
However, most every other job that takes taxes out of your paycheck is paying into …….