Are You Eligible for Retirement Benefits?

If you’re in your late 50s or early 60s, you might be asking yourself a question about Social Security retirement benefits that was not on your mind a few years ago: Have I checked all the boxes for eligibility?

You probably didn’t realize it at the time, but you made the first move toward meeting the criteria when you began working for wages and paying Social Security taxes. But that was only the beginning.

Ultimately, qualifying for Social Security requires a long-term commitment to the workforce, earning a certain amount each quarter and reaching a certain age.

The best way to learn where you stand regarding eligibility is by checking your My Social Security account. If you haven’t signed up for one, creating an account is easy. Here’s what you’ll find:

• A bar chart that shows your projected monthly retirement benefits, based on past and current income, if you file at any age from 62 to 70.
• A table showing your lifetime earnings that were subject to Social Security and Medicare taxes and an accounting of how much you’ve paid in those taxes.
• Bullet points on benefit calculations and eligibility.

Most of the information on your My Social Security account is based on these two factors:

1. You must build 40 Social Security credits, pay taxes

As you work and pay taxes, you accumulate Social Security credits. You can earn up to four credits a year.

Once you chalk up 40 credits after 10 years of work, you qualify for retirement benefits.

The years and the credits don’t have to be consecutive. You can start working, stop for a while, then return to work on and off and ultimately qualify.

Here are some more details about earning credits:

• In 2025, $1,810 in work income for which you paid Social Security taxes equaled one credit.
• In 2026, you need $1,890 in earnings to get one credit.

The dollar amount for credits is adjusted every year based on national wage trends. You could reach your four-credit maximum for 2026 by earning at least $7,560, using the minimums for each quarter.

As of 2024, about 93 percent of men and 88 percent of women ages 60 to 69 were considered fully insured based on their work history, the Social Security Administration (SSA) says.

You can’t borrow Social Security credits, buy them or transfer them from someone else’s record. Working and paying Social Security taxes is the only way to earn credits. That’s because Social Security is an earned benefit. To get it, you must contribute. 

Meanwhile, you pay Social Security taxes as you earn the credits through payroll deductions that are required as part of the Federal Insurance Contributions Act, which you probably know as FICA, or, if you are self-employed, via your federal tax return.

The Social Security tax rate is 12.4 percent of income. If you work for someone else, you pay 6.2 percent each pay period and your employer puts in 6.2 percent. If you’re self-employed, you pay the full 12.4 percent.

An estimated 93 percent of U.S. workers contribute to the Social Security system through payroll or self-employment taxes, according to the SSA.

2. You must be at least age 62

The final step in attaining eligibility for Social Security retirement benefits is hitting your 62nd birthday. You must be at least 62 to begin receiving them.

But you won’t receive your full amount if you decide to file so soon. By waiting until your full retirement age — 67 if you were born on Jan. 2, 1960, or later — you’ll get 100 percent of your benefits. If you wait even longer and apply at 68, 69 or 70, your monthly benefit will increase beyond 100 percent.

Remember, you can use your My Social Security account to get a comprehensive, personalized report on your financial situation.

Contributing: Tracy Thompson, Patrick J. Kiger and Phil Pruitt

Related

• Some veterans get extra credits
• How survivor eligibility works
• Children can be eligible for benefits
• How to apply for disability benefits
• Noncitizens must meet specific criteria