Dear jim1946-ga;
Thank you for allowing me to answer your interesting question. I?m
glad the calculator helped you but there are other means of finding
out more about your earnings and benefits. First, familiarize yourself
with these terms:
Credits (Social Security Credits)
?Previously called "Quarters of Coverage." As you work and pay taxes,
you earn credits that count toward your eligibility for future Social
Security benefits. You can earn a maximum of four credits each year.
Most people need 40 credits to qualify for benefits. Younger people
need fewer credits to qualify for disability or survivors? benefits.?
QC (Quarter of Coverage)
?Social Security "credits." As you work and pay taxes, you earn
credits that count toward eligibility for future Social Security
benefits. You can earn a maximum of four credits each year. Most
people need 40 credits to qualify for benefits. Younger people need
fewer credits to qualify for disability or for their spouse or
children to qualify for survivors? benefits. During their working
lifetime most workers earn more credits than needed to be eligible for
Social Security. These extra credits do not increase eventual Social
Security benefits. However, the income earned may increase the benefit
amount.?
Now take a look at this credit schedule:
At age 58 you need 36 credits (quarters of coverage) and nine years of work.
At age 62 or older, you need 40 credits and 10 of work.
HOW YOU EARN CREDITS
http://www.ssa.gov/pubs/10072.html
This FAQ may also answer many of your questions about the accumulation of quarters:
SOCIAL SECURITY: ASK THE EXPERT
http://www.socialsecurity.com/asktheexpert.html
Not everyone?s benefits are calculated the same:
?Calculating future benefits is complex. However, you need not figure
out the amount yourself because the SSA will do the figuring for you.
All you need to do is to send in the accompanying form, "Request for
Earnings and Benefit Statement." [Form SSA 7004] Be sure to complete
it accurately. You can return the form in its own preaddressed
envelope, but be sure to stamp it. In return, you will receive an
estimate of your benefits at age 62, your full retirement age, and age
70. In addition, the report lists estimated amounts for survivors and
disability payments.?
RETIREMENT PLANNING: UNDERSTANDING SOCIAL SECURITY
http://www.agnr.umd.edu/MCE/Publications/Publication.cfm?ID=109&cat=A
If you have more questions you can also call Social Security and ask
them to help you with your inquiry and explain your potential
benefits: toll-free 1-800-772-1213
I hope you find that my research exceeds your expectations. If you
have any questions about my research please post a clarification
request prior to rating the answer. Otherwise I welcome your rating
and your final comments and I look forward to working with you again
in the near future. Thank you for bringing your question to us.
Best regards;
Tutuzdad-ga ? Google Answers Researcher
INFORMATION SOURCES
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SOCIAL SECURITY, EARNINGS, BENEFITS, CALCULATE, STATEMENT |
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