When Will I Become Eligible for Social Security?

Social Security is going to be very important for most people who are planning ahead for their retirement years. You should understand the facts as you look toward the future so that you can create a sensible retirement budget. You become eligible for Social Security through the accumulation of retirement credits. It is possible to earn up to four credits in a year. In 2014, you accumulate one credit for each $1200 that you earn. If you pay taxes on $5000 or $5 million in 2014, you still get four retirement credits. Once you have at least 40 credits, you will qualify for Social Security when you reach the age of eligibility. The exact date of Social Security eligibility will depend on the year of your birth. If you were born between 1943 and 1954, you will be eligible to receive your full benefit at the age of 66. The eligibility age then rises by two months each year. To clarify, someone born in 1955 would become eligible for their full benefit at the age of 66 years and two months.

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