Social Security Credits in 2020: Will You Qualify for Benefits?
For millions of Americans, Social Security provides a key source of income. But you don't automatically qualify to receive Social Security benefits. To make a claim for these benefits on your own record, you need to earn them.
The mechanism by which you qualify for benefits involves earning a certain number of Social Security credits. Many people don't know anything about the credit requirement, but without enough credits, you won't be able to get Social Security when the time comes. Below, we'll look more closely at Social Security credits and the rules in effect for 2020.
Social Security credits are the backbone of eligibility requirements for the program. The Social Security Administration makes adjustments to the amount of money you have to earn in wages, salary, or self-employment income in order to qualify to receive one Social Security credit. For 2020, the amount of earnings required will be $1,410. That's up by $50 from the 2019 amount.
Source Fool.com
