Social Security Raises Work Credit Amount to $1,640 — How It Could Impact Your Retirement Benefits
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The Social Security Administration has announced changes for 2023, including increasing the value of a work loan from $1,510 to $1,640.
See: What is the average Social Security benefit at age 62?
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According to the SSA, work credits are "building blocks" that the agency uses to figure out if you've worked long enough to qualify for Social Security benefits. If you stop working before earning enough credits to qualify for benefits, any credits you've earned remain on your record. This means that if you decide to return to work, you can add more to your existing credits to qualify.
Credits are based on your income during the year. If you work and pay Social Security taxes, you can earn up to four credits a year.
For 2023, you must earn $1,640 to receive a Social Security or Medicare credit and $6,560 to receive the maximum of four credits. Regardless of what your annual income is, you cannot earn more than four credits in a year.
To qualify for Social Security benefits, you must earn at least 40 credits. However, the number of credits you earn does not affect the amount of benefits you receive. Your average earnings during your working years will determine your monthly Social Security payment amount once you start receiving benefits.
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This article originally appeared on GOBankingRates.com: Social Security Increases Work Loan Amount to $1,640 - How It Could Affect Your Retirement Plan
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