The earnings required for one credit will increase
Getting your hands on Social Security benefits is no easy business. That’s because the Social Security Administration works on a credit system. During your working life, you need at least 40 credits in order to benefit from the program.
You can gain 4 of these credits per year if you work and pay Social Security Taxes. Unfortunately, not everyone is eligible for them.
In 2021, in order to earn one credit, you’ll need to earn $1,470 compared to the $1,410 you needed to earn in 2020.
1 thought on “5 Important Changes to Social Security Benefits in 2021”
What about the money that the government borrow from Social Security, that never got paid back?