Social Security Benefits

An insurance that pays benefits to retired workers that help them meet their financial obligations and provides benefits to families of retired workers and disabled workers under certain conditions.

Social Security taxes fund Old-Age, Survivors, and Disability Insurance (OASDI). 

Age at which a person receives full retirement Social Security benefits.

people born after 1960 must wait to start collecting full retirement benefits until age 67, their full retirement age.

A record of the money an individual earned every year; it includes the number of credits you have earned.

Each year you can earn a certain number of credits

The statement also include your Social Security Credit history.

The money you contribute to Social Security is not held in a bank account under your name—it is being used to fund current recipients of Social Security. Instead, you get a certain number of credits for each working year.

Based on total wages and self-employment income during the year; the amount of earnings it takes to earn a credit changes each year;

in 2016, a person had to earn $1,260 in covered earnings to get one credit

people born after 1929 need 40 credits in their lifetime to qualify for Social Security benefits.