- Social Security qualification is based on credits earned by workers. The number of required credits is based on the age of the worker. For example, people born in 1929 or later, qualify after they receive 40 credits for 10 years of work. Most workers exceed the number of required credits. Going over credits brings many additional benefits, depending on how much the worker earned.
- Social Security benefits are based on how much money the retiree made during her lifetime. Benefit payments are also affected by the total number of years worked before retirement. Every American worker receives an annual Social Security Statement about three months before her birthday. This statement uses current earnings and credits to estimate the worker's benefits at various retirement ages.
- The Social Security system assigns "full-retirement" ages based on the worker's year of birth. Accepting benefits before full retirement age is called early retirement. Anyone who retires between age 62 and his full retirement age will receive reduced Social Security benefits.
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