retirement oz


What is the minimum amount of social security benefit paid at retirement?

I would like to know if there is a minimum amount paid to every citizen at a certain age? And what is this amount?

Public Comments

  1. There is no minimum monthly Social Security benefit, although for administrative reasons, SSA will not pay a benefit of less than $1.00. However, to receive any amount of Social Security benefits, you must have the minimum amount of work credits. Everyone born in 1929 or later needs 40 credits to be eligible for retirement benefits. Therefore since you can earn four credits per year, you will need at least 10 years of work to become eligible for retirement benefits. The maximum benefit depends on the age at which a worker chooses to retire. The amount for 2008 for a person retiring at full retirement age (65 years and 10 months) is $2,185. This is based on earnings at the maximum taxable amount for every year after age 21.
  2. No, you only get anything if you qualify by having paid into the system for the required time.
Powered by Yahoo! Answers