To qualify for Social Security retirement benefits, you generally must be at least 62 years old and have earned 40 credits (approximately 10 years of work) by paying Social Security taxes. You must also be a U.S. citizen or lawfully present noncitizen.
Social Security replaces a percentage of a worker's pre-retirement income based on your lifetime earnings. The amount of your average earnings that Social Security retirement benefits replace depends on your earnings and when you choose to start benefits.
The full retirement age is 66 if you were born from 1943 to 1954. The full retirement age increases gradually if you were born from 1955 to 1960 until it reaches 67. For anyone born 1960 or later, full retirement benefits are payable at age 67.
One of the most frequent reasons claims are denied is insufficient medical evidence. SSDI benefits are awarded based on medical necessity, so your application must demonstrate that your condition prevents you from working and is expected to last at least 12 months or result in death.
Although many of the programs base benefit amounts and eligibility to work history, there are some instances where a person who has never worked can collect benefits. One program that provides benefits to people, not based on their work history, is Supplemental Security Income (SSI).
Learn more about credits at www.ssa.gov/planners/credits.html. Although you need at least 10 years of work (40 credits) to qualify for Social Security retirement benefits, we base the amount of your benefit on your highest 35 years of earnings.
The 4% rule suggests that retirees can safely withdraw 4% of their total portfolio balance in the first year of retirement and then adjust that amount annually for inflation. The idea is that this withdrawal rate should sustain a 30-year retirement without depleting your savings.
The average monthly Social Security benefit for May 2025 was $1,903. This was raised from $1,783 in 2024. The total cost of the Social Security program for 2022 was $1.244 trillion or about 5.2 percent of U.S. gross domestic product (GDP).
To apply for Social Security for the first time (likely retirement), create a "my Social Security" account at ssa.gov to apply online, which is the most convenient method, needing details like your SSN, birth proof, citizenship/lawful status, earnings (W2s/tax returns), military service records (if applicable), and bank info for direct deposit, and you can apply up to four months before you want benefits to start.
People who have never worked may still be eligible for certain Social Security benefits, primarily through the Supplemental Security Income (SSI) program. SSI is a federal assistance program designed to provide financial aid to people who are over 65, blind, or disabled and have limited income and resources.
You must earn at least 40 Social Security credits to be eligible for Social Security benefits. You earn credits when you work and pay Social Security taxes. The number of credits does not affect the amount of benefits you receive.
Age 62 or older, or a person with a disability or blindness. "Insured" by having enough work credits. For applications filed December 1, 1996, or later, you must either be a U.S. citizen or lawfully present noncitizen in order to receive monthly Social Security benefits.
The lowest Social Security payment is determined by the Special Minimum Benefit, which provides a higher amount for low-wage earners with long work histories, starting around $53.50 monthly for 11 years of work in 2026, but this benefit is rarely paid to new retirees because regular benefits based on modern wages usually exceed it, with the actual lowest amount depending on individual work records and claiming age.
You must build 40 Social Security credits, pay taxes
As you work and pay taxes, you accumulate Social Security credits. You can earn up to four credits a year. Once you chalk up 40 credits after 10 years of work, you qualify for retirement benefits.
You can typically get monthly Retirement benefits starting at age 62 if you've worked and paid Social Security taxes for 10 years or more. In most cases, you can apply while still working.
It takes a minimum of 10 years of work (40 credits) to qualify for Social Security retirement benefits, as you can earn a maximum of four credits per year, but these years don't need to be consecutive, and you can earn them faster by earning more money in a shorter time. For instance, in 2026, earning $1,890 gives you one credit, so earning $7,560 quickly gets you all four credits for that year, regardless of how long it took to earn that income.
People generally not eligible for Social Security include those with insufficient work credits (less than 10 years/40 credits), certain government employees (covered by specific pension plans instead), non-citizens without lawful permanent status or living in certain countries, and individuals fleeing prosecution or violating probation/parole, with specific rules also applying to divorced spouses and those with very high incomes for programs like SSI.
The short answer is yes. Under the current law, an individual's wealth or current income level has no impact on their eligibility to receive a Social Security retirement benefit. In other words, even if you have $10 billion in assets, you could qualify for Social Security as long as you meet the requirements.