In order to qualify for social security benefits, individuals must meet certain parameters. One of these parameters is to earn enough Social Security credits.
What Are Social Security Credits? How Are They Earned?
Social Security credits are a tool the Social Security Administration uses to determine who qualifies for retirement benefits. A total of 40 credits must be earned to qualify; an individual can earn only 4 credits annually.
To earn work credits, working individuals pay a certain amount of taxes to the Social Security program. This amount rises each year to account for the rise in average earnings. In 2022, an individual must earn $1,510 to receive a single work credit.
Misleading Ideas About Social Security
Oftentimes, Social Security is referred to as a “welfare” program, but this statement is extremely misleading.
Taxes collected for Social Security are not put into individual accounts as many seem to believe. Rather, these taxes help to support the retirees currently collecting benefits from Social Security. The program is known as an “intergenerational” program that is continuously funded by the workers of the present.
In contrast, welfare programs are very different; these programs are not supported by future participants.
Furthermore, the use of the term “welfare” has connotations that misrepresent the Social Security program. Welfare programs are for individuals who have difficulties meeting “a minimal standard of living.” Retirees do not fall into this category—in fact, many continue working to earn some much-needed additional income.
However, just because retirees can earn a living on their own does not mean they should be required to. After all, these individuals have already dedicated a minimum of 40 years to the workforce.
Social Security is NOT Welfare
Individuals calling Social Security a “welfare” program are belittling the hard work and time retirees have put into the workforce. We are looking to put an end to this, give retirees the credit deserved, and provide more financial security to senior citizens nationwide.
Our groundbreaking bill, The Senior Citizens Bill of Rights ensures that any “elected officials and federal employees are forbidden from referring to Social Security as a “welfare” program.”
It’s past time for the federal government and all elected officials to recognize retirement benefits are earned, not gifted. Help us create this needed change by signing our petition.
