Social Security is a complex program that's loaded with rules. As such, there can be a lot of confusion about how it works.
One big myth attached to Social Security is that you're eligible for benefits once you reach a certain age. That's not entirely true.
Social Security eligibility does begin at age 62. But you can only receive benefits if you worked and paid enough taxes on your income during your career.
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In fact, to be eligible for Social Security, you need to accrue a total of 40 work credits in your lifetime. And the value of a work credit can change from one year to the next.
If you're a part-time worker, you may have a harder time qualifying for Social Security. But you can absolutely collect benefits in retirement if you never hold down a full-time job, as long as you have those 40 work credits under your belt.
How to accumulate work credits
These days, work credits are effectively measured by earnings. In 2023, it takes $1,640 of earnings to qualify for a single work credit. In 2022, a single work credit was worth $1,510 in earnings.
The maximum number of work credits you can earn in a single year is four. So once you've earned and paid taxes on $6,560, you're done accumulating work credits for 2023.
But to be clear, qualifying for Social Security in retirement isn't so much a matter of the number of hours you work in your lifetime. Rather, it's a matter of how much you earn and whether you pay enough Social Security taxes to be able to collect a monthly benefit of your own.
You can collect Social Security even if you have no work history
If you have a history of part-time work only, you may or may not be eligible for Social Security, as that will hinge on whether you manage to accrue your 40 lifetime work credits. But you should know that even if you don't work a day in your life or earn so much as a dollar, you might still qualify for Social Security as a retiree.
Social Security pays spousal benefits to seniors who are married to people who are eligible for benefits. You can even qualify for Social Security as a divorcee of someone who's entitled to benefits.
There are different rules you'll need to follow when it comes to spousal benefits. For one thing, if you're married, you can't claim a spousal benefit until your spouse starts to collect Social Security. You also can't receive more than 50% of the monthly benefit your spouse collects. But still, the option to receive benefits exists, even if you don't have a work history.
Know the rules
If you're someone who works full time for well more than a decade, then qualifying for Social Security may be a no-brainer. But if you only work on a part-time basis, you may want to track your earnings and make sure you're paying enough into Social Security to qualify for benefits down the line. This especially holds true if you're single and you won't be eligible for a spousal benefit once you reach retirement age.
