What is the minimum requirement for retirement benefits under Social Security?

To qualify for retirement benefits under Social Security, an individual must have earned a minimum of 40 credits, which corresponds to approximately 10 years of work. Each year of work can earn you up to four credits, depending on your income. Generally, as your earnings increase, you can accumulate these credits faster, but to reach the threshold for retirement benefits, a total of 40 credits is required.

In addition to the credits, there is also an age factor. While you can begin to receive benefits as early as age 62, the full retirement age varies depending on the year of birth, ranging from 65 to 67 years old. It's crucial to meet both the credit requirement and the age criteria to qualify for these benefits, making the combination of 40 credits and reaching the appropriate age pivotal for accessing Social Security retirement funds.