Denver Social Security Work Credits
Work credits are handed out by the Social Security Administration (SSA) to people who had money taken out of their checks during their working lives. Workers could earn one credit per quarter for having money taken out of their checks. During the course of a working year, if a person worked through the whole year, they get four credits. To qualify for SSDI, a person has to accumulate 20 credits, or earn five years’ worth of credits. For more information on Denver Social Security work credits, reach out to a knowledgeable SSDI attorney today.
Measuring Work Credits
If someone works 40 hours a week for one quarter, they get one credit. Each paycheck compensating for a 40-hour work week has money taken out for Social Security. However, if a person is self-employed and they do not have money taken out of their earnings to go to Social Security, they do not accumulate the required credits and may not qualify for Social Security benefits as a result. A person can be self-employed for 20 years. However, if they fail to report their earnings to the government, they may not be able to receive Denver Social Security work credits for their work life.
Social Security should be treated as a retirement account. If one does not put any money into their retirement account, they cannot take any money out of their retirement account. This also goes for individuals who get paid in cash.
What is a Personal Earnings Record?
Social Security knows every worker in the United States of America who has money taken out of their check and exactly how much money one puts into their personal earnings account.
A personal earnings record details how much money was taken out of their check and placed into a personal earnings account. The Social Security Administration knows of every worker in the U.S. and how much they put into their personal earnings account. In addition, Social Security would also know about a person’s employer ranging back to 30 years. At a hearing, the judge may reference how much someone earned on each job. Individuals interested in knowing how much money they placed into their account should contact the SSA for this information.
Using Personal Earnings to Calculate SSD Benefits in Denver
The SSA uses a person’s earnings to determine how much an individual may be paid based on their anticipated mortality. The SSA could also identify how much a person would pay for the rest of their life with a cost of living adjustment every year until it is anticipated that they would die based on the immortality table. If someone lives longer than anticipated, the SSA would still pay them. Taking an average over the whole population, SSA is accurate as to how much money they need to pay out to each person from the account the person paid into.
Importance of Contacting an Attorney
If you are someone who is interested in learning more about how the SSA awards Denver Social Security work credits and how they keep track of your personal earnings, contact an attorney today. A lawyer familiar with this subject could walk you through the process of how work credits are handed out and how many credits a person has to accumulate to be given SSDI benefits. Schedule a consultation to find out more.