Here are three basic questions about Social Security:
1) How do I qualify for Social Security?
2) How much will I receive from Social Security?
3) Will Social Security still be around when I retire?
How do I qualify for Social Security?
You must be age 62 or older and have earned at least 40 Social Security credits over your working lifetime.
If you become disabled before reaching age 62, you can qualify for Social Security benefits with fewer than 40 credits.
You earn Social Security credits by working at a job and paying Social Security taxes. As a family child care provider you should be paying your Social Security taxes at the end of the year by filing IRS Form 1040SE Self Employment Tax.
You can earn up to four credits a year to qualify for Social Security benefits. For 2014, you must earn at least $1,200 to earn one credit, or $4,800 to earn all four credits.
This is the beginning of my latest podcast, “Key Questions Answered About Social Security.”
In this podcast I offer answers to these questions about Social Security. Here is a transcript of this podcast.
This is the eleventh in a series of podcasts I am doing on the business side of child care.
For more information about Social Security, see my book Family Child Care Money Management and Retirement Guide.
Tom Copeland – www.tomcopelandblog.com