Most people look forward to retirement, but when the time draws near, there can be some trepidation. This is especially true if you realize you don’t qualify for Social Security benefits.
Here’s how to know, and what to do, if that’s the case. Plus, we list some ideal jobs for seniors who are looking to work.
How to Qualify for Social Security
The majority of workers in the United States pay into the Social Security system.
If you work for an employer, you’ve probably seen a line item on your paystub or W-2 that shows the amount you contribute. Your employer contributes the same amount on your behalf. If you are self-employed, you also pay into Social Security, but you pay both the employer and the employee portion.
When you retire, you will collect a percentage (usually about 40%) of the amount you earned while working. For many people, this represents a significant portion of their income in retirement.
Earning Credits
To qualify for Social Security benefits, you need to have accumulated 40 credits over your working lifetime. You can earn up to four credits each year. In 2023, the amount you must earn to get one credit is $1,640. If you earn $6,560 or more, you’ll get the full four credits available for that year. This amount is adjusted every year.
Since you need 40 credits and can earn up to four credits each year, it could take you as little as 10 years of work to be eligible for Social Security benefits when you retire.
What if You Don’t Have Enough Credits?
As seniors approach retirement, they may find they don’t have enough credits to be eligible for Social Security. Perhaps they worked overseas for some or most of their career, or they stayed at home to care for children or a family member. Don’t despair — as long as you’re working and earning enough, you can earn credits to qualify for Social Security benefits, right up until the age at which you file for your benefits.
Jobs For Seniors Who Need to Qualify for Social Security Benefits
Finding a job when you’re over 50 can be more challenging than it is for younger workers, but it’s certainly not impossible. This is especially true when unemployment is low, and companies are looking for workers. There are plenty of jobs that you can get as a senior to help you earn the credits you need to receive Social Security benefits.
Here are some jobs to consider.
Online Tutoring
Especially if you have an area of interest or expertise, online tutoring can be a great job for seniors. You can often make your own hours, and seniors often have the time and patience that students need.
Patient Advocate
Working with social service agencies, home health care providers, and other businesses as a patient advocate is a good job for seniors. Patient advocates assist people in navigating the health care system so they can get the health care they need.
Virtual Assistant
Virtual assistants help businesses with office tasks such as data entry, bookkeeping, setting appointments, and more. They work from home, using their computer to get their work done, and may work for multiple businesses at the same time.
Security Guard
Security guards protect premises by ensuring that entrances and exits are appropriately secured and that unauthorized people don’t get inside. They may also screen visitors to a building.
Retail
Retail stores, from big box department stores to high-end boutiques, often hire seniors to assist customers and sell products. Pro tip: Many retail stores offer their employees a discount on their products. If you have a favorite store you love to shop at, apply there first. Not only will you be a good spokesperson for the store, but you may also get a discount on what you buy!
Writer or Editor
Many companies hire writers and editors who work remotely. If you have a good grasp of English (or another language) and enjoy writing, this may be a good job for you. Bonus points if you have a particular area of expertise that you can write about.
Real Estate Agent
Becoming a real estate agent requires a little more preparation than some of the other jobs mentioned here, but it can be a great role for seniors. Once you get licensed, you can help people buy and sell homes in your area. Seniors who have lived in the same town for a while are a good fit for this type of job, since they know the ins and outs of their particular area.
Make Your Own Job
If you have a particular hobby or passion, consider whether there’s a way to get paid for it. Perhaps you love to throw elaborate parties — you could be an event planner. If you knit or crochet, you could make blankets or sweaters to sell. Just remember that you’ll need to set up a business, pay yourself and pay your taxes in order to have your earnings qualify for Social Security credits.
Keep in mind that your Social Security benefit is based on the average of your highest 35 years of earnings. In the case of someone who’s just earning enough credit now, you’ll probably only have 10 years of earnings. And if you’re working part-time or at a low-paying job, your average could be pretty low, which means your benefit will also be low.
Pro tip: Waiting until age 70 to collect your Social Security benefit will give you the highest possible monthly benefit. If you’re still working or have other assets you can rely on until age 70, it’s probably worthwhile to wait.
