What happens to my retirement benefits?

Question

If my income was less than the minimum filing requirement income for last 6 years & if I did not file the tax return nor did I pay Social Security then how would that affect my after retirement Social security & heath care benefits like Medicare ?

Thanks

Answer 1

Currently, to earn a credits you must make $1000 to $4000 in a year (you get one credit for each $1000, maximum of 4). The SSA will use your W-2 and Self-employment income to make this calculation. (Employers actually send the W-2 first to to the SSA, which then sends them to the IRS. So for wages, they'll have the income whether or not you file. The IRS will, in turn, send the SE income to the SSA.)

To qualify for SS retirement payments, you must have 40 credits.

The amount of the retirement payments depends on the average of your top 35 years of income. If you do not work a full 35 years, the missing years will be calcuated at 0.

Answer 2

Whether you filed a tax return or not has no bearing on your benefits for Social Security or Medicare.

If you had no income subject to Social Security or Medicare taxes for the past six years, then you have not received any credits for those years.

To find out whether you qualify for Social Security or Medicare, and to get an estimate of the benefit you would receive upon retirement, go to the link below and request a statement of your account. Click on "Need to Request a Statement"

http://www.ssa.gov/mystatement/

Answer 3

If you were an employee, but didn't make enough to have to file, social security and medicare would still have been deducted from your paychecks. If you were self-employed, the limit for having to file is income over $399 - if you made less than that, you wouldn't have gotten any social security credits anyway.

The amount of social security benefits that you receive depends on how much you paid in. Medicare isn't affected - if you are eligible, you're eligible - you either are or you aren't.

Answer 4

If you are approaching retirement age you very probably have enough paid in quarters to qualify for Social Security and Medicare. Your annual statement, that you should receive 2 or 3 months prior to your birthday, will explain whether or not you are eligible plus what your estimated benefits would be.

If you are short couple of quarters you need to find employment covered by Social Security in order to qualify. Almost any job would do, but you need the paid up quarters to get anything.

Your benefits are based upon your lifetime earnings so the more earnings you have, the more you stand to collect.

Contact your local Social Security office. They can tell you everything that you need to know.

Answer 5

If you have not paid into social security for the past six years, your earnings for those years will be zero. Your ultimate benefits are based on your average indexed monthly earnings (that is what you have earned with something like a cost of living increase factored in). The zero years will drag the average down.

Answer 6

you should call social security customer service and find out your information for points. they will tell you how you will be effected.
best thing to do is call social security, give them the scenerio, they will tell you.

Social Security has a toll-free number that operates from 7 a.m. to 7 p.m., Monday through Friday: 1-800-772-1213

Answer 7

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