To qualify for Social Security as a retiree, you need to earn 40 work credits in your lifetime, at a maximum of four credits per year. In 2025, a single work credit is worth $1,810, up from $1,730 in 2024. So if you want your four work credits for the year, you'll need to make sure your wages equal at least $7,240.

The legislation, if approved, would repeal the provisions that reduce Social Security benefits for individuals who receive other benefits, such as a pension from a state or local government.

And to arrive at that number, you need to first determine how much money you can expect from Social Security in the future. Thankfully, there's a pretty easy way to get an estimate of your future retirement benefits.

Once those trust funds are emptied, Social Security may have no choice but to cut benefits universally. The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, which is when the program's combined trust funds are expected to be depleted.

As simple words go, “retirement’’ carries a lot of weight and a lot of baggage. Now that retirement is bouncing around in your mind, and you entertain the thought of giving up your day job, you ask yourself: One answer responds to both questions.

Nearly 90% of retired Americans aged 65 and older receive Social Security benefits, and for many, it's a significant part (~30%) of their retirement income.