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Oct 1, 2008 4:20 pm US/Pacific

Haven't Worked In Years, Do I Get Social Security?

QUESTION: I'm a stay-at-home mother and haven't worked since I was in my teens. Do I qualify for social security?

ANSWER: Social Security qualification is met by attaining 40 quarters of qualifying work.  The quickest one can earn 40 quarters is 10 years of work.  Once your children are out of the home, you may determine that working a few additional years to qualify for social security would be advantageous.  If you decide not to work towards your 40 quarters, you will qualify under a spousal benefit which is dependent upon your spouse's accrued benefit.  The spousal benefit you would receive is typically 50% of your spouses benefit.
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Money Matters is provided by:

David Schauer, CFA, MSFA, CFP®
Financial Planner
Hanson McClain
E-mail questions to moneymatters@kovr.com

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