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Money Explainers
  • 24/6/2025
Unlock Your Social Security! Did you know 2.6 million Americans will never receive Social Security retirement benefits? Find out why and what you can do to avoid being a "never beneficiary" in our latest video. #SocialSecurity. #RetirementPlanning. #FinancialFuture

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00:00There are 2.6 million, never beneficiaries, in the U.S., according to the Social Security
00:05Administration, SSA. This represents about 3.3% of the U.S. population aged 60 or older who will
00:13never receive a Social Security retirement benefit. But why do some seniors find themselves
00:18in this situation? Here are the main reasons. Not earning enough work credits, to be eligible
00:25for Social Security benefits, you generally need to have worked and paid Social Security taxes,
00:30for at least 10 years, accumulating a total of 40 credits. In 2024, you need to earn $1,730
00:37for one credit, and you can get up to 4 credits per year. Your benefit is based on your highest
00:4335 years of earnings, with years without work counting as zero. Lateriving immigrants account
00:49for nearly half, 49%, of never beneficiaries, because they often don't have enough credits.
00:55Infrequent workers, such as someone who took time off to raise children, make up another
00:5938.9%. Working in non-covered employment, about 10.8% of never beneficiaries work in jobs
01:07not covered by Social Security. This primarily applies to state and local government employees.
01:13While they don't pay Social Security taxes, they often receive a pension from their employer
01:18upon retirement. The same applies to railroad industry workers, who receive benefits from the
01:23railroad retirement board instead of Social Security, provided they have over 10 years
01:28of service. Passing away before claiming benefits, a small portion, 1.3%, pass away before they
01:35can start receiving benefits. You can't start claiming Social Security until age 62, and you're
01:41not eligible for 100% of your benefit until your full retirement age, which is between 66 and 67,
01:47depending on your birth year. If someone passes away before age 62, they won't be able to claim
01:53their benefit. However, it's important to note that terminally ill patients might qualify for Social
01:59Security Disability Insurance, SSDI, and spouses and dependent children could be entitled to survivor's
02:05benefits. Living in certain foreign countries, while most U.S. citizens can receive their Social
02:11Security checks while living abroad, some countries are ineligible. These include Azerbaijan,
02:16Belarus, Cuba, Kazakhstan, Kyrgyzstan, North Korea, Tajikistan, Turkmenistan, and Uzbekistan.
02:25There are some exceptions, but not for Cuba and North Korea. The government's payments abroad
02:30screening tool can help check eligibility. So, what can be done if someone is worried about
02:36becoming a never-beneficiary? Check eligibility and plan, you can start by checking your eligibility
02:42on the SSA website. The SSA Retirement Estimator can also help you plan for retirement and estimate
02:48your payments. Consider working longer, if you don't have the required 40 credits, you could delay
02:54retirement until you earn enough to become eligible. If you're unable to work, say due to a disability,
03:00you might be eligible for other types of benefits.
03:03Spousal benefits for ex-spouses. If you are re-divorced and not eligible for your own Social
03:08Security retirement benefit, you might still be eligible for spousal benefits if your marriage
03:13lasted at least 10 years and you haven't remarried. You don't need to inform your ex-spouse, and it
03:19won't affect their benefits. Totalization agreements for immigrants. Immigrants who don't have enough U.S.
03:25credits may still qualify if they are from one of 30 countries that have a totalization agreement
03:29with the U.S. This allows you to combine U.S. credits with prorated benefits from your former
03:35country, though you need to have earned at least 6 credits in the U.S. If you haven't, it's worth
03:41considering working long enough to get them. It's a complex situation, but understanding the rules
03:46and available options can help many secure their financial future in retirement. Money Explainers

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