I1020 Form 2014-2026

Your question intrigued me, because I’m a numbers geek. And, since I had a spreadsheet open I thought I’d give it a whirl.In order to “earn the absolute minimum amount to qualify for SSA”, we need to look at what made up a quarter of coverage for the individual, age 67. This was readily available from SocialSecurity.gov, as is the data required to index these figures.In laying out the minimum quarters for the individual, I determined that the minimum earnings to accumulate 40 quarters would be found by earning the minimum amount for four quarters in the years 1971–1977 (7 years, or 28 quarters), and then 1979–1981 (3 years or 12 quarters). This results with a total earnings of $4,840.A note about the quarters of coverage: Prior to 1978, a quarter of coverage was $50. Because our individual was 20 in 1971, that’s the first year he could have started accumulating quarters of coverage. Beginning in 1978, a quarter of coverage was $250, and has been indexed every year since then.After indexing the earnings, the total indexed earnings are $19,286. Averaging the top 35 years (as is the method for developing benefit amounts) and dividing by 12 we come up with an AIME (average indexed monthly earnings) of $45.90. Applying the bend points, we have a PIA of $41.30.Since your individual is 67, he or she was born in 1951, so FRA is 66. At age 67, due to Delayed Retirement Credit of 8%, the individual would be eligible for a Social Security benefit of $44.60 per month.Edit: minor factual correction.

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