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.

It’s a quick turnaround to salvage what had been a bipartisan effort to pass the bill during what’s now the lame-duck post-election period of the Congress.

A good rule of thumb to figure out your retirement savings needs is to come up with an annual income you expect to need, subtract your annual Social Security benefit, and then multiply the remaining number by 25.

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.

For those nearing retirement age or already receiving Social Security benefits, it's important to stay up to date on any changes to how those benefits are paid out. For many Americans, Social