how much do you need to earn to get 2000 in retirement how do ppl get that much money how many work credits i don't understand it at all.
If in the US – The average social security benefit is $1300 a month based upon average earnings. Right now average earnings are around $45K a year. Social Security taxes are paid on earnings up to $118,500 a year. That amount changes. So if you want to receive $2000 each month from social security you are going to have to earn more than the average wage. You can also wait until full retirement age to retire before collecting social security. Full retirement age is currently 66 but will rise to age 67 eventually. You can find out your full retirement age at ssa.gov. You can begin receiving SS at age 62 at a reduced rate. Figure an 8% reduction in your benefit for every year you take it before your full retirement age.
So if you don't earn average wages or more then you are going to have to have some other retirement plan besides social security – which you should do anyway. Social Security was never intended to be the sole source of anyone's retirement income; it was always meant to supplement other sources. Buy a book by Dave Ramsey.
A person must have 40 work credits in order to become entitled to a retirement benefit; the most anyone can earn is 4 credits a year. The AMOUNT of the benefit is determined by how much a person earned and paid in social security taxes.
What do you mean by $2000 in retirement? A month, a week, a day, a year? From who? The government, a private pension, your own savings, an annuity?
Speak with a financial planner.
SS? It's not mainly the number of work credits, although you need 40 to collect ANYthing. Earn around the ss max or more every year, and wait until at least your full retirement age,or even a cople years later, to start collecting.
I am getting about $2200 per month from SS, about $1800 from a pension from a company I worked for between 1977 and 1993, about $1180 from a 401k (taking only interest, very conservatively invested), and about $575 from an IRA and other investments.
I am guessing that to get $2000/month social security at somewhere around normal retirement age you would need to have been making somewhere in the vicinity of $70,000/yr gross in recent years more or less.
It depends if you're talking about a 401K, a pension, social security, or something else. I started out at 35K, expect to get 2.5% increases each year, and my social security is looking to be just under $2,000. That won't be enough so I have a 401K and a pension too.