Financial Wellness “What Do The Numbers on My SS Card Mean?”

Financial Wellness “What Do The Numbers on My SS Card Mean?”

A permanent resident is someone who has been granted permission to live and work in the United States. A person with this status is not a US citizen and is commonly known as having “a green card”. Green Card holders, like U S citizens, are eligible to collect Social Security benefits when they retire. To qualify, like US Citizens, this year permanent residents must earn one credit for each $1,470 of earnings in a year with a maximum of 4 earned credits per year and need 40 credits: the equivalent to 10 years of work or 40 quarters.

So, where do social security numbers come from and what is their significance? Social Security numbers were finalized in 1937 by the Social Security Administration as a way to track the earnings of US workers. This information would then be used to determine if an individual qualified to receive benefits upon retirement. Originally, there was a problem as to how to effectively identify and keep track of every individual worker. We have all encountered people in our lives who have the exact same name, such as John Smith or Susan Black. Therefore, simply using an individual’s name could easily create confusion, a mistaken identity, and many other issues…

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