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A7--Insured status (benefit eligibility) provisions, by eligibility concept and year enacted Year enacted Provision Quarter of coverage 1939 Calendar quarter in which $50 of wages is earned. 7 million Average earnings, 2005 $35,337 Earnings required in 2006 for-- 1 quarter of coverage $970 Maximum of 4 quarters of coverage $3,880 Earnings test exempt amounts for 2006 Under full retirement age for entire year $12,480 For months before reaching full retirement age in 2006 $33,240 Beginning with month of reaching full retirement age in 2006 Test eliminated Program Data Cost-of-living adjustment for Decemter 2005 4. A18--Automatic adjustment provisions Year enacted Provision Quarter of coverage 1977 Mandatory annual determination, beginning in 1978, as to whether an adjustment is required in the amount of wages and self-employment earnings an individual needs in order to be credited with a quarter of coverage (OC) in the succeeding year. |
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