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The Social Security Administration considers your lifetime earnings to determine how much you will receive in benefits. But first, you have to have enough working credits to be eligible.
In 2026, a Social Security credit requires $1,890 in covered earnings, which means you need up to $7,560 in covered work to secure the maximum four work credits for the year. It’s a low barrier to entry for full-time employees, but people with spotty work histories or gig incomes may want to treat this number as a planning target.

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What is the 10-year Social Security rule?
You need at least 40 credits to be eligible for Social Security payments in retirement. Since you can receive up to four credits each year, you typically have to put in 10 years of work to receive benefits in retirement.
However, this 10-year window does not have to be 10 consecutive years. A gap year will not hurt your eligibility for Social Security, as long as you make it up later. Earnings from a job or gig must be covered by Social Security taxes to receive credits.
The 40-credit threshold just makes you eligible for Social Security, but earning any additional credits will not increase your benefits. You can increase your benefit by working 35 years, replacing low-earning years with high-earning ones, and delaying when you receive your benefits.

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How $7,560 buys a full year of credits in 2026
You don’t have to earn at least $1,890 in every quarter to hit $7,560 and receive all four credits. A seasonal job that pays $3,000 per month can qualify you for all four credits if you can work at that job for the last three months of the year. Not working the other nine months of the year won’t affect your ability to collect all four credits, but it will show up as a relatively low-earning year that may limit how much your benefit can grow.
But keep in mind that the Social Security Administration changes the amount of earnings required to earn a credit each year. Earning $7,560 in a year, regardless of whether you are a full-time worker or self-employed, makes you eligible this year, but the necessary amount may inch a little higher in 2027.
Who should pay attention
Most full-time workers will easily hit the minimum benchmark and receive their four credits each year. Caregivers, side hustlers and other people who have limited work histories and inconsistent income may want to pay attention to this limit.
These credits don’t just affect Social Security benefits. They also impact eligibility for disability benefits, Medicare and a family’s eligibility for survivors benefits. You can log into your “my Social Security” account or create one to see your current credits and earnings history. This account gives you the opportunity to correct any errors and see your projected benefit.

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Radio host and bestselling personal finance author Dave Ramsey has a straightforward recommendation for retirement savers considering 401(k)s and IRAs. “A traditional 401(k) and a Roth IRA are two of the most powerful tools you can use to save for retirement,” he wrote for Ramsey Solutions. “For most people, the best strategy is to use both a Roth IRA and traditional 401(k) to save for retirement.” And Ramsey offers a specific approach to help Americans begin their retirement savings accounts.”Start by contributing enough to your 401(k) to get the full employer match, then max out a Roth IRA for tax-free growth,” he wrote. “After that, you can return to your 401(k) to increase contributions.”Ramsey explains the advantages of Roth IRAs and traditional 401(k)s.”A Roth IRA is an account that allows you to save a certain amount each year for retirement,” he explained. “But what makes a Roth IRA one of the best retirement savings options is that it includes tax-free growth and tax-free withdrawals once you retire.”Ramsey clarifies that a traditional 401(k) is a retirement savings plan that’s sponsored by one’s employer. In many cases, the employer will match employee contributions, up to a certain percentage of their income.”With a traditional 401(k), you decide how much of your paycheck to invest, and it’s automatically deposited into your account,” he wrote. “The money you put in is tax-deferred, meaning you won’t pay income taxes on it … yet.” “But years from now, when you retire and start pulling from your 401(k) savings, that money will be taxed at whatever your income tax rate is at the time.”Vanguard explains 2026 401(k) plan contributionsOffered through one’s employer, a 401(k) allows people to set aside money for the future straight from their paycheck. Since companies set their own rules and not every workplace provides one, it’s important that employees check their specific workplace benefits to see what their options are, Vanguard emphasizes.”At a minimum, it can benefit you to contribute enough to receive the full employer match,” wrote Vanguard. “Otherwise, you’re passing up extra compensation that’s already offered and can significantly strengthen your long‑term savings.”More on personal finance:Charles Schwab, Fidelity alert workers to forced 401(k) ruleDave Ramsey warns Americans on 401(k)s, IRAs (he’s not wrong)Congress research arm warns Americans on 401(k), IRA penaltyIn 2026, the annual 401(k) contribution limit for individuals is $24,500, with an additional catch-up allowance raising the limit to $32,500 for those 50 and older, according to the Internal Revenue Service (IRS). Certain employers may also allow an enhanced catch-up threshold for workers between 60 and 63. These caps apply solely to personal contributions, not to any matching funds provided by a company.Charles Schwab clarifies Roth IRA rulesA Roth IRA is a personal retirement account funded with post-tax dollars, explains Charles Schwab. Because one pays taxes upfront, investments accumulate earnings tax-free, and a person can pull out their growth completely tax- and penalty-free once they hit age 59½ and have held the account for at least five years.”A Roth IRA can be a good savings option for those who expect to be in a higher tax bracket in the future, making tax-free withdrawals even more advantageous,” wrote Schwab.For 2026, the total contributions one makes each year to Roth IRAs can’t be more than $7,500 ($8,600 for those age 50 or older), according to the IRS.The IRA contribution limit does not apply to rollover contributions.”If you have a 401(k) with a previous employer, you may be able to transfer those assets into a rollover IRA,” wrote Fidelity Investments. “Transferring an old 401(k) into a rollover IRA doesn’t count toward your annual IRA contribution limit.”Dave Ramsey spells out Roth IRA income limitsRamsey notes an important rule regarding Roth IRAs in 2026.”As amazing as the Roth IRA is, there’s a chance you might not even be eligible to put money into one,” he wrote.As amazing as the Roth IRA is, there’s a chance you might not even be eligible to put money into one.”That’s because if one’s modified adjusted gross income (MAGI) is more than $168,000 as a single person or $252,000 as a married couple filing jointly, they are unable to contribute to a Roth IRA, according to the IRS.”But don’t worry, the traditional IRA is still an option — and it’s better than nothing,” Ramsey stressed.

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Ramsey highlights the Roth IRA 5-year ruleThere is another important consideration to keep in mind regarding Roth IRAs: the 5-year rule.”This won’t be an issue for most folks, but the five-year rule says you can’t take any investment earnings out of your Roth IRA until it’s been at least five years since you first contributed to the account,” Ramsey wrote.”You can withdraw contributions at any time, but that would be a bad idea,” he added. “You’ll get hit with taxes and penalties if you break that rule (so don’t do that).”Related: Fidelity 401(k) change seen on unexpected move

Anyone watching late-night television has heard those ads that urge people to sell the rights to a structured settlement won in a lawsuit to get cash now. “If you agree to take your award or settlement as a structured settlement, instead of receiving one large amount from the plaintiff, you will receive periodic payments over the course of a fixed number of years,” according to Nolo.com.The Federal Trade Commission (FTC) explains why selling your settlement for quick cash can often be a very bad idea.”When you sign over some — or all — of your structured settlement payments to a company in exchange for a lump sum of money, it’s called ‘factoring.’ But you won’t get all the money you would’ve collected over time — and it might leave you without a way to pay your bills,” the FC warned.It’s a practice dangerous enough to consumers that “Last Week Tonight” host John Oliver did a segment on it, warning people to “run, don’t walk, run away” from factoring companies.Now, two struggling mall retailers, American Eagle Outfitters and The Children’s Place, have sold the rights to their federal tariff refunds for pennies on the dollar. The transactions differ in important ways. Structured settlements are designed to provide long-term income for individuals, while tariff refund sales are corporate financing decisions. The similarity is that both involve accepting less money today in exchange for giving up a larger future payment.American Eagle Outfitters has closed storesBoth American Eagle Outfitters and The Children’s Place have closed stores as part of a broader restructuring plan.”American Eagle Outfitters has closed three stores in Pennsylvania as part of its restructuring plan to close 35 locations nationwide,” TheStreet’s Kirk O’Neil reported in January. The chain also made additional cuts beyond its store closures.American Eagle will discontinue third-party logistics services over the next several months and will close operations at its Boston and Dallas fulfillment centers in the first half of 2026.The company had previously announced that its La Palma, Calif., fulfillment center would close this year, but its Atlanta fulfillment center will continue to provide distribution services for American Eagle brands.Turnaround efforts have generally shown progress, according to the company’s first-quarter earnings release.Total net revenue of $1.2 billion increased 10% to last year.Total comparable sales increased 8%.Aerie comparable sales grew 25%. American Eagle comparable sales decreased 2%.Gross profit of $456 million rose 41% from $322 million last year.American Eagle has a manageable debt load, with cash and cash equivalents at about $103.3 million as of May 2, 2026. The chain also has a revolving credit facility of up to $700 million with $85 million outstanding.The Children’s Place closed stores, tooThe Children’s Place began the process of closing stores in 2020.”Executives said 300 stores will permanently close in the next 20 months: about 100 by the end of the second quarter for a total of 200 closures this year, and another 100 set to close in 2021,” reported Retail Dive.The chain has continued to selectively close locations since that initial 300, but its recent financial results show less progress than American Eagle’s turnaround, according to the chain’s first-quarter earnings release.Net sales decreased $26.9 million, or 11.1%, to $215.2 million in the three months ended May 2, 2026, compared to $242.1 million in the three months ended May 3, 2025. The decrease in net sales was driven by a decrease in direct-to-consumer (DTC) sales of 10.2% due to lower traffic compared to the prior year period.Gross profit decreased $17.4 million to $53.4 million in the three months ended May 2, 2026, compared to $70.8 million in the three months ended May 3, 2025.Operating loss was $42.2 million in the three months ended May 2, 2026, compared to a loss of $24.1 million in the three months ended May 3, 2025.Unlike American Eagle, which still has a sizable liquidity cushion, The Children’s Place is operating with a much tighter financial position. The company ended the first quarter with $4.8 million in cash and $82.8 million in total liquidity, including available borrowing capacity, while carrying $150 million in revolver borrowings. It also burned $53.8 million in operating cash during the quarter.In response to the results, CEO Muhammad Umair shared that the company has sold the rights to its tariff refunds.More Retail:Dollar General copies Costco’s playbook with a discount twistPepsi and Coca-Cola bet big on soda Americans say they wantIconic supermarket chain closes more stores and facilities”While keeping our prices stable has narrowed our profit margins, further compounded by product cost headwinds from higher tariffs, we have filed for tariff refund claims amounting to approximately $40 million, which we expect to partially offset margin dilution during this fiscal year, and of which $5.5 million has already been received to date,” he said.The company, he noted, gave up some of its future payment in order to get its cash now.”Consistent with prior disclosures, we have monetized most of these claims at a discounted rate, by selling the future receipt of these funds to a purchaser,” he added.

American Eagle Outfitters has progressed with its turnaround plan.Shutterstock

American Eagle Outfitters also sold its refundsAmerican Eagle Outfitters Michael A. Mathias, who just transitioned from CFO to strategic advisor for the brand, discussed tariff refunds during the chain’s first-quarter earnings call.”We have applied for roughly $190 million in tariff refunds and anticipate a $140 million net cash benefit,” he said. The company, he explained, did sell the rights to some of its refunds.”We at the beginning of the year, we sold about $70 million worth of claims for roughly a $20 million net number. So our net number on the $190 million total filings will be around, should be $140 million if we do get it all back. And, again, we are a little over $100 million back so far, which our portion of that net is around $70 million,” he added.Selling refunds comes with a riskAmerican Eagle Outfitters and The Children’s Place are taking less cash overall to get their money faster. “For the seller, a lot of the risk is purely the economics of that transaction because of the uncertainty on exactly when an importer will receive their tariff refund,” BDO Managing Principal David Wong told Retail Dive. “That’s been the biggest risk. Do I want to take a discount on the amount that could be refunded to me and get upfront cash today, and how does that compare with the full amount plus interest if I got that amount at a later date?”American Eagle and The Children’s Place are not alone in selling their refund rights.With refunds rolling out in phases, some businesses in need of cash are growing impatient, Neil Seiden, managing director at business loan advisory firm Asset Enhancement Solutions, told The Wall Street Journal.“What we’re seeing now is an increase in folks looking to sell the claims,” he said, noting that inquiries have jumped by at least 50% since early June.Academy Sports and GoPro also sold rights to at least a portion of their refunds, according to the The Journal.Those companies sold their rights before the Supreme Court decision that paved the way for the actual refund payments to be made. When a company sold, and at what rate, makes it clear whether a company made the right choice, according to Gregory Husisian, a partner at law firm Foley & Lardner.“There is still a major category of refunds where both the timing and whether you will get it is uncertain,” he said. “If you’re getting something pretty close to a full recovery and you’re getting it quicker, that combination might be enough.”American Eagle Outfitters sold $68.9 million of the retailer’s refund claims for $18.6 million in cash, while The Children’s Place sold $38.2 million of its refund claims at a total purchase price of about $25.7 million, according to Retail Dive.Related: Another healthy fast-food chain closed after Chapter 11 filing

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“Right now, we’re withdrawing about $100,000 a year from our investments.”

Wall Street’s been debating a rather unusual possibility since the Federal Reserve’s July 29 meeting.Was the bond market doing the Fed’s tightening for it? Fed Chair Kevin Warsh stressed that Treasury yields had already moved sharply higher even though policymakers held the federal funds rate steady at 3.50%-3.75%.However, at the center of things is Warsh’s relatively vague, stripped-down communication, which adds to market uncertainty.Moody’s economist Mark Zandi alluded to this as well; as I covered, he said, “My concern is that policymakers are unwilling to provide even a modicum of forward guidance.” In effect, that has fielded a “3D chess” theory that the Fed was deliberately allowing the long-term rates to rise to cool demand without another immediate hike.Nevertheless, the market reaction was messyLong-end yields jumped alongside inflation breakevens and term premiums, raising doubts over whether tighter financial conditions reflect confidence in the Fed or growing uncertainty over its strategy.Now, in a new note shared with me, Bank of America is challenging that tidy explanation. 

Bank of America warns Kevin Warsh’s Fed strategy could pressure the U.S. economyWin McNamee/Getty Images

Why does Bank of America see Warsh’s Fed strategy as a risk to the economy?Like Zandi, Bank of America economists Aditya Bhave and Mark Cabana are concerned about how little investors know about what would make Warsh change interest rates.More Economy:Bank of America CEO warns inflation will back Fed into a cornerBank of America just made a strong call on inflation, economyGoldman Sachs says Americans may pay for the AI boomInterestingly, BofA economists argue there’s a reasonable case for reducing forward guidance, meaning the Fed doesn’t need to tell markets whether September will bring a hike, a hold, or a cut.However, that’s different from withholding the Fed’s reaction function. Here’s a quick list of what investors still need to understand.Inflation gauges: These measure what Warsh watches most closely when judging price pressures.Underlying inflation: How he defines the inflation trend underneath the short-term noise.Tolerance threshold: How far can inflation stay from the Fed’s 2% target before it feels it’s time to switch things up?BofA argues that Warsh has not provided enough of that framework.So essentially, that uncertainty over the Fed’s reaction function is raising the risk premium investors demand, and it “works like a tax on the economy.” That trickles down through Treasury yields into mortgages, borrowing, and other financing costs. Moreover, there’s a credibility dynamic at play here as well. BofA argues markets don’t necessarily require a promise about the next rate decision, but they do need clarity that the Fed has a coherent plan to return inflation to its 2% target. If investors are unable to see that, they question if there’s a concrete plan at all.That’s huge, especially if the Fed’s main problem is inflation to begin with. BofA specifically cites the jump in inflation expectations following Warsh’s July press conference.Why isn’t BofA buying the Fed’s supposed ‘3D chess’ move?Another major question following the July Fed meeting was whether Warsh was intentionally letting the bond market do some of the Fed’s work.The feeling is simple.If long-term Treasury yields jump, borrowing becomes a lot more expensive for businesses and consumers. That could potentially cool spending and investment even if the Fed doesn’t raise its benchmark rates aggressively.”Warsh is rolling back decades of transparency. We got immediate post-decision statements in 1994, and Greenspan started giving forward guidance in 2003,” said Todd Campbell, former sell side analyst and TheStreet’s Co-Editor-in-Chief. “Investors hate uncertainty. And businesses and consumers tap brakes when higher yields flow into bank lending rates.”BofA called this the “3D chess at the long end” theory. But the bank doesn’t buy it, and that’s why yields went up.According to the bank’s economists, a healthy bump in yields would usually come from investors believing the Fed is serious about controlling inflation. Instead, the move also includes heightened inflation expectations and a larger term premium, which can signal greater uncertainty about the Fed’s policy.That’s not the tightening the Fed should want.BofA’s view is that the Fed will continue to rely primarily on short-term interest rates, which it can control directly. Long-term yields are tougher to manage, moving for reasons the Fed doesn’t intend.So, instead of proving that the Warsh had a clever hidden strategy, the bond market’s reaction might have exposed the risks of keeping investors guessing.Why could the Fed’s next moves make this communication problem even harder?That backdrop makes Warsh’s experiment with less guidance even more consequential.BofA itself believes the Fed still has a lot of tightening ahead.The bank expects 75 basis points of rate hikes in 2026, delivered in 25-basis-point moves in September, October, and December. That leaves the federal funds rate at 4.25% to 4.50%, where BofA expects it to remain through 2027 and 2028.Nevertheless, the bank doesn’t see an economy collapsing under the weight of current rates.It expects growth rates to average nearly 2.5% in the back half of 2026, buoyed by a resilient consumer and continued AI investment. Moreover, the labor market also looks relatively stable, with unemployment expected to be around 4.2% at year-end.Nevertheless, inflation is likely to be the harder part of the equation.BofA expects headline inflation to ease as the oil shock fades, but it expects the underlying pressure to remain stubborn. Core PCE inflation is forecasted to stay above 3% this year, while BofA estimates underlying inflation is closer to 2.5% than the Fed’s target.Interestingly, that leaves the Fed facing an uncomfortable combination: an economy that’s robust enough to withstand tighter policy and inflation sticky enough to justify it.Moreover, it also makes clarity around the Fed’s reaction function all the more valuable.As we look ahead, the upcoming CPI and employment reports might materially change expectations for September. BofA forecasts July core CPI at 0.2% month over month and 2.5% year over year, while expecting core PCE to be hotter at nearly 0.24% monthly and 3.3% annually, keeping a September hike firmly in place.There is also Jackson Hole.BofA notes that, considering the fallout from the previous meeting, Warsh might sound more hawkish at Jackson Hole if inflation data are firm.The irony is that even though Warsh is seeking to make Fed communication less influential, the powerful combo of sticky inflation, upcoming rate decisions, and uncertainty about his framework makes every word he says more market-moving than ever.Related: Bank of America doubles down on Sandisk stock after earnings“The fundamentals are still strong” — biggest market opportunities right now (16:27)

Amazon became the fifth company to reach a $3 trillion market cap on August 3, and its founder quickly moved to capitalize on the moment. Jeff Bezos filed to sell roughly 15 million shares worth about $4.07 billion through Morgan Stanley, the second-largest single Form 144 he has filed by dollar value, behind the $5.4 billion filing he submitted on his wedding day in June 2025.The disclosure is Bezos’s first major sale since a separate 25-million-share program that generated nearly $5.7 billion between his June 2025 wedding day and late July 2025, when the earlier plan was completed. The filing itself states he had no reportable sales in the prior three months. Together, the two programs put his combined dispositions since mid-2025 at roughly $9.7 billion, still short of the $13.5 billion he sold across all of 2024, which was his personal annual record. For a company celebrating its biggest valuation milestone in years, the timing of its founder’s largest-ever stock sale drew immediate scrutiny across Wall Street.Bezos files $4 billion sale as Amazon stock hits record closeThe filing, a Form 144 submitted to the Securities and Exchange Commission, details a transaction arranged through Morgan Stanley Smith Barney as broker.Bezos adopted the pre-arranged trading plan on November 14, 2025, under Rule 10b5-1, meaning the sale was scheduled months before Amazon reached $3 trillion.More Amazon:Bank of America doubles down on Amazon shares after Prime DayAmazon’s $8.3 billion Prime Day sends Wall Street a warningAmazon Prime Day gives Wall Street a $22B reason to take noticeThe shares trace back to Amazon’s founding on July 5, 1994, when Bezos received his original allocation of founder stock upon incorporating the company. Amazon closed at a record $284.02 on the day the filing appeared, up 4.58% in a single session following strong second-quarter earnings results, according to 247wallst.Shares dropped more than 2% when markets opened on August 4 after the sale disclosure became public, briefly falling below the $280 level. “Can’t begrudge Bezos for selling $4 billion shares…but what a buzzkill,” Jim Cramer, host of CNBC’s “Mad Money,” wrote on X.Amazon valuation milestones track Bezos’s escalating stock salesA clear pattern has emerged across Amazon’s three major valuation milestones, and the scale of Bezos’s selling has grown in proportion each time.Around the time Amazon first touched a $1 trillion market cap in 2018, Bezos was operating under the $1-billion-a-year Blue Origin funding model he first described publicly at the 2017 U.S. Space Symposium. By 2024, with the company crossing $2 trillion, he escalated significantly and offloaded about $13.5 billion in shares throughout the calendar year, according to CNBC.Now, with Amazon clearing $3 trillion for the first time, his combined dispositions since mid-2025 across two prearranged programs have reached roughly $9.7 billion.Since 2002, Bezos has unloaded approximately $50 billion in Amazon stock through a series of pre-planned sales across more than two decades, according to Bloomberg data.

Jeff Bezos has steadily increased Amazon stock sales as the company crossed $1 trillion, $2 trillion, and $3 trillion valuation milestones.Bloomberg / Getty Images

Amazon posts first non-holiday quarter above $200 billion in revenueThe stock surge that pushed Amazon past $3 trillion followed a second quarter earnings report that exceeded analyst expectations on nearly every key measure.Revenue reached $200.61 billion, a 20% year-over-year increase that topped the consensus estimate of $196.47 billion. It marked Amazon’s first non-holiday quarter above $200 billion, following the record $213.4 billion in the fourth quarter of 2025, according to Amazon reports.Amazon Web Services, the company’s cloud computing division, posted revenue of $42.2 billion, reflecting a 37% year-over-year surge that beat the $40.54 billion estimate.Andy Jassy, Chief Executive of Amazon, cited sharp gains in sales and profitability during the quarter.We’re reporting $200.6 billion in revenue, up 20% year-over-year. Operating income was $27.5 billion, up 43% year-over-year. Q2 was another very strong quarter for AmazonAWS operating income reached $16.6 billion, accounting for 61% of Amazon’s total operating profit, with the division running at a 39.4% operating margin.The cloud business is “booming” with accelerating enterprise adoption of artificial intelligence workloads, chief executive Andy Jassy said during the earnings call.The company guided for third quarter revenue between $197 billion and $202 billion, with operating income expected to land between $22.5 billion and $26.5 billion.Retail investors turn bullish even as Bezos files to sellRetail sentiment on Amazon jumped to “extremely bullish” from “bullish” in the hours after the $3 trillion milestone and the earnings beat, according to StockTwits.The platform recorded a 500% surge in 24-hour message volume around the stock, with the number of users watching Amazon also rising during the period.That enthusiasm persisted even after Bezos’s sale filing became public, suggesting retail investors viewed the founder’s selling as routine rather than a warning signal.Amazon’s year-to-date stock performance of approximately 24% has outpaced the S&P 500’s 12% gain and all of its “Magnificent Seven” peers through early August, according to Stocktwits data.The company also raised its full-year capital expenditure guidance to approximately $220 billion from a previous $200 billion estimate, signaling aggressive infrastructure investment.The fundamentals that will decide whether the rally holds10b5-1 plans are scheduled months in advance of the trades they authorize, which is why the Securities and Exchange Commission created the rule as a safe harbor against insider-trading claims.The rally’s drivers, according to analysts at Morgan Stanley, JPMorgan, Goldman Sachs, UBS, and Bank of America, who all raised their price targets, center on AWS growth, cloud margins, and AI-driven enterprise demand, rather than the founder’s pre-arranged sale.Bank of America analyst Justin Post noted that Amazon’s AI positioning has improved significantly in the past 12 months, with AI revenues growing to 15% of total cloud revenue, according to CNBC.Related: Jeff Bezos just named Amazon’s next big pillar