Final answer:
A worker becomes fully insured under Social Security after contributing to the system for a minimum number of years, allowing them to access retirement benefits upon reaching a certain age, as well as disability and survivors' benefits if necessary.
Step-by-step explanation:
Requirements for Full Insurance Under Social Security
Under Social Security requirements, a worker is considered fully insured after they have completed a minimum number of years of work. This allows American workers to claim a retirement benefit, or pension, upon reaching retirement age. The retirement age was initially set at sixty-five but has been increased to sixty-seven for those born after 1959. The program is a form of social insurance, meaning that workers contribute a portion of their income into the system throughout their working lives to later receive retirement, disability, and Medicare benefits.
Aside from retirement benefits, Social Security also provides disability payouts to workers who can no longer work due to disability, requiring the condition to last at least twelve months. An additional support mechanism is Supplemental Security Income, aimed at adults and children with significant disabilities or the elderly who have insufficient income.
The total benefits a worker gets from Social Security are somewhat tied to their lifetime earnings, with lower-income earners receiving a higher percentage of their previous income compared to higher-income earners. Also, under certain circumstances, survivors like spouses and minor children may claim benefits even if they did not have wage income, ensuring financial support continues for dependents.