Gas. Groceries. Rent. Medical costs. Inflation. They’re all going up. So it’s no wonder that for many in the United States, retirement planning can be daunting.
According to the latest survey by the Allianz Center for the Future of Retirement, 67% of Americans worry more about running out of money than they do about death — and even still and nearly half of all Americans don’t have a written financial plan for retirement.
These financial concerns are even more pronounced for immigrants in the U.S. Studies show that immigrants’ incomes tend to lag behind those of the U.S.-born workers after age 50, with the gap widening over time. At the same time, low-income immigrants are significantly less likely to have access to private retirement accounts, such as 401(k) plans.
Yet despite these disadvantages, evidence indicates that from 1994 to 2023, immigrants contributed $10.6 trillion more in taxes than they used in services — which supported Social Security, Medicare and boosted the U.S. economy, contrary to claims by the Trump administration.
From Social Security to independent savings and retirement accounts, here’s a guide that helps explain the various options available to immigrants in New York City and beyond who want to start planning and saving for their futures.
Note: This guide is for general information and does not constitute financial, tax or investment advice. You should seek out professional financial advice before making decisions about your retirement accounts.
What is Social Security and do I qualify for its benefits?
Social Security is a U.S. federal social insurance program that provides monthly payments replacing a portion of income when workers retire, become disabled, or die.
To qualify for Social Security, you generally need 40 work credits (explained below), whether you are a citizen or certain eligible noncitizens who work with a Social Security Number, such as green card holders, refugees, asylees and some visa holders with work authorization.
While you can begin receiving reduced retirement benefits at age 62, the full retirement age in the United States is currently between 66 and 67 depending on your birth year.
Here’s a list of questions to help you prepare for applying Social Security benefits:
- Am I at least 62 years old?
- Did I work in the U.S. and pay Social Security taxes for at least 10 years?
- Did I work with a Social Security number (SSN)?
- Did my employer take Social Security taxes from my paycheck?
- On a paycheck, it is often labeled as “Social Security Tax withheld”, “FICA-SS”, “SS”, or “OASDI”
- Did I stop or limit my work due to disability?
- Did I lose a spouse (or a young child loses a parent)?
- Do I have difficulty paying for groceries, clothing and a home?
If your answer to any of these questions is yes, then you may be eligible for benefits. If you are not sure of your eligibility, here’s also an official online calculator to help you figure it out.
How can I check my work credits?
In 2026, workers earn 1 credit for every $1,890 in income, up to 4 credits per year, that’s $7,560.
Credits only determine basic eligibility for benefits. Your actual monthly payment is based on your average earnings over time, not how many credits you earn beyond the minimum.
Go to your “my Social Security” to create an account or sign in. There, you can find out:
- Your total work credits
- Your earnings history by year
- Your estimated retirement benefit
I’m self-employed and have filed taxes every year. Do I qualify for Social Security benefits?
If you’re self-employed, you earn Social Security credits just like any other worker, 1 credit per $1,890 in net earnings, up to 4 credits per year. Special rules apply if you earn under $400 annually, click here to learn more.
I work under an ITIN — does that income count toward Social Security eligibility?
No.
An Individual Taxpayer Identification Number (ITIN) is a 9-digit tax processing number (starting with “9”) issued by the IRS to individuals who need to file U.S. tax returns but are not eligible for a Social Security Number (SSN). An ITIN number is usually assigned to foreign nationals, undocumented immigrants and their dependents.
However, people with an ITIN may be eligible for some state-run retirement programs, though these programs are not available nationwide. They may also be eligible for employer-sponsored retirement plans, such as a 401(k).
15 states have state-run retirement plans, you can find out which state and what programs the state offers through this link.
Under New York law, employers with at least 10 employees that have been in business for two or more years are required to facilitate the New York Secure Choice Savings Program for their employees — including workers who use an ITIN — if they do not already offer a retirement plan to their private-sector employees.
- For Employer assistance 1-833-369-1392
- For Saver assistance 1-833-856-4171
How can I apply for Social Security benefits?
Before you submit your application, here’s a list of information you will need:
- Social Security number
- Date of birth and birth place
- Proof of U.S. citizenship or lawful alien status
- Verification of your earning history, you can review your record here
- If you work within the last five years, you will need to provide your employers’ names, dates you worked, average work hours, and pay rates
- Information about your current and past marriages, such as your spouse’s social security number and birthday, marriage date, and where you get married
- Information about your children, such as name, age, and disability condition
- Bank information for payment
When you are ready, you can apply online. Alternatively, you can set up an appointment with an agent:
- Dial 800-772-1213, agents are available in most U.S. time zones Monday through Friday, 8 a.m. to 7 p.m., in English, Spanish, and other languages.
- Agents will determine the date of your appointment and whether it will take place in person or over the phone.
When you apply, you’ll choose the month you want your Social Security benefits to begin. If your application is approved, your first payment will usually arrive the following month. After submitting your application, you should receive a letter confirming whether your benefits were approved or if additional information is needed. Most applicants receive a response within about 30 days.
You can also check your application status online to track where you are in the process.
Am I eligible for Supplemental Security Income?
Supplemental Security Income, or SSI, provides monthly cash support to people who are 65 or older, blind, or disabled and have very limited income. You can calculate your eligibility with this official online tool.
For noncitizens, eligibility is more restricted. Most must qualify under specific “qualified alien” categories and meet additional requirements. Click here for more information.
What do I need to know about employer retirement plans?
Many companies and/or public employers offer their employees retirement plans or traditional pensions. These plans let you save money, pre-tax, from your paycheck and may even include employer contributions. Workers at smaller companies or those who are self-employed may not have access to these accounts or programs.
Check with your employer to see if they offer any of these plans:
- 401(k)
- 403(b)
- Union pension
- Public sector pension
- Employer retirement account from an old job
Personal retirement savings
Nearly half of private-sector workers do not have access to a retirement plan in the U.S. This number is even higher in the Latino community, according to a recent report from AARP which found that about 64% of Latino workers lack access.
For those without a workplace plan, individual retirement options can be essential. Individual Retirement Accounts (IRAs) allow individuals to save for retirement on their own, often with tax advantages if certain requirements are met.
New York City offers a wide range of financial counseling services to residents, click here to learn more, improve your financial literacy, or book a session with a professional.
What other resources and benefits are available to NYC seniors?
Aging Connect is an information and resource hub at the New York City Department for the Aging that supports older adults, their families, and community members. They can help you connect with home care services, eviction support, affordable rent-stabilized apartment applications, and free and confidential counseling for health care.
To speak with an aging specialist, call 212-AGING-NYC (212-244-6469). You can also find services and activities online here.
