Social Security/Medicare and Self-Employment

[Mike272]

Upon retirement age, is Social Security available for those who have solely self-employed?

What about Medicare?

If not, how many years of contributions through a W-2 job are required to qualify for these benefits?

Or, what else can I do to provide for these future costs?

[xmasbaby0]

If you are self-employed you are required to pay self-employment tax for Social Security and Medicare,  as well as ordinary income tax.   

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

[VolvoGirl]

Yes if you have been reporting a Net Profit on Schedule C each year.  You can go to Social Security website and look up your account.  And you should be getting a SSA statement each year showing your record.

SSA article on how to figure earnings if you are self employed

https://www.ssa.gov/pubs/EN-05-10022.pdf

[xmasbaby0]

If you have not yet done so--- create an account with Social Security to see your records.

https://www.ssa.gov/myaccount/

[xmasbaby0]

And read this

https://www.ssa.gov/pubs/EN-05-10072.pdf