How Social Security Helps Women Secure Today and Tomorrow
Reading Time: 1 MinuteLast Updated: November 3, 2023
March is Women’s History Month — a time to focus not just on the past, but also on the challenges women continue to face in the 21st century. Today, more women are working than ever before, paying Social Security taxes, and earning credit toward monthly retirement income. With longer life expectancies than men, women tend to live more years in retirement and have a greater chance of exhausting other sources of income.
This means you should plan early and wisely!
Social Security provides financial benefits, tools, and information to help support you throughout life’s journey. Here are some tools to help you plan for your future:
- You can visit our Retirement Estimator. In just a few minutes, you can get a personalized, instant estimate of your retirement benefits. You should also visit Social Security’s planner pages to get detailed information about how marriage, widowhood, divorce, self-employment, government service, and other life or career events can affect your Social Security.
- We base your benefits on your lifetime earnings, so you should create your personal my Social Security account to verify that your earnings were reported correctly.
- For more information about the role of Social Security in women’s lives today, you can read Social Security: What Every Woman Should Know.
- You can visit our website for Women.
Take advantage of these tools today and begin planning for tomorrow’s journey.
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Tags: my Social Security, my Social Security account, retirement benefits, Social Security benefits
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Jim Borland, Acting Deputy Commissioner for Communications
Jim Borland, Acting Deputy Commissioner for Communications
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Cindy K.
I am trying to fill out an application for disability. I am still trying to work but I am hurting really bad and going to many doctors. I am running out of my sick days and I am not sure what I need to do or just stop working. I have 34 years of service with Charlotte Mecklenburg Schools but don’t have the age to retirement. I feel like I am stuck but don’t know what I can do. If someone can help me with this I would appreciate it. Thank You.
Cindy Kiser
R.F.
Hello Cindy, you can use our DISABILITY PLANNER to find out if you qualify and how Social Security can help you!
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John M.
I couldn’t agree with you more….nguyenvansang……
coro
Ideally, you would save for retirement and a home purchase simultaneously. 5-10 years is an awfully long time to put off retirement savings for a mid-term goal. That”s not to say that you have to max out an IRA to sufficiently save for retirement maybe 10-20% of your gross income is still under $5.5k/year. It”s OK to use a Roth IRA for your down payment savings because of the tax-free growth over those years, but I don”t love the idea. If you do it, I suggest you draw a clear line between the funds that are for retirement and the funds that are for a down payment. Since the two goals have different timelines, you should make different investment choices for each of them (the down payment investments should be more conservative). You also should prioritize your retirement savings getting into the Roth IRA; don”t let the down payment money use up contribution room that you would otherwise use for retirement savings. As you pointed out, you can remove contributions to a Roth IRA at any time and you can also remove $10k of earnings for a home purchase (5 years after your first contribution). It”s perfectly fine to keep your down payment investments in a taxable investment account if the Roth IRA is too cumbersome or you want to use all your IRA contribution room for retirement.
Scott
Ideally, you would save for retirement and a home purchase simultaneously. 5-10 years is an awfully long time to put off retirement savings for a mid-term goal. That”s not to say that you have to max out an IRA to sufficiently save for retirement maybe 10-20% of your gross income is still under $5.5k/year. It”s OK to use a Roth IRA for your down payment savings because of the tax-free growth over those years, but I don”t love the idea. If you do it, I suggest you draw a clear line between the funds that are for retirement and the funds that are for a down payment. Since the two goals have different timelines, you should make different investment choices for each of them (the down payment investments should be more conservative). You also should prioritize your retirement savings getting into the Roth IRA; don”t let the down payment money use up contribution room that you would otherwise use for retirement savings. As you pointed out, you can remove contributions to a Roth IRA at any time and you can also remove $10k of earnings for a home purchase (5 years after your first contribution). It”s perfectly fine to keep your down payment investments in a taxable investment account if the Roth IRA is too cumbersome or you want to use all your IRA contribution room for retirement.
Linda M.
I thank you for giving me the opportunity to send this
this information
Linda M.
Thank what comment do I have to make
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Linda M.
why do I have to leave a reply?
redactie
Ideally, you would save for retirement and a home purchase simultaneously. 5-10 years is an awfully long time to put off retirement savings for a mid-term goal. That”s not to say that you have to max out an IRA to sufficiently save for retirement maybe 10-20% of your gross income is still under $5.5k/year. It”s OK to use a Roth IRA for your down payment savings because of the tax-free growth over those years, but I don”t love the idea. If you do it, I suggest you draw a clear line between the funds that are for retirement and the funds that are for a down payment. Since the two goals have different timelines, you should make different investment choices for each of them (the down payment investments should be more conservative). You also should prioritize your retirement savings getting into the Roth IRA; don”t let the down payment money use up contribution room that you would otherwise use for retirement savings. As you pointed out, you can remove contributions to a Roth IRA at any time and you can also remove $10k of earnings for a home purchase (5 years after your first contribution). It”s perfectly fine to keep your down payment investments in a taxable investment account if the Roth IRA is too cumbersome or you want to use all your IRA contribution room for retirement.
Reevo
Ideally,you would save for retirement and a home purchase simultaneously. 5-10 years is an awfully long time to put off retirement savings for a mid-term goal. That”s not to say that you have to max out an IRA to sufficiently save for retirement maybe 10-20% of your gross income is still under $5.5k/year. It”s OK to use a Roth IRA for your down payment savings because of the tax-free growth over those years, but I don”t love the idea. If you do it, I suggest you draw a clear line between the funds that are for retirement and the funds that are for a down payment. Since the two goals have different timelines, you should make different investment choices for each of them (the down payment investments should be more conservative). You also should prioritize your retirement savings getting into the Roth IRA; don”t let the down payment money use up contribution room that you would otherwise use for retirement savings. As you pointed out, you can remove contributions to a Roth IRA at any time and you can also remove $10k of earnings for a home purchase (5 years after your first contribution). It”s perfectly fine to keep your down payment investments in a taxable investment account if the Roth IRA is too cumbersome or you want to use all your IRA contribution room for retirement.
Dorine A.
My name is Dorine Anderson my ex spouse is Darren Clayton Anderson I’ve work since 13 year’s of age Im entitled to spousal support by court order from my ex husband retirement pay by court order but he never gave me 750 a month what’s my help source
R.F.
Hello Dorine, you may be able to receive -Social Security- benefits on your ex-spouse’s record if:
• You were married to your ex-spouse for at least 10 years;
• You are unmarried;
• You are age 62 or older;
• Your ex-spouse is entitled to Social Security retirement or disability benefits and,
• The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse’s work.
If your ex-spouse has not applied for retirement benefits, but can qualify for them (which includes he is at least age 62), you can receive benefits on his or her record if you have been divorced for at least two years. For more information, please visit our Retirement Planner: If You Are Divorced.