Three Steps for Women to Secure Their Financial Future
Reading Time: 2 MinutesLast Updated: November 3, 2023
At Social Security, we know that preparedness is the key to a secured financial future. The steps you take today will shape your life when you’re no longer working. For women, it’s especially important to be ready when retirement comes knocking.
In 2014, the Census Bureau reported that women usually earn 79 cents for every dollar earned by men. In addition to this wide pay gap, women are also shown to have less saved for retirement than their male counterparts. Pair these statistics with women living longer and it drives home an urgency message. Your preparation for the future must begin today.
Social Security is here to help with benefits, information, and tools to help you secure today and tomorrow. Here’s how you get started:
- Sign up for a my Social Security A personal, my Social Security account is the portal to your retirement. You can review your earnings, get your Social Security Statement to see how much you’re slated to get as retirement, disability, and Medicare benefits. Go to socialsecurity.gov, click on Sign in/Up, and follow the steps to create your secure account. It’s easy!
- Visit our Retirement Estimator to get a projected snapshot of what your retirement future looks like based on your actual Social Security earnings record. You can plug in some basic information to get an instant, personalized estimate of your future benefits.
- If you don’t have a retirement account, consider signing up for the U.S. Treasury Department’s myRA. It’s a simple, safe, and affordable starter retirement account that helps Americans without access to employer-based retirement plans save for their financial future. It’s free to open an account, there are no annual fees, and myRA carries no risk of losing money. With myRA, you can fund your account via payroll deduction, or from your checking or savings account. Visit gov to get started today.
Social Security wants every woman to have control of her financial future. Follow these simple steps today and you’ll be well on your way.
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Tags: my Social Security, my Social Security account, 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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Betty D.
The GPO “Government Pension Offset” and WEP are unfair to teachers in public schools. The GPO reduces the teacher retirement allowance so that in many cases, teachers cannot receive their spouse’s Social Security Survivor’s Benefits (it’s all “double dipping” even though teachers paid into a separate fund. WEP keeps teachers who frequently hold extra jobs to supplement their historically low teacher salary from collecting their OWN Social Security funds if they also collect a teacher’s retirment.
Betty D.
Betty D Hamilton on May 6, 2017 at 8:36 pm said:
Government Pension Offset (GPO) is unfair to teachers who are, historically, paid less than their required education and certification warrant. I am a retired teacher who paid into my state’s teacher retirement fund because SS was not offered. When my husband of 61 years died, I learned that I will receive “0” of his social security survivor’s benefits. He died on July 06, 2016, and today, May 6, 2017, I still have received NONE of his survivor’s benefits even though we worked together to rear a responsible currently contributing son, ran an Independent automotive parts store even though I also taught public school for 27 years of that time. I am on my own — a teacher’s retirement based on the low wages paid to teachers in my state.
Betty D.
Government Pension Offset (GPO) is unfair to teachers who are, historically, paid less than their required education and certification warrant. I am a retired teacher who paid into my state’s teacher retirement fund because SS was not offered. When my husband of 61 years died, I learned that I will receive “0” of his social security survivor’s benefits. He died on July 06, 2016, and today, May 6, 2017, I still have received NONE of his survivor’s benefits even though we worked together to rear a responsible currently contributing son, ran an Independent automotive parts store even though I also taught public school for 27 years of that time. I am on my own — a teacher’s retirement based on the low wages paid to teachers in my state.
Jacqueline
How do I go about paying taxes on my social security income.?
R.F.
Thank you for your question Jacqueline. Some people may have to pay federal income taxes on their Social Security benefits. This usually happens only if you have other substantial income. If you get Social Security, you can ask us to withhold funds from your benefit and we will credit them toward your federal taxes. See Withholding Income Tax From Your Social Security Benefits, and our “Frequently Asked Questions” web page for more information. For further income tax questions, you will need to contact the IRS. Their toll-free number is 1-800-829-1040. We hope this information helps!
M. L.
Yes social security should be lower to 60, years instead of 65, most job if you’re working and health fail you, it’s hard to get what you paid in and no other job will hire you at that age. Think about that.
R.F.
The earliest age you can apply for reduced retirement benefits is 62. You can create a My Social Security account to review your earnings record and get an estimate of your future benefits. Thanks!
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Randy L.
Social Security, is still by an large the best program and return for the “majority” of Americans.
That said, can it and should it be improved upon? Absolutely! Begin by mandating all American citizens and US businesses participate in and contribute to SS.
Is there political return for political leadership to undermine and move more people away from Social Security?
Absolutely! “Special Business Interest Groups and corporate investment interests”.
Tess
You’ve maagend a first class post
Cindy
Trouble is every person circumstances are different.
Women do in fact have lower earnings that is a
fact that no one can deny. Health is a major factor
in people’s lives. Many are not married so that
is a major factor. It would ideal if everything was
as easy as they describe.
John
None of the suggestions listed will do anything for pay gaps, longevity issues or the fact that women tend toward lower paying jobs and take time off to raise a family. So the 3 steps to secure a financial future are meaningless.
Little P.
The spouse who is working should be paying in to the stay-at-home psrent’s retirement benefits, should anyone make that conscious decision to leave the (paid) work-force. Bringing other human beings into the world is truly an awesome responsibility. Preparaton is best done before the horse is out of the barn….in an ideal world.
Incidentally, women start in the work force, up until the age of 30, making more money than males their same ages.
P A.
Im changing my sex then! Do I have to wear my strap on 24/7???
Marcelle S.
Thanks,
please call me at 313-401-8802
Vanessa G.
I bern waiting for a hearing for long time worked since i was 12 yrs old was disable 9 never really know how seiously it was didnt what to be treatded speical really now i feel the affect now i worked 12-26 off and more on hearing taken long and DSS is given me ahard time lost two house cause of the county was my husbands depended for 18 yrs please help