Women need to understand their Social Security benefit…but that’s not all!
Reading Time: 2 MinutesLast Updated: November 3, 2023
One of the biggest mistakes people make is simply not taking the time or waiting too long to understand how the retirement system works. If you’re worried that you won’t have enough money to last throughout a longer lifetime, take action by doing something about it. According to a 2016 survey, only 40 percent of workers have gotten an estimate of their Social Security benefit amount and only 17 percent have a written financial plan.
While all Americans need to plan for their financial futures, it is especially important for women. Women face unique financial challenges like longer life spans, the fact that we traditionally earn less than men, and differing employment patterns from men. Women are more likely to work part-time and spend time out of the paid workforce to care for loved ones. These all usually lower women’s Social Security benefits and overall savings.
Women need to know the amount of their future benefits, and make sure they know the best time to retire. Married women need to know how widowhood and divorce affect their benefits. An easy way to do this is to sign up for a my Social Security account, and use your Social Security Statement as a planning tool.
Social Security provides the foundation, but you need to have other sources of income such as a work-based retirement savings plan. What about personal IRAs or other savings/investment accounts? If you are married, don’t forget to find out what retirement accounts your spouse has as well. The Women’s Institute for a Secure Retirement (WISER) has a worksheet Get Your Ducks in a Row to help you get started.
Do you know all the benefits you may be eligible for through your employer? A typical benefits package is often worth up to 25 percent of an employee’s income, and can include health, retirement, disability, life, long-term care, and flexible spending accounts. Read WISER’s brochure, 20 Ways to Take Advantage of Your Company Benefits Plan to learn more.
Finally, with tax season underway, now is the perfect time to get started. Grab those W2 forms to see how much money you are actually living off of each year, and then figure out how you, with Social Security benefits and other resources, can maintain financial security throughout your life’s journey. For additional resources, visit www.wiserwomen.org and Social Security’s People Like Me – Women’s page.
Cindy Hounsell chounsell@wiserwomen.org, is the President of the Washington D.C.- based Women’s Institute for a Secure Retirement (WISER,) a nonprofit organization to improve opportunities for women to secure retirement income and to educate the public about the inequities affecting women in retirement.
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Tags: Disability, retirement, Social Security benefits
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Mary F.
I applied for widow benefits in August 2016 and was told I would start receiving check in November 2016. I received letter January 1st, 2017 that they could not pay me at this time. What happened? How can I start receiving my checks. I am 62 years old and soon to be 63.
R.F.
Hi Mary. Unfortunately, your question is a bit more complex than we can address in this blog. We urge you to call us at 1-800-772-1213 (TTY 1-800-325-0778) between 7 a.m. and 7 p.m. to speak to one of our representatives. Generally, you’ll have a shorter wait time if you call later in the week. Or, you can contact your local Social Security office directly. Thanks.
Keeley
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mrivera
If when applying for Soc. Sec Disability I was divorced, denied 2 x, then approved 12 months later by then I had remarried for about 3 months should I have been paid as divorced at the time ?????
A.C.
Hi, thanks for your question. To be eligible for divorced spouse benefits, you had to be married to your former spouse for at least 10 years, be age 62 or older and you cannot be eligible for a higher benefit on your own record. For more information on how to qualify for divorced spouse benefits, visit our Retirement Planner: If You Are Divorced webpage. If you have specific questions, you can call our toll-free number 1-800-772-1213 (TTY 1-800-325-0778). Representatives are available Monday through Friday, between 7 a.m. to 7 p.m. Or contact your local office directly.
RKArbour
As a long term homemaker, now divorced– when my Disability benefit automatically became my SS benefit I was not given the option of claiming my husbands SS benefit. Is this something I needed to apply for?
J.Y.
Thank you for your question. Thanks for your question. Here are the requirements to receive benefits if you are divorced:
• You are unmarried;
• You are age 62 or older;
• You were married to your ex-spouse for at least 10 years;
• 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. This means that if you are eligible for retirement benefits on your own record, we will pay that amount first. If the benefit on your spouse’s record is higher, you will get an additional amount on that record so that the combination of benefits equals that higher amount. For more information, check out our Retirement Planner: If You Are Divorced webpage.
We recommend that you read our publication, “What Every Woman Should Know” for more important information. Thanks!
joyce c.
I AM TURNING 65 in july 03,2017,i am already receiving social security,will the amount of my check increase at that time?
joyce c.
already posted
A.C.
Hi, Joyce. Once you have become entitled to benefits, the benefit amount remains the same unless you receive a Cost-of-Living Adjustment (COLA) or you continue to work after retirement and those earnings increase your benefit. For more information about how earnings after retirement may affect your benefit, visit our Frequently Asked Questions. We hope this helps.
Dennis C.
Can my wife draw half of my social security who is not working when I draw my full amount?
margaret s.
Can i receive part of my husbands social security if we are both retired he is 71 and i am 73 his benefits are twice as much as mine
R.F.
Hello Margaret. Generally, during your initial interview, when you apply for Social Security benefits, we typically explore other possible eligibility that could yield you a higher benefit amount.
There are factors to consider. First, your spouse’s benefit can be equal to one-half of your husband’s full retirement amount -only- if you start receiving benefits at your full retirement age.
Then, if a person begins to receive benefits at age 62 or prior to their full retirement age, their benefits are reduced. The reduction factors are permanently applied to all of the benefits the person may qualify for. Finally, when you’re eligible and qualify for your own retirement benefits and for benefits as a spouse, we always pay your own benefits first. If your benefits as a spouse are higher than your own retirement benefits, you will get a combination of benefits equaling the higher spouse benefit.
To find out if you are eligible for a higher benefit, contact us at 1-800-772-1213. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Generally, you will have a shorter waiting time if you call later during the day or later in the week. Thanks!
Rina A.
Is it possible that an employee or employees, taking early retirement. And what the advantages and disadvantages if indeed it is permissible
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OLATUNJI A.
Thank you very much for your service to this nation.
OLATUNJI A.
The duties of social security administration officials and the importance of social security administration in should be taught tin high school so that both men and women know how they are affected by this great government organization.
Also SSA should recruit and train people who can be relied upon in providing excellent service to the people. As a of now some SSA officials don’t understand the rules, consequently, they deprive citizens of their benefits. Just recently auditors discovered that beneficiaries were wrongly deprived of their entitlements by SSA officials. Even when you correct these officials, they hold tenacious to their wrong decisions without caring a hoot about your losses simply because they know that you are ignorant of their rules and operations.
Shirley
Are divorced women able to file a restricted application on their ex husbands social security at full retirement age and keep working until age 70 when they can switch to their own social security?
R.F.
Hi Shirley, if you turn 62 before January 2, 2016, deemed filing rules will not apply if you file at full retirement age or later. This means that you may file for either your spouse’s (divorced spouse)benefit or your retirement benefit without being required or “deemed” to file for the other. In this case, you may also restrict your application to apply only for spouse’s (divorced spouse) benefits and delay filing for your own retirement in order to earn delayed retirement credits. However, if you turn age 62 on or after January 2, 2016, you are required or “deemed” to file for both your own retirement and for any benefits you are due as a spouse, no matter what age you are.