Women and Social Security

Every week we read new statistics about women – their increasing share of the nation’s wealth, escalating numbers as heads of households, higher rates of college enrollments, significantly higher percentage of buying power, and increasing majority in many of the higher income professions. The financial world has historically been one of the most male dominated professions in our country. It is natural for men to reach out to other men, rather than women, when discussing financial matters. But when it comes to Social Security, this should not be the case, as statistically, women outlive men by 5-10 years, and women are left to manage the remaining income sources without the proper advice.

Discussing Social Security with women is very important….many of them do not realize that this one-time decision will have a significant impact on the value of their retirement assets.


  1. A single woman will collect more lifetime income by delaying the age at which she starts collecting benefits from eligibility at 62 up to the Full Retirement Age (FRA) of 66/67 or even waiting until age 70.k
  2. A married woman can employ creative strategies to maximize her lifetime Social Security income. Understanding how the spousal income and survivor benefits work and correctly applying this strategy can be a significant generator of additional income for life.
  3. A divorced woman, who has been married at least 10 years and divorced for two years, may be eligible to collect off her ex-spouse’s earnings. She may collect these benefits as early as 62 while her own earnings benefit continues to grow earning Delayed Retirement Credits. There are many rules and regulations attached to this benefit, so advice from a Professional is recommended before making this decision. But in the end, this could add tens of thousands of dollars to your lifetime benefit if you meet all the qualifications. And your ex-spouse will not be affected by your decision.
  4. A widowed woman can receive full Survivor Benefits when she reaches FRA or reduced benefits as early as age 60. Again, timing of this benefit is critical for the best outcome. You have to consider work, earning limits, and actually how much the reduction will be before making your decision.

WOMEN…..do not be held captive to the sayings “It won’t be there for me, so I don’t count on it”, “It’s not that much money anyway” or “I’m just going to take it as soon as possible because it’s going to run out and I want to get mine now” .   There is too much at stake not to have this benefit reviewed by a Professional. It is not a small amount of money, it is not going to run out, and you can improve upon your benefit amount with proper advice and knowledge of the rules and regulations.


Contact Pillars LLC at www.pillarsllc.com for more information or call us at 601-954-0699.

Posted on by Diane Thompson

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