Presently there are 51,000 people over age 100 receiving Social Security benefits. Yeah! Making it to 100 years old. Awesome! If these women delayed taking Social Security until age 70 that means they have been receiving that monthly payment for 30 years. The average Social Security benefit is $1,335.00. Over 30 years that is $480,600. Wow, it adds up.
Of the 51,000 people over 100 receiving Social Security 46,000 are women.
BUT women only receive 77 cents for every dollar a man earns, and that means a woman is likely not receiving $1,335.00. Thirty percent (30%) of women rely on Social Security as their only source of income. So a woman without any other pension or income source is living for 30 years on less than $1,335.00 per month.
Women are 4x more likely than men to be widowed meaning that a woman will likely find herself without a dual income to help support her despite the lower wage she earned during her life.
A woman who lives to be age 65 in good health has a 50% chance of living to age 88. That is another 23 years!
Women need to plan their retirement savings to include the reality that they will likely out live their spouse. I really love my husband, he is my confidante, friend, partner and so much else to me that this is difficult to even consider. My husband and I tease each other both of us saying, “No way, I’m going first.” We don’t want to think about the alternative. But it will be even harder if I actually end up living it without enough savings. Of course, my husband wants me to be secure so we've had the tough conversation and we’re planning. Do the same for yourself and the women in your life. Plan, plan, plan...
Authored by Attorney Jennifer Kupiszewski
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