Did You Know? Women and Social Securityial Security

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Did You Know? Women and Social Securityial Security

 

I have to confess I am a Social Security nerd. Once I’m on the Social Security Administration (SSA) website I can’t stop! It is such an most interesting and complex program that has a tremendous impact on our society. The scope and impact of Social Security on our society is astronomical. Here are a few more facts that will change the way you think about SSA and how women need to plan for their retirement.

A few facts about Women and Social Security:

  • Presently there are 51,000 people over age 100 receiving Social Security benefits. Yeah! 100 Awesome.
  • If they 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!
  • 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, that means a woman is likely not receiving $1,335.00. month 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!

TAKE AWAY- Women need to plan their retirement savings to include the sad 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 reality is difficult to even consider. Our running joke is, “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. We’ve talked and he wants me secure so we’re planning. 

 

 


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