Social Security is a swamp of rules and age triggers. As a woman, who statistically will live longer, you must be mindful of these rules as it will have a huge impact on your retirement income. Here are 5 beginner facts women need to know. With a bonus, little known fact about divorced survivor benefit.

Don’t just claim at 62 because your friends tell you it’s a no-brainer. Be thoughtful and intentional – know the facts. Email me if you want more information about a personalized Social Security strategy that takes into consideration the whole financial picture.

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Social Security is a federal program that provides retirement, disability, and survivor benefits to eligible individuals. Women tend to have different Social Security experiences than men, as women often take time out of the workforce to care for family members or work part-time to manage household responsibilities. Here are five Social Security facts that every woman should know:

1. Social Security is gender-neutral

Social Security benefits are based on the individual’s earnings history and don’t discriminate based on gender. However, women are more likely than men to receive benefits as spouses, ex-spouses, or survivors. If a woman is married or was married for ten years or more and is divorced, she may be eligible to receive benefits based on her spouse’s or ex-spouse’s earnings history.

2. Women tend to live longer

Women tend to live longer than men, which means they require more funds to support themselves during retirement. Social Security provides a foundation of retirement income, but women should plan for additional sources of income such as retirement savings, pensions, and employment.

3. Caregiving can affect Social Security benefits

Women often take time out of the workforce to care for children, elderly parents, or ill spouses. These periods of caregiving can reduce Social Security benefits if the woman does not have enough work credits to qualify for benefits on her own. However, women who provide care for family members may be eligible for Social Security credits based on their caregiving work.

4. Delaying Social Security benefits can increase retirement income

Women can maximize their Social Security benefits by delaying their retirement until age 70. For each year a woman delays retirement, her benefit amount increases by 8% up to age 70. Delaying retirement can provide additional income in retirement and help women build a stronger financial foundation.

5. Social Security benefits are taxable

Social Security benefits may be taxable if a woman’s income exceeds a certain threshold. If the woman’s combined income, including Social Security benefits, exceeds $25,000 (or $32,000 for couples), she may owe federal income tax on up to 85% of her benefits. Women should plan for taxes in retirement and explore strategies to minimize their tax liability.

In conclusion, women should be aware of the unique Social Security considerations they face to maximize their benefits and secure a comfortable retirement. By understanding the gender-neutral nature of Social Security, the impact of caregiving on benefits, the importance of longevity planning, the benefits of delaying retirement, and the tax implications of benefits, women can make informed decisions about their financial future.