|
Social Security Column
You, Women’s History and the Power of Social Security
By Phil Walton
Social Security Manager in Toledo, OH
March is Women’s History Month — a time to focus not just on
the past, but on the challenges women continue to face.
Nearly 60 percent of the people receiving Social Security
benefits are women, and in the 21st century, more women
work, pay Social Security taxes, and earn credit toward
monthly retirement income than at any other time in our
nation’s history. Knowing this, you can be the author of
your own rich and independent history, with a little
preparation.
Social Security has served a vital role in the lives of
women for over 80 years. With longer life expectancies than
men, women tend to live more years in retirement and have a
greater chance of exhausting other sources of income. With
the national average life expectancy for women in the United
States rising, many women will have decades to enjoy
retirement.
According to the U.S. Census Bureau, a female born today can
expect to live more than 80 years. As a result, experts
generally agree that if women want to ensure that their
retirement years are comfortable, they need to plan early
and wisely.
You can start with a visit to Social Security’s
Retirement Estimator. It gives you a personalized
estimate of your retirement benefits. Plug in different
retirement ages and projected earnings to get an idea of how
such things might change your future benefit amounts. You
can use this valuable tool at
www.socialsecurity.gov/estimator.
You should also visit Social Security’s financial planning
website at
www.socialsecurity.gov/planners.
It provides detailed information about how marriage,
widowhood, divorce, self-employment, government service, and
other life or career events can affect your Social
Security.
Your benefits are based on your earnings, so you should
create your personal my Social Security account to
verify that your earnings were reported correctly. Your
account also can provide estimates of your future
retirement, disability, and survivors benefits.
If you want more information about how Social Security
supports women through life’s journey, Social Security has a
booklet that you may find useful. It’s called Social
Security: What Every Woman Should Know. You can
find it online at
www.socialsecurity.gov/pubs/10127.html.
|
