7 Things Women Need to Know About Social Security Benefits

7 Things Women Need to Know About Social Security Benefits

Regina McCann Hess, CFP®, CDFA® |

There are many misconceptions and gaps of knowledge around Social Security benefits. So, in this episode, I’m going to help fill in those gaps by sharing the top 7 things that I think women really need to know about Social Security benefits. Tune in to learn more about how to avoid some common mistakes and ensure that you get the most out of your Social Security.

I’ll discuss the importance of timing and a few key areas that should affect your decision-making around when to claim your benefits. You will also hear about the different ways that your spouse (or ex-spouse) may have an impact on your Social Security benefits and what to be looking into when it comes to this. Lastly, you’ll hear what your benefits are based on, the possible benefits of waiting to claim your Social Security, and how the death of a spouse may affect your benefits.

Listen To The Episode Here:

What You’ll Learn:

  • What your benefits are based on and how that can negatively affect women.
  • When to file for Social Security and common mistakes women make at this stage.
  • How your spouse affects when you may want to claim benefits.
  • How divorce affects your benefits and why you still may be able to claim.
  • What happens when your spouse passes away and what your options are.

Ideas Worth Sharing:

  • “Benefits are based on your highest 35 years of income. Because women take on caregiving responsibilities, there are often gaps in their wage history.” – Regina McCann Hess
  • “Talk to someone before turning your Social Security benefits on and know that by waiting, it could mean a lot more money in your bank account by the time you get there.” – Regina McCann Hess
  • “1 out of 4 65-year-old men live until age 93, while 1 out of 4 65-year-old women will live to age 96. Thus, women have a greater chance of outliving sources of retirement income.” – Regina McCann Hess

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