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Social Security Column
Women and Social Security
By Phil Walton, Social Security Manager in Toledo, OH
Guest Column
Women’s Equality Day is August 26, and this is the perfect
time to remind you how much Social Security values and
appreciates women. Even though men and women with identical
earnings histories receive the same benefits, there are
things women in particular should know about Social
Security. There are trends and differences in lifestyle and
patterns of earnings that can affect benefits.
For example, some women may be caregivers for many people:
spouses, children, and parents. Taking time away from the
workplace to care for a newborn child, ailing spouse, or
aging parent can have an impact on your future Social
Security benefits. Also, despite significant strides
through the years, women are more likely to earn less over a
lifetime than men. In addition, women are less likely than
men to be covered by private retirement plans, so they are
more dependent on Social Security in their retirement years.
Did you know that women tend to live on average about five
years longer than men? This means more years depending on
Social Security and whatever other retirement income or
savings they accumulate. If a woman’s spouse earns
significantly more than she does, it is very possible she
will qualify for a larger benefit amount on the spouse’s
record than on her own.
To learn more, visit our Women’s page at
www.socialsecurity.gov/women and read, print, or listen
to our publication, What Every Woman Should Know.
You may also be interested in listening to Carolyn Colvin,
Acting Commissioner of Social Security, on National Public
Radio as she talks about women and money. Just visit
www.npr.org/2014/04/15/301782870/social-security-chief-women-live-longer-so-they-should-save-early.
To celebrate Women’s Equality Day, learn how Social Security
treats men and women equally by visiting
www.socialsecurity.gov/women. |
