For more than 80 years, Social Security has been a cornerstone of financial stability in the United States, touching the lives of nearly every household. Women, in particular, often rely on these benefits as a foundation for retirement income. Yet, many are left wondering: Am I eligible for my own benefits? Does marriage or divorce change what I receive? What happens if I outlive my spouse?
These questions matter, especially considering women tend to live longer than men and may face unique financial challenges in retirement. Let’s explore five key facts every woman should know about Social Security.
1. You Can Qualify for Your Own Social Security Benefit
If you have worked and paid Social Security taxes for at least 10 years (earning 40 work credits), you may be entitled to your own benefit. Retirement benefits are calculated from your 35 highest earning years. If you do not have 35 years of work history, zeros are factored in, which can lower the average.
2. Marriage Generally Does Not Reduce Your Benefits
Generally, there is no marriage penalty. If both you and your spouse worked long enough to qualify, each of you may receive your own benefit. For example, if you are eligible for $1,200 per month and your spouse qualifies for $1,400, together you may collect about $2,600 in retirement income, depending on eligibility.
3. You Receive the Higher of Two Benefits, Not Both
If you are eligible for benefits from both your own record and your spouse’s, you may be entitled to the higher of the two, but not both. For many working women, this means their own earnings history determines their benefit. If your spouse passes away first, you may switch to the widow’s benefit, which could be higher.
4. Divorce Does Not Necessarily End Your Eligibility
If your marriage lasted at least 10 years, you may still be eligible for benefits on your ex-spouse’s record as long as you are unmarried when you claim. Typically, a divorce decree cannot waive these rights. In addition, benefits paid to a divorced spouse do not reduce what your ex or their current spouse may receive.
5. Widow’s Benefits Can Provide Support
When a spouse or ex-spouse passes away, widows may be eligible to receive between about 71 percent (if claimed at age 60) and up to 100 percent (at full retirement age) of the deceased spouse’s benefit, depending on Social Security Administration rules. In addition, a one-time death benefit of $255 may be available if you were living together at the time of their passing.
Final Thoughts
Social Security is more than just a government program—it is a safety net woven into the financial journey of millions of women. Yet, many women are unaware of the rules that could significantly impact their retirement security.
So, the real question is: How will you make sure you’re making the most of the benefits available to you?
If you would like to review how Social Security fits into your overall retirement approach, consider scheduling a complimentary meeting to explore your options and discuss strategies to move forward with confidence.
Source:
Social Security Administration. 5 Things Every Woman Should Know About Social Security. Publication No. 05-10044, Sept. 2016. SocialSecurity.gov.
We are not affiliated with the Social Security Administration or any other governmental agency.
