Did you know that 55% of Social Security beneficiaries are women?
Social Security is important for all seniors, but it’s a particularly valuable program for women for a combination of reasons.
- The Social Security Administration data continues to indicate that, on average, women have shorter lifetime work histories than men. This is true in spite of the growing number of women in the workforce.
- Next, because women still tend to outlive men by an average of 5 years, they will receive payments longer than men. (Source: Centers for Disease Control and Prevention)
Unfortunately, the widow will receive only one Social Security check. While it represents the larger of the two checks that the couple had received, this reduction in income is still significant. As of December 2015, retired male workers were receiving an average benefits check of $1,500 per month, compared to $1,182 for women. (Source: www.ssa.gov)
This is depicted in the chart below.
(Credit also to the Motley Fool “6 Social Security Facts you’re Probably Not Aware of”, Sean Williams, September 15, 2016.)
This is one of the reasons that the Resonate team specializes in working with women. Whether married, never-married, partnered, divorced, or widowed, we welcome you. We know how to take the complicated issues and make them clear and understandable; we are committed to working in your best interest, and are excellent at helping create a plan and pathway to get you from “where you are to where you want to be”. We provide financial peace of mind so that you can relax and enjoy life.
Barbara A. Culver
CFP®, ChFC®, CLU, AEP®