Key Points
-
Women represent around 46.6% of the U.S. workforce even as they remain the primary caregivers.
-
Men’s Social Security benefits continue to be higher than those of women of the same age.
-
If you’re still in the workforce, there are steps you can take to increase your monthly retirement benefits.
As we approach the subject of the average Social Security check for women, there are a couple of critical facts to keep in mind:
- Despite women being the primary caregivers for children and elderly relatives, they account for roughly 46.6% of the workforce in the U.S.
- According to a Senior Citizens League study, 39% of Social Security recipients depend on Social Security benefits for 100% of their monthly income.
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Average benefits for women, by age
The table shows the average Social Security benefits for non-dually entitled workers. These women receive retirement benefits solely based on their own earnings, as recorded by the Social Security Administration (SSA).
|
Age |
Average Benefit |
|---|---|
|
62 |
$1,358.84 |
|
63 |
$1,371.05 |
|
64 |
$1,412.35 |
|
65 |
$1,537.30 |
|
66 |
$1,717.59 |
|
67 |
$1,895.46 |
|
68 |
$1,932.10 |
|
69 |
$1,976.09 |
|
70 |
$2,150.09 |
|
71 |
$2,129.79 |
|
72 |
$2,097.40 |
|
73 |
$2,096.08 |
|
74 |
$2,063.94 |
|
75 |
$2,027.98 |
|
76 |
$2,033.96 |
|
77 |
$2,034.01 |
|
78 |
$1,990.53 |
|
79 |
$1,992.58 |
|
80 |
$1,931.32 |
|
81 |
$1,912.23 |
|
82 |
$1,893.57 |
|
83 |
$1,881.05 |
|
84 |
$1,870.83 |
|
85 |
$1,839.13 |
|
86 |
$1,792.39 |
|
87 |
$1,764.88 |
|
88 |
$1,724.98 |
|
89 |
$1,655.83 |
|
90 |
$1,622.68 |
|
91 |
$1,609.24 |
|
92 |
$1,613.37 |
|
93 |
$1,635.75 |
|
94 |
$1,612.70 |
|
95 |
$1,591.99 |
|
96 |
$1,590.58 |
|
97 |
$1,604.87 |
|
98 |
$1,596.55 |
|
99 and over |
$1,564.60 |
Data source: Social Security Administration
What you can do to increase your benefits
Women have come a long way since 1974, when the Equal Credit Opportunity Act became law, making it illegal for banks, lenders, and credit card companies to discriminate based on gender. Before that time, a woman almost always needed a father, brother, husband, or other male relative to co-sign a loan for her, even if she earned more money. If she were married, she couldn’t get a credit card in her own name, and only her husband could build a credit record to buy a home.
Today, you have options that include folding strategies into your life to increase your Social Security benefits when you retire. They include:
- Work for at least 35 years: Social Security benefits are calculated based on your highest 35 years of earnings, so make the most of them.
- Delay claiming: The longer you wait to claim Social Security benefits (up to age 70), the larger your monthly benefit will be.
- Claim spousal benefits if they’re higher: If you’re married (or divorced under certain circumstances), compare your expected benefits to those of your spouse or ex-spouse. If your ex has earned significantly more than you, you may be better off claiming spousal benefits, which may be up to 50% of the amount they receive.
- Pad your income: If you’re in a lower-paying job, earning additional income can increase future benefits.
If you want to maximize Social Security benefits, the best time to come up with a plan is today.
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