Women Fail to Maximize Social Security Benefits

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

Published by Taylor Financial Group for women

When I was a child, my mother always told me that “the early bird gets the worm,” to which I cheekily responded “but the second mouse gets the cheese.”  However, my mother was right that in most cases, it does pay to be early.  For example, when trying to get into restaurants, I always make my reservation in advance rather than calling the day of.  However, when it comes to maximizing your Social Security benefits, it will literally cost you to take those benefits early.

Why is it so important that women maximize their Social Security benefits?

As women, we face two unique challenges that hinder our retirement.  First, we must remember that on average, women receive less lifetime earnings and income from retirement accounts like 401(k)s and company pension plans than men do.  Second, we women tend to outlive our male spouses, and must often rely on our own financial resources.  Therefore, it is imperative that women maximize their Social Security benefits, especially since women expect Social Security to pay for more than half of their expenses in retirement, according to a study by Nationwide Retirement Institute.

So, how can you maximize my Social Security benefits?  Unfortunately, eight in ten retired women collecting Social Security benefits took their benefits early rather than waiting until they were 70 years young!  This is so unfortunate because by taking the benefits early, on average you will receive less money in the long term than someone who waited to maximize their benefits.  For example, the average woman who started taking Social Security early receives just $1,084 in monthly benefits.  However, the average woman who waits until she is 70 years young and maximizes her benefits can expect $1,527 in monthly benefits.  By waiting to maximize your benefits, you can collect an extra $5000 per year, not counting inflation increases.

The bottom line is that women face enough stress and difficulty budgeting for retirement.  So, ensuring that you maximize your monthly benefits can go a long way in securing your financial future.

As always, if you’re feeling overwhelmed or have questions about your finances, give us a call today.  We can help you create a plan for your future and your retirement.

 

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

The Future of Energy Stocks

Published by Jake Bleicher The price of oil has been cut in half since June when West Texas Intermediate (WTI) was selling at $107 per barrel. The excitement has provided ample fodder for industry analysts and media journalists to speculate about future prices. Some of the leading soothsaye …

Gun Trusts: A Way to Avoid Unknown and Unintended Risks

America leads the world in gun ownership per capita with 90 guns existing per 100 residents. According to the Pew Research Center, 40% of individuals age 65+ own at least one gun. Some of the guns that are owned are classified as “Title II Firearms” and are regulated by the National Firearm …

What Should I Do With My Old 401(k)?

Your first step should be to talk to Human Resources at your old job, as well as your new job, to get individual information on what each plan allows. Once you know what you can and cannot do, you can follow one of the following steps.

529 Plans

Published by Mark Lookabill 529 plans were just recently brought back into headline news with President Obama’s State of the Union Address. During the State of the Union, the President expressed his desire to start taxing withdrawals from 529 plans.
1 2 3 214 215 216 217 218 219 220 221

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation