The social and financial status of women in our country has been dynamic, particularly during the past century. In light of these changes, and in the alarming trend toward a high number of widows facing poverty across the nation, researchers have begun focusing on the best way for a woman to solidify her financial future through Social Security benefits.
Regardless of whether or not a woman is married, researchers in the fields of retirement planning suggest that a woman wait as long as possible to stop working. Since women in this country tend to live longer than men, and the life expectancy of some sectors of the population of American women is rising, the longer a woman can draw income from a source other than Social Security, the better.
However, when a woman begins to consider the perfect time to begin drawing her Social Security benefits, her marital status plays a large part in that decision, as does the age of her spouse.
- Married women who will qualify for survivor benefits from their spouse can consider drawing upon their Social Security benefits early, as long as their spouse waited until full retirement age to begin drawing benefits. This ensures that the survivor benefits a married woman receives is not reduced by up to 25% for early retirement, and will be an amount that is better suited to sustain her during her later years of life.
- If a married woman is at least five years younger than her spouse, and he is still living, the best scenario would be for her spouse to begin drawing benefits at the full retirement age (which is approximately age 67), with her drawing spousal benefits at age 62. In most cases, this scenario would ensure that the couple receives maximum benefit in consideration of their individual lifespan.
- If a married woman is the same age as her spouse, and depending upon other sources of income the couple has at the point of retirement, it might still be wiser for the married woman to begin drawing Social Security at the early retirement age rather than the married man doing so.
If you would like more information concerning your estate planning options or Social Security benefits, check online for comprehensive resources for personal wealth management solutions for personal wealth management solutions through estate planning, wills, and revocable trusts. Whether your estate planning goals are immediate or long-term, a qualified California estate planning attorney will be able to counsel you on the best options available to you to meet your individual needs.
Author Resource:-
Kevin Von Tungeln is the Managing Partner of EstatePlanningSpecialists.com and Thompson Von Tungeln, P.C. Kevin practices exclusively in the areas of estate planning, probate, wills, conservatorships and trust administration.Visit www.EstatePlanningSpecialists.com or www.linkedin.com/in/kevinvontungeln to learn more.
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