Social Security plays an especially important role in providing economic security for women. In the 21st century, more women work, pay Social Security taxes, and earn credit toward monthly retirement income than at any other time in our nation’s history. But, women face greater economic challenges in retirement;
• tend to live longer than men. On average, a woman who is 65 years old today can expect to live, until about 87, while a 65-year-old man can expect to live, until about 84;
• often have lower lifetime earnings than men; and
• may retire with smaller pensions and other assets than men.
Social Security offers a basic level of protection to all women. When you work, you pay taxes into the Social Security system, providing for your own benefits. In addition, your spouse’s earnings can give you Social Security coverage as well. Women who don’t work are often covered through their spouses’ work. When their spouses retire, become disabled, or die, women can receive benefits.
If your spouse dies, you can get widow’s benefits if you’re age 60 or older. If you have a disability, you can get widow’s benefits as early as age 50. Your benefit amount depends on your age and on the amount your deceased spouse was entitled to at the time of death. If your spouse was receiving reduced benefits, your survivor benefit is based on that amount.
You may be eligible for widow’s benefits and Medicare before age 65 if you have a disability and are entitled. Check the Social Security website at www.ssa.gov on retirement benefits to learn more.