Women Face Greater Financial Challenges in Retirement Than Men
Even if women face longer lives, they receive smaller pensions than men, according to the Social Security Administration (SSA). How so? Don’t we all work and pay taxes so we can earn more Social Security credits and receive a higher benefit during retirement?
Unfortunately, women are paid less than men. According to a 2021 Fidelity survey, the average total salary for women is only $27,165, compared to $43,703 for men.
This translates as a gender gap in pensions. A woman will face her retirement years with fewer benefits and thus serious financial challenges. In fact, the Social Security Administration shows that 12% of women over 65 live in poverty, compared to only 7% of older men.
This might be a wake-up call for you if you’re a woman. Financial advisors recommend investing wisely to avoid any money troubles and understanding what Social Security benefits you’re qualified to obtain.
Hi, I lost my husband January 2019 I was 58 and I started receiving my spouses benefits in 2021. I get paid for 2 days 8.5 hours between both days. I am 63 now. When I decide to retire will I get my benefits and my spouses benefits too? What happens to my late spouses benefits?
I have just retired but is in the process of getting my benefits from where I work my husband is still alive but has strict MS he can’t really do anything for himself and that’s the reason why I retired to stay home and take care of him he is 66 and I am 62 this October 17 I need to know if I am qualified fo social Security just wanted to find out of curiosity
My mother worked her whole life as did my dad. She had to leave her job to care for my dad when they were around 56. My dad died at 58. My mother was unable to get any of my dad’s social security. My mom worked for the state so she didn’t pay into it. She wasn’t old enough to retire so when my dad died she was left with nothing. This was in the 80s. She was told it was a new law. She was left with nothing. Both her and my dad were active duty in the Korean war. VA was useless.
I am 80 years old drawing survivors benefits I draw 2713 a month will I be able to get the extra money on my social security check they are talking about in July.
I tired going online to register for social security,I couldn’t get anywhere with it!, asked if they could mail the information to me I haven’t received anything