Guest Column in RetirementDaily.net
Many people ask me this question: Is Social Security really different for women? The answer is surprisingly complex. It requires the asker to have a fair amount of knowledge about Social Security. How was it developed? What’s the purpose behind social insurance? And, how are benefits calculated? As you might imagine, not many people are all that interested.
So, I tend to go with a simple answer: Yes. Social Security is different for women, even though the math and calculations are the same.
The issue is one of input. The data that many women have to enter doesn’t fit the framework. Women have to figure out where they fit into a framework set up specifically for men. It’s like wearing a man’s cut t-shirt rather than a women’s cut. One accommodates curves, the other doesn’t.
A guest column in Retirement Daily
I had the opportunity to write a column about how and why women’s Social Security is different. The Street’s Retirement Daily published it in January. It’s always exciting to see an article in print. And so, I wanted to share it with you. You can read the article on RetirementDaily.net if you are a subscriber. Even better, just open this PDF to read the article: 2020_0106_ Social Security Really Different for Women
Social Security is complicated. The benefit payments are relatively small. This disappoints folks who have worked and earned a high salary throughout their careers. Furthermore, no one gets a “bump up” at Full Retirement Age after claiming early. And, the biggest surprise is for women who stayed at home to raise their families. That decision has a significant impact on their own benefit payment. In the 1930s, Social Security was simply a modest safety net for workers. Their wives were also eligible for a spousal benefit. That was in the 1930s. Things have changed somewhat since then!
Take a few minutes to read the article about how Social Security is different for women. Then, let me know what you think.
And make sure you set up your own account on SSA.gov.
