How Women Can Be Thoughtful About Social Security

 

Women need to carefully consider their options when filing for Social Security. Between the wage gap, women who take a few years off from their career to raise children, and women whose primary work is running the household, women’s lifetime earnings are frequently smaller than their spouse’s.

 

This has real consequences for Social Security benefits: A woman’s average retired-worker benefit is about $400 lower per month than it is for a man.³ Because of this benefit gap, women are much more likely than men to claim spousal or survivor Social Security benefits.³

Social Security: A Few Key Concepts

Filing for Social Security is a one-time decision, so it’s important to understand how it works. In fact, we recommend that you work closely with your Wealth Advisor as you approach retirement age. Below are some key concepts to get you started.

 

Full Retirement Age. This is the age at which you can claim your full Social Security benefit. For those born in 1960 or later, the full retirement age is 67. You can see your expected full retirement benefit by visiting the Social Security website.

 

When You File Makes a Difference. You can file for a retired-worker Social Security benefit between the ages of 62 and 70. The longer you delay filing, the higher your monthly benefit amount will be—but you’ll receive fewer overall payments in your lifetime.

 

How Much You Earned Makes a Difference. Retired-worker full retirement benefit amounts are calculated based on your highest 35 years of earnings. If you don’t have 35 years in the workforce, or some of those years were part-time work, that will lower your benefit amount.

 

Social Security Doesn’t Replace All Your Working Income. Social Security typically replaces about 40% of your income during your working life, adjusted for inflation.⁴ If you want to maintain the same lifestyle, you’ll also need to draw on a pension and other retirement savings, like 401(k)s or IRAs. 

 

Cost of Living Adjustments. Social Security payments include annual inflation adjustments. They are typically around 2%, but this is just an estimate of what the rate may be going forward.

 

If You Have (or Had) a High-Earning Spouse, You May Have More Options. If your retired-worker benefit is smaller than your spouse (or ex-spouse), you may receive a higher monthly benefit by filing for spousal or survivor benefits. We share more details on those options below.

 

You Can’t Outlive Social Security. Once you file, you’ll continue to get payments for the rest of your life. It’s worth planning carefully how and when you’ll file, so that the payment serves you well for years to come.

Social Security: Additional Options

The retired-worker benefit is calculated based on your earnings in the workforce. However, there are several other Social Security benefits: the spousal benefit, the divorced-spouse benefit, the survivor benefit and the disability benefit. Let’s review each.

 

Spousal Benefit. Social Security was originally designed at a time when most women didn’t work outside the home. While this benefit is gender neutral, it’s still statistically much more common for women to claim it. To claim this benefit, your spouse must have already filed. Then, if you file at your full retirement age, you would receive half of your spouse’s benefit for yourself.

 

Divorced-Spouse Benefit. This works in the same way as the spousal benefit, with several caveats: Your marriage must have lasted at least ten years, you must currently be unmarried, and your ex-spouse must be at least 62 years old for you to file. If your divorce happened at least two years prior, you can file for a divorced-spouse benefit regardless of whether your ex has filed.

 

Survivor Benefit. If your spouse passes away, you’re eligible to claim a survivor benefit. This amount is equal to what your spouse was collecting prior to death, or, if your spouse died prior to filing, their full retirement age benefit, provided you file at your full retirement age or later. You can file as early as age 60, but you’ll receive a reduced benefit if you file before your full retirement age. (If you’re divorced, you need to have been married to your ex at least 10 years to qualify, and you can’t currently be married unless your marriage took place after the age of 60.)

 

Disability Benefit. While the details and nuances of this benefit are outside the scope of this article, it’s worth knowing that individuals who have a disability that prevents them from working or limits their income can apply for a disability benefit through Social Security. 

Filing for Social Security: Some Common Scenarios

While each situation is unique, there are some techniques and strategies that can help illustrate how to be savvy about filing for Social Security.

 

If You’re Married with a High-Earning Spouse. If your spouse is your age or older and earned substantially more than you, they may want to delay filing, while you file early, at age 62. You can then potentially apply for a spousal benefit later to top off your benefit, once your spouse claims their benefit and you both reach full retirement age. In this scenario, you’d still qualify for a full survivor benefit.

 

If You Had No or Limited Income. If your benefit at full retirement age is less than half of your spouse’s, you’re able to file for spousal benefits, so that your benefit is at least half of your spouse’s benefit amount. You are also eligible for a survivor benefit, should your spouse predecease you.

 

If You Have High Income Now, But Gaps in Your Work History. If you have a high-paying job just before retirement, but lower-paying jobs previously, or you don’t yet have 35 years of earnings, it may make sense to work a little longer to increase your benefit amount. You’ll also be able to use these extra earnings to boost your other retirement savings, pay down any debt you may have, and also increase your benefit by delaying filing.

 

If You Have a Compelling Reason to Need Income Soon. It may make sense to apply for your benefit before your full retirement age, even if you do receive a reduced benefit amount. For example, maybe your family has a history of not being long-lived, you’ve recently had a medical diagnosis, or you’ve been laid off in your 60s and need an income stream to pay your bills.

 

If You’re Already Comfortable Financially. Delaying filing until age 70 may make sense, especially if you’re in good health. While you’ll miss out on payments in your 60s, you may not need them. And then you’ll receive the maximum benefit amount allowed to you once you do file—and that will last the rest of your life. 

Your Social Security Plan Should Be Unique to You

While the above scenarios may describe you in some ways, there’s no replacement for a tailored plan. There are many factors to consider, lots of rules and many moving parts. That’s why we recommend working closely with a Wealth Advisor on this decision—if you’d like to draw on our expertise, we’re happy to help. Please just reach out.

 

 

¹ National Center for Health Statistics, Center for Disease Control. Life Expectancy chart, accessed on August 26, 2026. Available at https://www.cdc.gov/nchs/fastats/life-expectancy.htm

² AARP, “In Brief: The Foundation: Social Security and Women,” May 2026. Accessed on August 26, 2026. Available at https://www.aarp.org/content/dam/aarp/ppi/topics/work-finances-retirement/social-security/the-foundation-social-security-and-women.doi.10.26419-2fppi.00408.001.pdf

³ Social Security Administration, “Fast Facts & Figures About Social Security, 2025,” accessed on August 26, 2026. Available at https://www.ssa.gov/policy/docs/chartbooks/fast_facts/2025/fast_facts25.html
⁴ “How much of my income will Social Security replace?” by Tamara E. Holmes. Published by the AARP, updated December 31, 2025. Available at https://www.aarp.org/social-security/faq/income-replacement-rate/?msockid=0b6cee81fd0d665c09fcf842fcb46784