As we approach the subject of the average Social Security check for women, there are a couple of critical facts to keep in mind:
- Despite women being the primary caregivers for children and elderly relatives, they account for roughly 46.6% of the workforce in the U.S.
- According to a Senior Citizens League study, 39% of Social Security recipients depend on Social Security benefits for 100% of their monthly income.
Image source: Getty Images.
Average benefits for women, by age
The table shows the average Social Security benefits for non-dually entitled workers. These women receive retirement benefits solely based on their own earnings, as recorded by the Social Security Administration (SSA).
|
Age |
Average Benefit |
|---|---|
|
62 |
$1,358.84 |
|
63 |
$1,371.05 |
|
64 |
$1,412.35 |
|
65 |
$1,537.30 |
|
66 |
$1,717.59 |
|
67 |
$1,895.46 |
|
68 |
$1,932.10 |
|
69 |
$1,976.09 |
|
70 |
$2,150.09 |
|
71 |
$2,129.79 |
|
72 |
$2,097.40 |
|
73 |
$2,096.08 |
|
74 |
$2,063.94 |
|
75 |
$2,027.98 |
|
76 |
$2,033.96 |
|
77 |
$2,034.01 |
|
78 |
$1,990.53 |
|
79 |
$1,992.58 |
|
80 |
$1,931.32 |
|
81 |
$1,912.23 |
|
82 |
$1,893.57 |
|
83 |
$1,881.05 |
|
84 |
$1,870.83 |
|
85 |
$1,839.13 |
|
86 |
$1,792.39 |
|
87 |
$1,764.88 |
|
88 |
$1,724.98 |
|
89 |
$1,655.83 |
|
90 |
$1,622.68 |
|
91 |
$1,609.24 |
|
92 |
$1,613.37 |
|
93 |
$1,635.75 |
|
94 |
$1,612.70 |
|
95 |
$1,591.99 |
|
96 |
$1,590.58 |
|
97 |
$1,604.87 |
|
98 |
$1,596.55 |
|
99 and over |
$1,564.60 |
Data source: Social Security Administration
What you can do to increase your benefits
Women have come a long way since 1974, when the Equal Credit Opportunity Act became law, making it illegal for banks, lenders, and credit card companies to discriminate based on gender. Before that time, a woman almost always needed a father, brother, husband, or other male relative to co-sign a loan for her, even if she earned more money. If she were married, she couldn't get a credit card in her own name, and only her husband could build a credit record to buy a home.
Today, you have options that include folding strategies into your life to increase your Social Security benefits when you retire. They include:
- Work for at least 35 years: Social Security benefits are calculated based on your highest 35 years of earnings, so make the most of them.
- Delay claiming: The longer you wait to claim Social Security benefits (up to age 70), the larger your monthly benefit will be.
- Claim spousal benefits if they're higher: If you're married (or divorced under certain circumstances), compare your expected benefits to those of your spouse or ex-spouse. If your ex has earned significantly more than you, you may be better off claiming spousal benefits, which may be up to 50% of the amount they receive.
- Pad your income: If you're in a lower-paying job, earning additional income can increase future benefits.
If you want to maximize Social Security benefits, the best time to come up with a plan is today.
