Social Security and Women: What Every Retirement Plan Should Consider

When it comes to retirement security, few programs are as important as Social Security benefits. And for women in particular, Social Security plays an outsized role in retirement income.

According to data from the Social Security Administration, women make up the majority of Social Security beneficiaries age 65 and older—and an even higher percentage of beneficiaries over age 85. Women also tend to live longer than men, making lifetime income planning especially important. 5 Things Every Woman Should Know About Social Security

Here’s what women and families planning for retirement should understand.

1. Women Live Longer. Which Changes the Planning Equation

On average, women live several years longer than men. That longevity is a gift—but it also increases the risk of:

• Outliving assets

• Needing long-term care

• Losing a spouse and transitioning to a single-income household

Because Social Security provides guaranteed lifetime income, it often functions as a foundational income stream—especially important for women who may spend more years in retirement.

Delaying benefits (when appropriate) can significantly increase lifetime monthly income. For example, waiting until age 70 instead of claiming at 62 can permanently increase the benefit amount.

The right claiming strategy depends on:

• Marital status

• Health and life expectancy

• Other retirement assets

• Income needs

There is no one-size-fits-all answer.

2. Career Gaps Can Reduce Lifetime Benefits

Social Security benefits are calculated based on the highest 35 years of earnings. Many women experience:

• Time out of the workforce to raise children

• Reduced hours for caregiving

• Career breaks to care for aging parents

These gaps can reduce average lifetime earnings and, in turn, lower Social Security benefits.

For divorced women, however, there may be additional options. If you were married for at least 10 years and are currently unmarried, you may be eligible to claim benefits based on your former spouse’s record—without reducing their benefit.

3. Women Often Receive Lower Benefits

Because of lifetime earnings differences, women’s average monthly Social Security benefit is generally lower than men’s.

For single women—particularly widows and divorced women—Social Security may represent a larger percentage of total retirement income. That makes benefit timing and coordination critical.

4. Survivor Benefits Matter More Than Most Realize

When a spouse passes away, the surviving spouse can receive:

• The higher of their own benefit or

• Their deceased spouse’s benefit

But not both.

This transition often reduces total household income at a time when expenses may not decline proportionally. Proper planning can help maximize lifetime survivor income—especially in households where one spouse earned significantly more.

5. Social Security Is a Foundation — Not a Complete Plan

While Social Security is a critical income source, it is rarely enough on its own. A comprehensive retirement plan should coordinate:

• Investment income

• Pension benefits (if applicable)

• Required Minimum Distributions (RMDs)

• Tax-efficient withdrawal strategies

• Healthcare and long-term care planning

For women—especially those likely to outlive a spouse—stress-testing a retirement plan for longevity is essential.

Planning Considerations for Women Near Retirement

If you are within 10 years of retirement, consider:

1. Reviewing your earnings record for accuracy

2. Modeling different claiming ages (62, FRA, 70)

3. Evaluating survivor income projections

4. Coordinating Social Security with tax planning strategies

5. Building sufficient liquidity for long-term flexibility

Social Security is one of the few sources of guaranteed lifetime income available. Optimizing it can materially impact retirement stability.

Final Thoughts

Women often face a different retirement reality—longer life expectancy, lower lifetime earnings, and a higher probability of living alone later in life.

A thoughtful Social Security strategy can serve as a stabilizing force in a long retirement. The key is coordinating it with the broader financial picture.

If you’d like to explore how your Social Security strategy fits into your overall retirement income plan, you can learn more about our planning approach here:

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About Rigden Capital Strategies

Rigden Capital Strategies was founded on a simple belief: financial advice should be personal, transparent, and centered around your goals—not built on generic models or product-driven sales. With decades of combined industry experience, we’ve developed a process grounded in three core values: value, integrity, and progress.

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Disclosure: This content is for informational purposes only and does not constitute individualized investment advice. Investing involves risk, including the potential loss of principal. Past performance is not indicative of future results. Consult a qualified financial professional before making any investment decisions.

This content is for informational purposes only and does not constitute individualized investment advice. Social Security rules are complex and subject to change. Consult with a qualified financial professional before making benefit elections. Investing involves risk, including the potential loss of principal. Past performance is not indicative of future results.