|
Why Women Require To Know About Social Security Spouse And Survivor Benefits
When Social Security was initiated back in 1935 it was typical for women to reside in home to raise the family. In a large number of families the husband was the higher earner or the only earner in the household. Additionally, women statistically survive longer than men, particularly if the wife is younger compared to the husband.
The coincidence of lower or no earnings and a longer life span implied many women got themselves in poverty when their husbands died, as their husband's Social Security retirement benefits expired at their death. The Social Security Board realized the problems that women face and have adopted several modifications to the system over the years to account for these needs.
One important amendments to the Social Security plan was to allow women to apply for benefits at 62 in place of waiting until 65 under the theory that they were younger than their spouses and that they would like to retire simultaneously.
Then in 1939 two new categories of benefits were included: Social Security survivor benefits and dependent benefits (to be paid to the spouse and minor children of retired employees).
These modifications changed Social Security from a retirement plan that only paid benefits to retired employees into a family-based plan, where spouses and children could receive benefits of retired, disabled or departed workers. This was an incredible help to women who did not qualify for retirement benefits on their own, or who had considerably smaller benefits than their husbands.
Today, even though it's not strange for women to earn as much or greater than their spouses, they still may take time off to look after families, and they still typically live longer than their spouses. In addition, the number of divorced women attaining retirement age is higher than before. As a result of of this, a number of women still get Social Security spousal benefits or survivor benefits instead of benefits according to their own job records.
So it's essential for women - regardless of their relationship status is - to learn the spousal and survivor benefits offered to them in addition to the retirement benefits so they can enjoy the highest benefits they are entitled to.
Why Women Require To Know About Social Security Spouse And Survivor Benefits
When Social Security was established most women did not work. Lower or no earnings combined with a longer life span meant poverty for many women when their husbands passed away. Social Security recognized these challenges and have implemented several changes to the system to help women avoid poverty.
Some Valuable Information That Will Assist You To Know When And How To Submit Your Social Security Application
As you get closer to retirement one of your top questions is probably when and how to submit your Social Security application. Should you apply at age 62 or 66? What are the steps to applying for Social Security once you've decided to start collecting retirement benefits?
Social Security Spousal Benefits: One More Key To The Social Security Decision
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
A Few Major Exceptional Roth IRA Withdrawal Rules That Might Assist You To Take Money Out Of Roth IRA
Roth IRAs are governed by the IRS; as such there are many Roth IRA withdrawal rules that must be followed before you take money out of your account. In this article we'll discuss Roth IRA distributions; when they can be taken, when and if they are taxable, when and if penalties might apply.
Utilizing Government Awards In Order To Upgrade And Improve Your Own Property.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
How Are Social Security Benefits Calculated? Some Points & Aspects Having Effect On The Benefits
One of the most popular Social Security questions that I hear from baby boomers getting ready to retire is "how are Social Security benefits calculated?" This is an important question because it could affect how long you need to work, whether you should continue to work during your retirement years
Social Security Widow Benefits - What Occurs To Your Social Security Income When A Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
Social Security Benefits: Ideas To Help You Get The Most Out Of Your Social Security Retirement Benefits
As you get closer to retirement, choosing when to take your Social Security may seem like rolling the dice. There are so many decisions to make, such as:
|