Social Security Strategies for Women: Maximizing Your Benefits

 

Social Security remains a foundational piece of retirement income, especially for women. Yet too many leave money on the table by claiming benefits too early or not understanding how spousal and survivor benefits work. With longer life expectancies, fewer years in the workforce, and potential caregiving gaps, women face unique challenges—and opportunities—when it comes to Social Security.

Here’s how to make sure you’re maximizing what you’ve earned.

Why Social Security Matters More for Women

Women typically live longer than men and are more likely to rely on Social Security as a primary income source. Understanding how the system works is essential to building a stable, sustainable income stream.

  • Women live an average of 5 years longer than men.

  • Nearly 50% of elderly unmarried women rely on Social Security for 90% or more of their income.

  • Decisions about when to claim benefits can have lifelong impacts on income and retirement security.

Key Social Security Strategies for Women

1. Delay Claiming If Possible
Waiting until full retirement age—or even age 70—increases your monthly benefit by up to 8% per year after full retirement age. For women with longevity on their side, this can mean tens of thousands more over a lifetime.

2. Understand Spousal Benefits
Even if you didn’t work or had limited earnings, you may be eligible for up to 50% of your spouse’s full benefit. This can provide an income safety net during retirement.

3. Consider Survivor Benefits
If you are widowed, you may qualify for survivor benefits equal to 100% of your late spouse’s benefit. The timing of when you claim matters, so working with an advisor can help you optimize this benefit.

4. Coordinate with Other Income Sources
How you draw from pensions, IRAs, or annuities can affect your tax rate and the impact of Social Security. Smart coordination can help reduce your tax burden and stretch your benefits.

5. Know the Impact of Divorce
If your marriage lasted at least 10 years and you’re currently unmarried, you may be eligible to collect benefits based on your ex-spouse’s record. Many women don’t realize this powerful option exists.

Common Mistakes to Avoid

  • Claiming too early without understanding the long-term reduction in benefits.

  • Not factoring in taxes—up to 85% of Social Security can be taxable depending on your income.

  • Overlooking how your Social Security interacts with other retirement assets or a spouse’s benefits.

How Apriem Can Help

Social Security decisions are permanent, and the options can be overwhelming. At Apriem Advisors, we help clients—especially women—understand the full picture before making this critical decision. Through thoughtful planning and tools like benefit projections and tax coordination, we ensure your Social Security fits seamlessly into your broader retirement income strategy.

Have questions about your Social Security options or how they fit into your financial plan?
Contact us at bri@apriem.com to schedule a personalized consultation.