Claiming Benefits Too Early: Many women claim Social Security benefits as soon as they become eligible at age 62, which permanently reduces their monthly benefit amount.
Not Understanding Spousal Benefits: Women who are married, widowed, or divorced may be eligible for spousal benefits, which can be up to 50% of the spouse's benefit at FRA.
Overlooking Survivor Benefits: Widow(er)s are eligible for survivor benefits, which can be up to 100% of the deceased spouse's benefit.
Underestimating Longevity: Women often live longer than men, which means their retirement savings and Social Security benefits need to last longer.
Not Checking Earnings Record: Your Social Security benefit is based on your top 35 years of earnings.
Ignoring the Impact of Divorce: Divorced women may be eligible for benefits based on their ex-spouse's work record if the marriage lasted at least 10 years.
Not Seeking Professional Advice: Social Security rules can be complex, and making the most of your benefits often requires careful planning.