Social Security is often the foundation of financial security in retirement, especially for women.
The unique challenges that women face, such as fewer years in the workforce and longer life spans, mean benefits matter even more.
The amount of your monthly payment depends on your 35 highest-earning years, so gaps in employment can reduce what you receive.
You can claim benefits as early as age 62, but every year you wait increases your monthly benefits, maxing out at age 70.
Marriage, widowhood and divorce also affect your options.
For example, a spouse may qualify for up to half of a partner’s benefit, and survivor benefits can provide up to 100% of a late spouse’s amount.
There are many more rules surrounding timing and amount of benefits – many of which you can control.
Social Security rules are complex, but the decisions you make today can shape decades of retirement.
Talk with a financial advisor to make the most of your benefit.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson, and Hawes Dickerson. Members SIPC.
