According to recent health data, American women outlive their male counterparts by an average of six years. A multifaceted array of factors, such as bio-genetics, lifestyle habits, and quality healthcare service, contributes to this longevity. Women generally tend to avoid unhealthy activities like smoking and excessive drinking, thus leading healthier lives compared to men. Regular health check-ups also elongate women’s lifespans. However, personal habits, genetics, and environmental factors play a principal role in individual health and longevity.
Financial expert Mary Beth Franklin highlights a gender discrepancy between lifespans with primary financial income considerations, particularly Social Security. She indicates that women must ensure a sustainable income source for their extended lifespan. Thus, Social Security is essential to a woman’s active financial planning, especially for securing a satisfactory retirement phase.
Franklin expresses concern over women’s lesser tendency to save for retirement than men, hinting at a potential financial disadvantage.
Key societal influences contribute to this concern, such as the prevailing wage gap and unpaid caregiver duties. Franklin emphatically insists that awareness of these economic disparities is vital for women planning for their retirement. Moreover, she advocates policy changes to address these issues and assure financial stability for women in their later years.
The choice of when to avail of Social Security benefits influences the amount received monthly. If a person chooses to claim their benefits before reaching full retirement age, they permanently reduce their benefits. Delaying claiming of benefits can increase the amount received every month. Additionally, overall lifetime earnings and work history also greatly impact the benefits. Opting to wait until after full retirement age (up to 70) ensures an 8% annual benefit increase. Therefore, the delay can significantly boost the retiree’s income, providing a steady, reliable inflow of funds.
Given their longer average lifespans, Franklin emphasizes the criticality of the claim timing for Social Security for women. Social Security is not just important but “essential” for women, as their dependency on it tends to be more prolonged. According to Franklin, this necessitates a meticulous approach when planning the timing for claiming Social Security benefits to ensure financial security and stability in the later stages of life.
