Social Security Survivor Benefits- The Thing Women Should Learn About
When Social Security was initiated back in 1935 it was typical for women to stay home to raise the family. In most families the husband was the major earner or the only earner in the family. Additionally, women statistically survive longer than men, particularly if the wife is younger than the husband.
The coincidence of lower or no earnings and a longer life span meant many women found themselves in poverty at the time their husbands passed away, as their husband's Social Security retirement benefits ended at their death. The Social Security Board realized the issues that women face and have implemented several modifications to the system over the years to account for these needs.
One of the first amendments to the Social Security system was to enable women to apply for benefits at age 62 instead of waiting until 65 under the theory that they were younger than their spouses and that they would want to retire simultaneously.
Then in 1939 two new categories of benefits were added: Social Security survivor benefits and dependent benefits (payable to the spouse and minor kids of retired workers).
These changes changed Social Security from a retirement plan that only paid benefits to retired workers into a family-based plan, where spouses and children could receive benefits of retired, disabled or deceased workers. This was a tremendous help to women who were not eligible for retirement benefits on their own, or who had significantly smaller benefits than their spouses.
Today, even though it's not unusual for women to earn as much or more than their spouses, they still may take time off to raise families, and they still statistically live longer than their spouses. Moreover, the number of divorced women reaching retirement age is greater than before. As a result of of this, many women still get Social Security spousal benefits or survivor benefits instead of benefits based on their own work period.
Therefore it's essential for women - regardless of their relationship status is - to understand the spousal and survivor benefits offered to them in addition to the retirement benefits so they can get the maximum benefits they are eligible to.
Social Security Widow Benefits - What Occurs To Your Social Security Income When Either Spouse Dies
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 Retirement Benefits: Guidelines To Help You Make The Most Of Your Social Security Income
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:
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Saving For Retirement- It's No Longer Your Parents Retirement
Getting ready for retirement is a lot harder than it used to be. Companies no longer offer pensions and many are reducing or eliminating matching contributions to 401K plans. In addition, Social Security benefits are expected to be smaller and you may have to wait longer to collect them.
Retirement Savings Become Even More Important As Pensions Become Extinct And Social Security Changes.
Retirement income is often referred to as the three-legged stool because traditionally retirement income has come from three sources: pensions, Social Security and your own savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.
How A Gold Coin Prices Guide Can Help A Budding Numismatist
Coin collecting, there are tools that you'll need to acquire to make your numismatic experience both fun and rewarding. The most valuable tool that you can get your hands on is an up-to-date gold coin price guide. Inside you will find great information to help you enjoy your new hobby