5 Things Every Women Should Know About Social Security

By providing benefits and financial protection to millions of people throughout their lives, Social Security has contributed to the security of today and tomorrow for more than 85 years. Women live longer on average than men. The typical woman in a traditional couple is approximately two years younger than her partner. Consequently, roughly 90% of women will eventually be on their own.

The top five things every woman should know about Social Security are listed below.

• To fit the bill Social Security benefits, you probably paid charges into the Social Security system for something like 10 years of 40 quarters. You don't need to work 40 back to back quarters. Only 40 absolute quarters. Your lifetime income go about as the reason for your advantage. These profit get filed to represent changes in normal wages over the long haul.
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• Your lifetime earnings are the basis for our Social Security benefits. We adjust or "index" your actual earnings to take into account shifts in the average wage since the year you received them. Then, your average indexed monthly earnings over the 35 years in which you earned the most are taken into account by Social Security. We calculate your basic benefit, also known as your "primary insurance amount," by applying a formula to these earnings. A wife is entitled to one-third to one-half of her spouse's Social Security benefit if she has no work history or a low benefit entitlement on her own record.
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• Your Social Security benefit may be reduced if you also receive a pension from a job for which you did not pay Social Security taxes, such as a teacher's or civil service pension.
• - Social Security disability benefits may be available to you if you become disabled prior to reaching full retirement age.
• - You have to have worked in five of the last ten years and paid taxes to Social Security.
• - You can apply for the higher widow's rate if your spouse passes away before you.
• Because it is greater than one-third to one-half of their spouse's rate, the majority of working women who reach retirement age receive their own Social Security benefit amount.
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• You can each receive a benefit if you and your spouse have both worked and earned enough credits to receive your own benefits.
• If you are eligible for a benefit of $2,000 per month and your spouse anticipates receiving a benefit of $1,800 per month, you will each receive your respective benefits. That amounts to a monthly total of $3,800.
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At FRA, a spousal benefit is equivalent to one-half of your spouse's benefit. For both benefits, you may need to file. In most cases, you get the better of the two benefits. There are a few things to keep in mind regarding spousal benefits.

• Once you reach the age of 67, your spousal benefit will no longer increase.
• You must wait for your spouse to start receiving their benefit before you can apply for spousal benefits.
• One-third to one-half of your spouse's Social Security benefit is considered a spousal benefit. Because it is greater than half to one-third of their spouse's Social Security benefit, the majority of working women receive their own benefit.
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Based on their ex's record, divorced women who were married for at least ten years may be eligible for Social Security. If they are unmarried and do not have a record of receiving a higher benefit when they become eligible for Social Security, this applies. 

-A divorced spouse's benefits do not reduce payments to the ex or any payments due to the ex's current spouse. 

- On their ex's record, some women sign divorce decrees denying them access to Social Security. These provisions are rarely enforced in divorce decrees.

• In most cases, divorced wives and widows are subject to the same payment guidelines as current wives and widows. This means that while the ex-spouse is still alive, the majority of divorced women take advantage of higher widow's rates by applying for their own Social Security.
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When a spouse dies, a widow may receive anywhere from 71% (at age 60) to 100% (At full retirement age). Your own retirement benefit is paid first. Any additional benefits you are entitled to as a widow are added to this. Your Social Security benefit will now be equal to the widow's rate as a result of this.

- If you were living with your spouse when they died, we can also pay you a lump sum death benefit of $255.

- If you earned more money than your spouse (or ex-spouse), they may be entitled to a survivors benefit rate on your record in the event that you pass away before they do.