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Today, more than ever, women work, pay Social Security taxes, and earn credit toward monthly retirement income.
Social Security helps provide financial stability for millions of women since they, on average, live longer than men, spend more years in retirement, and face a greater chance of exhausting other income sources.
The inflation-protected Social Security benefits last as long as you live. Your benefit amount is based on how long you work, how much you earn, and when you start receiving them.
Collect Social Security as early as age 62
If you work and pay taxes into the Social Security system for at least 10 years and earn at least 40 work credits, you can collect benefits as early as age 62.
The good news is the longer you wait, the more you get.
Your full retirement age is determined by your birthdate, from ages 65 to 67. Your monthly Social Security benefit maxes out at age 70.
Some other things you should know about Social Security:
- There is no marriage penalty nor limit to benefits paid to married couples.
- If you are eligible for two benefits, you are generally paid the higher rate.
- If you are divorced and had been married at least 10 years, you may be eligible on your ex-spouse’s record.
- You may be due a survivors benefit when your spouse (or ex) dies.
Your retirement journey is many small steps thoughtfully made.
Get help from Social Security
Your my Social Security account is an important step in your retirement journey. Make sure to register.
You can visit online, call 800-772-1213, or contact your local Social Security office.
Find assistance from Voya Financial
Voya Financial offers Social Security resources and wants you to understand the basics.
The Social Security planner on your State of Michigan 401(k) and 457 Plans Voya account can help you make informed decisions on benefits and answer questions:
- Log in to your account.
- Under More Resources, select Get Investment Advice.
- Select the Income Planner and work through the tool for a recommended strategy on when to collect Social Security.
Resources from the Michigan Office of Retirement Services
If you are in the defined benefit retirement system and are eligible for a pension, check out the Michigan Office of Retirement Services’ online retirement workshops, webinars, and e-learning modules for public school employees, state employees, and Michigan State Police.
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