Social Security is neutral with respect to gender—individuals with identical earnings histories are treated the same in terms of benefits. This information from the Social Security Administration (SSA) highlights how the Social Security program impacts women and the specific demographic characteristics of women compared with the entire population.
Women tend to earn less than men, live an average of 2.5 years longer, accumulate less savings, and receive smaller or no pensions. Thus, this demographic runs the genuine risk of outliving their savings.
- According to the SSA’s Office of the Chief Actuary, women reaching age 65 in 2019 are expected to live, on average, an additional 21.5 years compared with 18.9 years for men.
- Women represent 55.3% of all Social Security beneficiaries age 62 and older and approximately 63.9% of beneficiaries age 85 and older.
The Social Security system is progressive in that lower-wage earners receive a higher percentage benefit than higher-wage earners do. The system returns a greater percentage of pre-retirement earnings to a lower-wage worker than to a higher-wage worker. Women who are low-wage workers receive back more benefits in relation to past earnings than do high-wage earners.
- In 2019, the median earnings of women aged 15–64 who worked full-time for 50 weeks or more were $45,000, compared to $54,000 for men.
- In 2017, 48% of elderly unmarried women receiving Social Security relied on it for 90% or more of their total income.
In 2019, the average annual Social Security income received by women 65 years and older was $13,505 compared to $17,374 for men. Social Security provides dependent benefits to spouses, divorced spouses, elderly widows, and widows with young children.
In 2019, women generally received lower pension benefits due to their relatively lower earnings, and a higher share, 64%, of part-time workers are women.
With up to 50% of Social Security income subject to taxes for individuals that report a total gross income including Social Security of at least $25,000, you need to plan how to obtain the most from your retirement income. As your dedicated team, reach out to us at (540) 720-5656, and we’ll help you get the information you need to make the right choices.
Adapted from SSA.gov1
Adapted from FIG MarketplaceOne2
Investment advisory and financial planning services are offered through Alphastar Capital Management LLC (“Alphastar”), a SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser or investment adviser representative has attained a particular level of skill or ability. Additional information about Alphastar Capital Management, LLC is also available on the SEC’s website at adviserinfo.sec.gov. ILG Financial LLC and Alphastar Capital Management, LLC are separate and independent entities. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. ILG Financial LLC offers insurance products through individuals licensed to sell insurance. Comments regarding guaranteed returns or income streams refer only to fixed insurance products offered by ILG Financial LLC and, unless specifically stated, do not refer in any way to securities or investment advisory products offered by Alphastar. Fixed insurance and annuity product guarantees are subject to the claims paying ability of the issuing company and are not offered or guaranteed by Alphastar.
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Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
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Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter.