Social Security can be an important part of your retirement income. Women live longer than men on average and are more likely to be single and depend on one income when they are older, so it is especially important. Women make up 56% of all Social Security beneficiaries age 62 and older, and 66% of all beneficiaries age 85 and older. Women age 65 and over are more likely than men of the same age to be widowed (34% vs. 12%).

• • It can pay to delay claiming your Social Security benefit. If you can delay taking benefits until your FRA or age 70, and you live into your 80s, you could benefit from doing so. If you have a savings shortfall, consider delaying retirement by a few more years. However, if you’re considering early retirement and have adequate income from investments, a 401(k), pension, or guaranteed annuity, you may want to hold off receiving Social Security benefits.
  • You can receive Social Security and continue to work. Your Social Security benefit is based on your top 35 years of qualifying income. If you have been out of the workforce for a number of years or expect to rely heavily on Social Security in retirement, consider working a few extra years, which can lead to additional savings and greater retirement assets
  • Social Security may not cover all your needs in retirement. Almost 49% of all elderly unmarried females receiving Social Security benefits rely on Social Security for 90% or more of their income. These numbers speak to the need to maximize your benefits and to save as much as you can in other ways for retirement.
  • Don’t let your decision to leave your current job impact your Social Security decision. You still have options in your 60s, so don’t leave too much money on the table. But by the time you get into your 80s, you have fewer financial options, so don’t jump at the first opportunity to claim Social Security at age 62 just because you really want to quit your job.