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What Social Security means to you
Social Security provides benets and nancial protection
for you. Nearly 55% of the people receiving Social
Security benets are women. In the 21st century, more
women work, pay Social Security taxes, and earn credit
toward monthly retirement income than at any other time
in our nation’s history.
Women face greater economic challenges in retirement.
First, women tend to live longer than men. A woman
who is 65 years old today can expect to live, on average,
until about 87. A 65-year-old man can expect to live, on
average, until about 84. Second, women often have lower
lifetime earnings than men. And, third, women may reach
retirement with smaller pensions and other assets than
men.
Social Security provides an ination-protected benet
that lasts as long as you live. Social Security benets
are based on how long you’ve worked, how much you’ve
earned, and when you start receiving benets.
You can outlive your savings and investments, but you
can never outlive your Social Security benet. Social
Security is the foundation for a secure retirement, but
only replaces a portion of pre-retirement earnings. To
have a comfortable retirement, you will also need to have
other income from things like pensions, savings, and
investments.
Today, women have challenging choices to make. Some
may spend their entire adulthood in a career or job
outside the home. Some may work for a few years, leave
the labor force to raise children, and eventually return to
work. Others may choose not to work outside the home.
Whether they work, have worked, or have never worked,
women must understand how Social Security can help
them and their families. Women tend to care for many