By Brian Bloxom, ChFEBCSM
It’s no surprise that women often experience more retirement hurdles than men, given lower wages and career breaks for caregiving. And if you find yourself as a single woman, you’ll have another layer of complexity to these challenges.
With longer life expectancy, lower marriage rates, and high divorce rates, many women will find themselves navigating retirement on their own. These statistics showcase the importance of proactively managing and taking control of your financial future—sooner rather than later.
Even if you have other sources of retirement income, like savings, it’s crucial not to overlook your Social Security benefits. Optimizing these benefits based on your circumstances can significantly impact your financial well-being in retirement.
For the Single Women
Many women make the mistake of claiming Social Security as soon as they’re eligible. Few wait until full retirement age, and even fewer wait until age 70. But your benefit amount increases by 8% each year from 66 to 70, plus cost of living increases for inflation, so it pays to wait.
For example, let’s say your full retirement age is 66 and your monthly payment is estimated to be $2,000. The chart below shows how much you’d get every month if you started collecting at age 62 (reduced benefits), 66 (full benefits), and 70 (increased benefits).
| If you start collecting benefits at this age… | your monthly payout will be this much… |
| 62 | $1,500 |
| 66 | $2,000 |
| 70 | $2,640 |
Just by waiting until age 70, your monthly payout increases substantially, which could lead to thousands of more dollars throughout your retirement for you to invest or gift to others.
But when you should claim benefits isn’t as simple as waiting until age 70. Your health, home, and personal circumstances could indicate otherwise. Maybe you find out you have advanced-stage breast cancer, so you start taking benefits at age 62. Or maybe you are in good health and since you have plenty of other resources, so you wait until age 70. Tailoring your claiming strategy to your unique life circumstances is key, and a professional can help you take all factors into account.
For Those Who Are Divorced
This may come as a surprise, but divorcées can claim their ex-spouse’s benefits as long as they were married for at least 10 years. The amount you receive is equal to 50% of your ex’s benefits. If you qualify for your own benefits, you either receive 100% of your benefit amount or 50% of your ex’s, whichever is higher. The best part? Your ex never has to know you’re collecting spousal benefits. Social Security doesn’t notify them and you’re not required to reach out.
If your ex passes away, you receive benefits as a widow, which means you get 100% of your ex’s payout. There is one caveat to this rule, however. You won’t qualify for spousal benefits if you remarry. Your ex can, but you can’t. Although, if you happen to remarry and your second marriage ends in divorce or your spouse dies, you’d once again be eligible for your first spouse’s benefits.
For the Widows
Widows and divorcées who were married for at least a decade are eligible for survivor benefits when a spouse dies. Just keep in mind that you won’t qualify for survivor benefits if you remarry before age 60.
As with regular Social Security payouts, you receive reduced benefits if you claim them before you reach full retirement age. But unlike regular payouts, you don’t have to wait until you’re 70 to get the highest amount.
The chart below shows what percentage of survivor benefits you’d get based on your situation:
| Widow Type | Benefit Amount Before Retirement Age | Benefit Amount at Full Retirement Age |
| Widow | 71.5% to 99% (starting at age 60) | 100% |
| Disabled Widow | 71.5% (starting at age 50) | 100% |
| Widow With Child Under Age 16 | 75% (at any age) | 100% |
Get Support From a Trusted Advisor
Going through the Social Security process can be complex, as there are many factors to take into consideration. Taking the time to seek guidance from a financial professional can not only provide clarity, but also help you in strategically optimizing your benefits.
At Sentinel Wealth Partners, we’re dedicated to helping you explore your options and select a claiming strategy tailored to your circumstances. Whether it’s Social Security or other financial concerns, we’re committed to supporting you every step of the way. Schedule a no-obligation introductory meeting online by contacting me at 703-832-0164, sending an email to [email protected], or using our online calendar to start your journey toward financial confidence.
About Brian
Brian Bloxom is an Independent Financial Advisor, Chartered Federal Employee Benefits ConsultantSM (ChFEBCSM) and Chartered Retirement Planning Counselor℠, CRPC® professional with 25 years of experience in financial advising. He founded Sentinel Wealth Partners to serve retirees, individuals approaching retirement, and individuals managing complex retirement plans such as company plans or federal benefits plans. His expertise and dedication to helping his clients achieve their goals make him a trusted resource that will help you feel confident in your customized retirement plan. Brian’s mission is to be available to his clients—all the time. He’s here to solve your problems, relieve your anxiety, and give you optimism for retirement. Because ultimately, your retirement should be about well-deserved enjoyment, and not about stress or anxiety. When he’s not working, you can find Brian spending time with his wife, Jessica, and their two sons, Spencer and Preston. He enjoys coaching soccer, serving in his community, golfing, and relaxing at his vacation home at Lake Anna, VA. To learn more about Brian, connect with him on LinkedIn.
Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Sentinel Wealth Partners and Cambridge are not affiliated. Sentinel Wealth Partners is not engaged in the securities business. Cambridge does not offer tax or legal advice.