When Social Security was established back in 1935 it was usual for women to reside in home to raise the family. In most families the husband was the major earner or the only earner in the household. Furthermore, women statistically outlive men, particularly if the wife is younger compared to the husband.
The combination of lower or no income and a longer life span implied many women found themselves in poverty at the time their husbands died, as their husband's Social Security retirement benefits expired at their death. The Social Security Board recognized the problems that women face and have adopted several changes to the system over the years to account for these requirements.
One important amendments to the Social Security system was to enable women to apply for benefits at 62 in place of waiting until 65 under the assumption that they were younger than their spouses and that they would like to retire at the same time.
Then in 1939 two other categories of benefits were included: Social Security survivor benefits and dependent benefits (payable to the spouse and minor kids of retired employees).
These modifications transformed Social Security from a retirement plan that only paid benefits to retired employees into a family-based program, where spouses and children are able to receive benefits of retired, disabled or departed workers. This was a tremendous help to women who were not eligible for retirement benefits on their own, or who had considerably smaller benefits than their husbands.
Today, although it's not strange for women to earn as much or greater than their husbands, they however may take time off to look after families, and they still statistically live longer than their spouses. Moreover, the number of divorced women attaining retirement age is higher than it has ever been. As a result of of this, a number of women still receive Social Security spousal benefits or survivor benefits rather than benefits according to their own work period.
So it's necessary for women - no matter what their relationship status is - to learn the spousal and survivor benefits available to them as well as the retirement benefits so they can enjoy the maximum benefits they are eligible to.
Get Ready For Retirement-Start Saving Toady
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Find Out How To Apply For Social Security
If you areapproaching retirement, you are probably already looking into how to apply for Social Security benefits. Generally, you can apply once you are within 120 days of your 62nd birthday. There are several things you should know to make the application process as smooth as possible.
Associated Articles
- Social Security Eligibility: What Are The Requirements For A Homemaker To Qualify For Social Security?
- Social Security Survivor Benefits - What Happens To Your Social Security Benefits When A Spouse Dies
- The Best Way To Apply For Social Security Benefits
- 3 Key Reasons To Use A Fee-Only Financial Experts
- Submitting Your Social Security Application: When And How
- Questions To Ask When Choosing A Financial Planner
- Things To Remember When Selecting A Financial Planner
- Points To Consider When Looking For A Financial Planner
- How Are Social Security Benefits Calculated? Several Facts And Factors Affecting The Benefits
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