Three Retirement Planning Tips For Women

Portsmouth NH

24 August, 2021

9:01 AM

Description

One day in 1939, Ida May Fuller stoppedby the local Social Security office in her hometown of Rutland, Vermont toinquire about Social Security benefits. Sheknew she had been paying into Social Security, and wanted to learn more. The following year, she received the veryfirst Social Security benefit payment — $22.54 — arriving as check number00-000-001. Ida's story still holdslessons for women today — and it started with her getting the information sheneeded. Today, signing up for a personal my Social Security account atwww.ssa.gov/myaccountcan help you get information tailored for you to plan for your retirement. It's never too late to start planning. Ida was 65 years old when she startedreceiving benefit payments, but she lived well beyond her life expectancy of 65years, 4 months. In fact, Ida lived tobe 100 years old, and received Social Security benefit payments for 35 years. It's important to create your personal my Social Security account as soon as possible. With your account, you can view estimates offuture benefits, verify your earnings, and view the estimated Social Securityand Medicare taxes you've paid. Verifyingearnings is important because your future benefit is based on your earningshistory. Your Social Security benefit payments will provideonly a portion of your pre-retirement income. You may have to save more to have adequateincome for your desired lifestyle in retirement. Savings need to be an active part of your plan totake care of yourself and your family's financial future. Ida never married. She supported herself. However, you may find yourself widowed ordivorced — and having to provide for yourself for several more years. Unlike in Ida's day, you can go onlineto see if you're eligible at www.ssa.gov/retirementto receive a current, deceased, or former spouse's benefits. It might make financial sense to claim thosebenefits instead of your own — since the payments could be higher based on theindividual's own earnings history. We encourage you to follow Ida's example and planfor your financial future. Please sharethis information with your friends and family — and help us spread the word onsocial media.