If your a woman who is looking at making the best retirement decision its important to look at the matters mentioned in the article below and include it in your #retirement planning.
Often, both women and men reflexively claim Social Security when they retire. “People don’t realize the options out there. They think, ‘Oh, I retired, I need to file for Social Security,’ ” said Shawn Britt, director of the advanced consulting group for Nationwide Insurance.
And women retire at an average age of 62, a figure that has barely budged in a decade, according to a study by the Center for Retirement Research at Boston College.
Unfortunately, that creates a major problem for older women. The Social Security Administration reduces benefits for people who claim before their full retirement age, so by filing when she is first eligible, a woman is setting herself up for a Social Security benefit reduced by as much as 30 percent for the rest of her life.
It would be one thing if women generally had other significant sources of income in retirement. But according to Britt, women are five times as likely as men to live only on Social Security.
That is the age at which both women and men are allowed to claim, and sure enough, 40.8 percent of the women who were newly awarded Social Security retirement benefits in 2014 were aged 62. Some 65 percent were below their full retirement age, typically 66. And just 2.8 percent of the women were 70 or older, the age at which they receive their maximum Social Security retirement benefits, according to Social Security Administration data.