Skip to main content
Created: January 26, 2024
Modified: July 25, 2024

Podcast Episode 341: Social Security Planning Decisions for Women

As women approach retirement age, it’s crucial to understand the nuances of Social Security and its impact on long-term financial health. On our latest podcast featuring Heather Atkins, CFP®, CRPC®, we will shed some light on this topic, focusing on why women tend to claim Social Security benefits at 62 and the implications of such decisions.

There’s a surprising trend: one-fourth of women start collecting Social Security at the earliest possible age of 62. While this may seem advantageous for immediate financial relief, it poses significant drawbacks in the long run. Women generally live longer than men, meaning early claimers could face reduced lifetime benefits. The reason for this might be due to fears about the program’s solvency or because they have lower average savings than men, which underscores the importance of informed financial planning.

Understanding the Social Security earnings test is another critical component of retirement planning because it impacts those under full retirement age. If you work while receiving benefits and your earnings exceed a certain threshold (currently just over $21,000 annually), you could see a temporary reduction in benefits. However, it’s not a permanent loss; the benefits are recalculated and increased once you reach full retirement age.

Deciding when to claim Social Security benefits is a personal decision that should be based on individual financial situations. For some, delaying benefits until age 70 to receive a higher monthly payout makes sense, but it’s not universally the best choice. The key is to weigh your expected lifespan, current income needs, and other financial resources.

To assist women in making these crucial decisions, we offer everyone the opportunity to get the Women’s Guide to Financial Empowerment. This guide aims to empower women with the knowledge needed to navigate Social Security and retirement planning confidently.

In conclusion, Social Security is a complex system with many factors to consider. Women, in particular, must be vigilant in their approach to claiming benefits, taking into account life expectancy, financial needs, and the broader implications of early or delayed claiming. By seeking professional advice and getting as much information as possible, women can secure a financially sound future and enjoy their golden years with peace of mind.

Here’s some of what we discuss in this episode:

• Why are so many women starting their Social Security at the earliest age?

• What’s wrong with taking the benefit at 62?

• How does the earnings test work and how does it apply to your benefits?

• An example of when waiting until 70 might be the wrong decision.

Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.

Resources by Topic

Subscribe to Our YouTube Channel

Share

Related Resources

  • Podcast Episode 470: Retiring at 65? You May Need $185,500 for Healthcare Costs

    Prefer to watch? Click here to watch and listen on YouTube. A 65-year-old who retires in 2026 can expect to spend about $185,500 on healthcare and medical expenses throughout retirement. This i…
  • I’m Turning 65, Why Do I Need to Stop My HSA Contributions?

    If you’re nearing your mid-60s and actively contribute to a health savings account (HSA), you’ve likely used it to cover qualified medical costs. However, as you get closer to enrolling in Medicar…
  • Podcast Episode 469: Are Annuities a Good Investment?

    Prefer to watch? Click here to watch and listen on YouTube. As more people approach retirement, they’re looking for ways to reduce risk while still maintaining some opportunity for growth. That…
  • How Can I Enjoy My Retirement Savings Without Fear of Overspending?

    The fear of running out of money keeps many retirees from truly enjoying their hard-earned savings without worry. After decades of nurturing your nest egg, the thought of seeing your progress slip…
  • Podcast Episode 468: Are You Prepared for the Great Wealth Transfer?

    Prefer to watch? Click here to watch and listen on YouTube. An estimated $105 trillion in assets will pass down from Baby Boomers and the Silent Generation to heirs through 2048. But transferri…
  • Do I Need Life Insurance in Retirement?

    Around 52% of Americans own some type of life insurance policy. But once you retire, some of your biggest financial obligations may be behind you. When you reach this point, you may wonder whether…
  • How Will Social Security Be Funded in the Future?

    Without congressional action, current projections indicate Social Security will pay only 78% of benefits starting in late 2032. This funding gap highlights our growing disparity between workers pa…
  • Podcast Episode 467: 7 Milestone Ages for Retirement Planning

    Prefer to watch? Click here to watch and listen on YouTube. Retirement planning comes with a surprising number of age-based rules and opportunities. Knowing what changes at each stage can help…
  • Key Retirement Milestones by Age

    In This Article… Preparing for retirement isn’t just about choosing when to stop working. You must also recognize the key age-based milestones that can shape your financial future along the w…
  • Podcast Episode 466: Is Long-Term Care Insurance Worth It​?

    Prefer to watch? Click here to watch or listen on YouTube. Long-term care is one of the biggest financial blind spots in retirement planning. About 58% of people falsely believe Medicare will c…
    Back to top
    • Richard S.
      Richard S. is a client of Johnson Brunetti and received no compensation for his statement.

      “We have been extremely happy with our advisor and the services offered. We previously had accounts with another advisor. We had no issues, but chose to consolidate everything with Johnson Brunetti. We made a great decision with that.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026.  Please click each respective year for a description of the respective survey and a summary of the survey results.

    • John & Laura U.
      John & Laura U. are clients of Johnson Brunetti and received no compensation for their statement.

      “We have had nothing but a positive experience.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026.  Please click each respective year for a description of the respective survey and a summary of the survey results.

    • Joe D.
      Joe D. is a client of Johnson Brunetti and received no compensation for his statement.

      “Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026.  Please click each respective year for a description of the respective survey and a summary of the survey results.

    • Jackie L.
      Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.

      “I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything!”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026.  Please click each respective year for a description of the respective survey and a summary of the survey results.

    • Donald & Donna K.
      Donald & Donna K. are clients of Johnson Brunetti and received no compensation for their statement.

      “It’s been one of the best things my wife and I have ever done. The clarity, support, and professionalism have made a real difference for us.”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026.  Please click each respective year for a description of the respective survey and a summary of the survey results.

    • Annette L.
      Annette L. is a client of Johnson Brunetti and received no compensation for her statement.

      “Your services are excellent!”

      Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026.  Please click each respective year for a description of the respective survey and a summary of the survey results.

      Our Locations
      Johnson Brunetti
      Welcome to Our New Website!
      Everything was designed with you in mind, making our retirement planning resources more easily accessible to you.
      Check out your new resource center, where everything can be organized by article type or topic
      Are you ready to speak with a financial advisor?
      Skip to content