Navigating Social Security can be challenging, especially for women who face unique financial hurdles in retirement. In Episode 82 of the Take Back Retirement Podcast, Heather Schreiber, RICP®, joined hosts Stephanie McCullough and Kevin Gaines to break down how women can make the most of their Social Security benefits with smart strategies tailored to their unique needs.
Understanding the Challenges Women Face
Women often experience career interruptions due to caregiving responsibilities, leading to lower lifetime earnings and potential reductions in their Social Security benefits. Heather shared crucial insights on how these career pauses impact the Primary Insurance Amount (PIA)—the foundation of Social Security benefits—and what women can do to optimize their earnings record to maximize their retirement income.
Key Social Security Strategies for Women
During the episode, Heather provided expert guidance on key Social Security topics, including:
- Understanding the Primary Insurance Amount (PIA): How it’s calculated based on a 35-year earnings history and ways to avoid earnings-related reductions.
- Working Past Retirement Age: How additional working years can increase Social Security benefits.
- Survivor and Spousal Benefits: Why strategic planning for a higher-earning spouse’s benefits can impact a widow’s long-term financial security.
- Social Security Claiming Strategies: The best times to claim benefits to ensure maximum lifetime income.
- Divorce and Social Security: How divorced women can still access spousal benefits based on their former spouse’s earnings record.
- Cost of Living Adjustments (COLAs): The role of COLAs in maintaining purchasing power in retirement.
- Tax Considerations: How Social Security benefits are taxed and strategies to minimize taxation in retirement.
Why This Episode Is a Must-Listen
With women living longer than men on average, making informed decisions about Social Security is critical. Heather’s insights provide clarity on how to make the most of available benefits, helping women secure their financial future with confidence. Whether you’re nearing retirement, already receiving benefits, or planning ahead, this episode offers valuable guidance for optimizing Social Security benefits.
Listen to the Full Episode
Don’t miss Heather’s expert social security advice on how to navigate Social Security as a woman in retirement. Listen to the full episode of Take Back Retirement here:
For more information on Social Security strategies and retirement planning, connect with Heather Schreiber and stay updated on future insights and speaking engagements.
