In a recent interview featured on Insurance NewsNet, Heather Schreiber, founder of HLS Retirement Consulting, underscored the increasing reliance of women on Social Security benefits and the necessity for financial education catered to their unique needs. Drawing from statistics, she pointed out that around half of the female Social Security beneficiaries count on these benefits for more than 50% of their income, with a significant number of them depending on them for over 90% of their earnings.
Speaking at a National Association of Fixed Annuities webinar, Schreiber addressed the current strain on Social Security, citing a decline in the worker to beneficiary ratio. Considering women’s lifespan and dependency on survivor benefits, this strain can be particularly impactful. She also emphasized that women have to work on average nine more years than men to achieve comparable benefit levels.
Schreiber underlined the need for education on retirement savings and income creation for women, especially in the context of understanding the Social Security claiming process. She stressed that this program should never be considered the sole source of retirement income, especially for women.
On a positive note, Schreiber highlighted an upward trend in women’s labor force participation, which she believes will result in women receiving higher benefits in the future. Lastly, she sent a call-to-action to financial planners, pointing out the shift in wealth accumulation with women projected to control as much as $30 trillion by 2030. As such, the need for sound retirement planning advice for women is expected to increase substantially.
