What to Know About Taking Social Security Early for Women

August 26, 2022

It’s been well documented that women tend to experience more pauses in their careers, reduced savings, and increased longevity. Unfortunately, these kinds of issues can all prove problematic for a woman who wants to save for retirement. With the right financial team at your side, you won’t just be saving for retirement and possible health expenses, but will also work on creating safety nets like other savings plans to help you when unexpected situations occur.

Fewer working years on average for women also impacts Social Security payments. While you can start taking your payments there as early as age 62, this is at a reduced dollar amount. Women who might need to exit the workforce sooner than men may realize their retirement is underfunded and will turn to Social Security at a younger age to bridge the gap. If you plan to take benefits early but keep working, bear in mind that you need to plan for how much you can make before benefits are reduced. In 2022, for example, the earnings limit is $19,560. After that, one out of every $2 earned will be withheld by SSA.

If you wait to claim your benefits until your full retirement age, you can do so without any impact on your other earnings. What this highlights is the importance of having multiple options in your plan as a woman. You might outlive your spouse but will need to provide for yourself. On top of that, you might have your own health challenges or want to leave specific assets behind for your children or grandchildren.

Knowing all the options available to you and continually revisiting your plan with a financial expert is strongly recommended. Contact our office today to start building your own blueprint for the future.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Tax Season Is Over—Now What? Smart Financial Moves to Make After Filing

Tax filing season may be behind you, but important financial planning opportunities remain. Here’s what business owners and families should consider next. Tax Season Is Over—Now What? For many, the tax filing deadline brings a sense of relief. Documents ...

<p>The post Tax Season Is Over—Now What? Smart Financial Moves to Make After Filing first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Out-of-State Trusts: What They Are and How They Can Support Long-Term Wealth Planning

Learn how out-of-state trusts work, their potential benefits, and key considerations for business owners and families seeking tax efficiency, asset protection, and legacy planning. Out-of-State Trusts: A Strategic Tool for Modern Wealth Planning For business owners, executives, and multigenerational families, managing wealth across ...

<p>The post Out-of-State Trusts: What They Are and How They Can Support Long-Term Wealth Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

How to Protect Yourself from Financial Scams: A Practical Guide for Individuals and Families

Learn how to identify, avoid, and respond to financial scams with practical strategies designed to protect your wealth and personal information. How to Protect Yourself from Financial Scams: A Practical Guide Financial scams are becoming increasingly sophisticated, targeting individuals and families across all income levels. Whether through phone calls, emails, social media, or even trusted-looking websites, bad actors are constantly ...

<p>The post How to Protect Yourself from Financial Scams: A Practical Guide for Individuals and Families first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>