A few months ago I wrote a blog on women and retirement, consider this entry a continuation. I really don’t like the idea of planning that far ahead. I can barely make plans for the weekend but I guess I’ve reached an age when I have to start thinking about how I will take care of myself in my so-called “golden years.” I’ve been researching retirement options and was curious to know more about Social Security, so I visited their website. I found some disappointing facts and figures associated with women and retirement, which is why I’m writing this. There is a whole section on the social security website dedicated to educating women on social security benefits. Nearly 60 percent of the people receiving social security benefits are women. Here’s one reason why it’s important to think about your retirement and the future; women have longer life expectancies than men and tend to live more years in retirement. In 2007, the average annual income received from social security by women was $10,685, which works out to roughly $890 a month. Now assume for a moment that you own your own home or condo. Is it possible to get by on $890 a month? I suppose you could…if you were a frugalista. In the year 2007 unmarried women and widows age 65 and older reported that 48 percent of their total income was from Social Security benefits. Comparatively, Social Security benefits for unmarried men that year comprised 37 percent of their income.

So if you were born after 1960, you are considered eligible to receive full benefits at age 67. You are allowed to begin collecting partial benefits at age 62 and you don’t qualify for Medicaid until you’re 65. So basically we work until we’re at least 62…that’s 30 years away for me, which is why this all seems like such a foreign concept. While Social Security is an essential program the website makes it clear that it is not intended to cover all of your financial needs. So I guess it’s time for me to start planning.