The coincidence of lower or no earnings and a longer life span implied many women noticed themselves in poverty when their husbands died, as their husband's Social Security retirement benefits expired at their death. The Social Security Board identified the problems that women face and have adopted several adjustments to the system over the years to account for these needs.
One important amendments to the Social Security system was to allow women to apply for benefits at 62 in place of waiting until 65 under the idea that they were younger than their spouses and that they would like to retire simultaneously.
Then in 1939 two new categories of benefits were included: Social Security survivor benefits and dependent benefits (payable to the spouse and minor children of retired employees).
These modifications converted Social Security from a retirement plan that only paid benefits to retired employees into a family-based system, where spouses and children may receive benefits of retired, disabled or departed workers. This was an enormous help to women who did not qualify for retirement benefits on their own, or who had considerably smaller benefits than their husbands.
Today, although it's not strange for women to earn as much or greater than their spouses, they still may take time off to look after families, and they still statistically live longer than their spouses. In addition, the number of divorced women attaining retirement age is higher than it has ever been. As a result of of this, a number of women still get Social Security spousal benefits or survivor benefits instead of benefits according to their own work records.
So it's necessary for women - no matter what their relationship status is - to learn the spousal and survivor benefits open to them along with the retirement benefits so they can enjoy the optimum benefits they are entitled to.
Social Security Eligibility Rules: Can A Full-Time Homemaker Collect Social Security?
When Social Security was first established, most families only had one bread-earner, and only the working spouse qualified for retirement benefits. This caused financial difficulties for the spouse who didn't work (and therefore didn't qualify for Social Security) if the working spouse passed away first.
Utilizing Government Grants In Order To Make Improvements To Your Property.
Being on the property ladder whether renting or owning your own home it can be a very expensive ordeal.
How Social Security Spousal Benefits Work
Can a spouse collect on her husband's social security if she reaches retirement age before her husband? No. In order for a wife to collect Social Security benefits on her husband's earnings the following requirements must be met:
The Best Way To Request For Social Security Benefits
Social Security was originally created to provide retirement benefits to workers, but the program has grown tremendously and now Social Security provides disability benefits, death benefits and other family benefits in addition to retirement benefits.
Social Security Survivor Benefits - What Happens To Your Social Security Income When A Spouse Passes Away
When Social Security was first established, it only paid retirement income to workers who qualified. It was later amended to include benefits for spouses and survivors, which made it more of a family or insurance plan, instead of just a retirement plan.
Three Reasons To Use A Fee Only Financial Advisors
There are three different types of financial advisors: the commission broker who sells a product for a commission, the fee-based advisor who provides investment management for a percentage of the assets invested, and the fee only financial planner who provides a comprehensive financial plan for an hourly fee.
Completely New Guidelines Suggest More Men And Women Doing Roth IRA Conversions In 2010
As we near the end of 2010, countless people have already done Roth IRA conversions, and many others are questioning if a Roth IRA conversion in 2010 is the right move for them.
