More women are working than ever before, but their average benefits are lower than those for men because women typically earn less over their lifetime. In addition, falling marriage rates mean fewer women are in a position to claim spouse’s and survivor benefits.

Here are some important points for women to consider when planning to apply for Social Security benefits:

Claiming Benefits

Benefits can be reduced by up to 30% if you claim as soon as you are eligible, before your full retirement age. If you have other income sources you can use after retirement, such as a 401(k) or IRA, you can delay claiming your Social Security benefits. This delay will result in increased monthly benefits when you do begin receiving them. The increased monthly amount can have a positive impact on your financial security because you will receive a greater amount for the rest of your life.

Your Health

Delaying your claiming age makes sense if you are in good health. If you are in poor health, it may make sense to claim earlier.

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