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Retirement Simplified is the leading Retirement Financial Wellness solution for credit unions. We provide patent-pending financial tools, including our exclusive Retirement Score, along with timely education that reflects the latest changes in Social Security, Medicare, Retirement Savings Accounts, and more.

Retirement All In One Place

When you&rsquo;re retired, protecting the money you&rsquo;ve built up over your working years is critical. Fortunately, there are several government programs designed to help ensure that individuals have access to their cash when they need it, no matter what happens to your financial institution.

About This Class

You might have seen signs at your credit union or bank related to the National Credit Union Administration (NCUA)1 or the Federal Deposit Insurance Corporation (FDIC)2 and the government-backed insurance they provide to financial institutions. They are two different agencies that serve a similar purpose.
Simply put, both the FDIC and NCUA insure customer deposits from loss in the event of a failure. If your institution runs out of cash or goes out of business, you as a customer won&rsquo;t lose a dime and will typically be able to access your funds within a matter of days. The difference is that the FDIC covers federally insured banks, while the NCUA covers federally insured credit unions.
A third, related organization, the Securities Investor Protection Corporation (SIPC)3, protects investors in public securities in the event of a brokerage firm failure. We&rsquo;ll go into the differences later, but know that, although the SIPC was created by law, it is a non-profit membership organization and not part of the U.S. Federal Government. Nor does it offer similar types of protection as the FDIC and NCUA.
Given that trillions of dollars are held in U.S. bank and credit union accounts, the financial protection that these organizations provide is a critical part of the health and success of the U.S. financial system.
In this class, we&rsquo;ll review the different types of government and non-governmental insurance programs that are available to protect your assets, including the differences that matter most to both current retirees and pre-retirees.
Here&rsquo;s what you&rsquo;ll learn:
<ul>
<li dir="ltr" aria-level="1">
Three main types of government insurance programs, including what they cover and what limits apply.
</li>
<li dir="ltr" aria-level="1">
The different types of financial instruments, and what protections apply to each of them.
</li>
<li dir="ltr" aria-level="1">
Details on each program, including NCUA, FDIC and SIPC.
</li>
</ul>
First, let&rsquo;s look at the three different types of government insurance and financial protection programs available to Americans &ndash; including those offered by the NCUA, the FDIC and SIPC.
<h4 dir="ltr">SOURCES:</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Consumers.&rdquo; NCUA, 19 September 2022, <a href="https://ncua.gov/consumers">https://ncua.gov/consumers</a>. Accessed 17 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Consumer Resource Center.&rdquo; FDIC, 3 March 2023, <a href="https://www.fdic.gov/resources/consumers/index.html">https://www.fdic.gov/resources/consumers/index.html</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;SIPC.&rdquo; SIPC, 2023, <a href="https://www.sipc.org/">https://www.sipc.org/</a>. Accessed 16 March 2023.
</li>
</ol>

As mentioned previously, the NCUA is a government agency that works exclusively with federally insured credit unions to1:
<ol>
<li dir="ltr" aria-level="1">
Protect their members from financial losses in the event of an institutional failure
</li>
<li dir="ltr" aria-level="1">
Raise awareness of potential fraud
</li>
<li dir="ltr" aria-level="1">
Facilitate access to affordable financial services
</li>
<li dir="ltr" aria-level="1">
Educate consumers on the importance of personal finance
</li>
</ol>
Although its mission is broad, the NCUA is best known for the insurance protections it provides to credit union members, which it manages through what is known as the National Credit Union Share Insurance Fund (NCUSIF)2. An independent government agency that is &ldquo;backed by the full faith and credit of the U.S. government,&rdquo; the NCUA is funded completely by participating credit unions.
As of 2021, the NCUA insured more than $2 trillion in assets for some 129 million members spread across 4,942 U.S. credit unions.3
Under the terms of NCUSIF, every credit union customer is insured against losses of up to $250,000 per person, per insured credit union, for each account ownership category.4 The agency is also tasked with conducting regular operational reviews of all federally insured credit unions to ensure that they are not at risk, and can take steps to prevent a failure when necessary.
Different types of accounts are handled in different ways.
<h2 dir="ltr">Single Accounts5</h2>
As mentioned, the NCUSIF provides the owner of every single ownership account with up to $250,000 in coverage. The types of accounts classified under this category include regular credit union share accounts (which are similar to bank checking and savings accounts), money market accounts, and share certificates (an interest earning account similar to a bank Certificate of Deposit, or CD). If you have $250,000 or less spread across all of those different account types at the same credit union, the NCUA has you fully covered.
If a member has more than $250,000 at any single credit union, several options are available for additional share insurance coverage because, as discussed in greater detail below, the NCUSIF provides separate insurance for other accounts.
What if you have more? There are some options.
<h2 dir="ltr">Joint Accounts6</h2>
A joint account at a credit union is simply a share account, money market account, or share certificate account that is jointly owned by two members. The key thing to note with joint accounts is that the NCUSIF provides each account holder with $250,000 in coverage. That means, in the event of a failure, a two-person joint account with no beneficiaries would have coverage up to $500,000.&nbsp;
Also note: This coverage is in addition to any coverage available for other accounts at the same credit union, such as individual accounts or retirement accounts.
<h2 dir="ltr">Retirement Accounts7</h2>
Credit union members are also protected from losses affecting their Traditional and Roth Individual Retirement Accounts (IRAs), even if they are held at the same credit union as their covered share accounts. As with other account types, IRAs are insured up to $250,000 total &ndash; but know that if you have both a traditional and Roth IRA at one credit union, the $250,000 will be spread across both. The same protection applies to Keogh plans, which are tax-deferred plans similar to 401(k)s that are available to self-employed individuals.
As with joint accounts, however, NCUA coverage of retirement accounts is separate from your primary individual accounts. That means that you can be covered in an individual or joint account and enjoy up to an additional $250,000 in coverage for your retirement accounts, plus another $250,000 if you have a Keogh, as well.
<h2 dir="ltr">Trust Accounts8</h2>
Things get a little more complicated when dealing with trusts, as the NCUSIF provides separate coverages for Revocable and Irrevocable Trusts, impacting how each are structured. This includes informal trust accounts that are created when payable on death (POD) beneficiaries are added to accounts. For example, a revocable trust with three beneficiaries would get $250,000 in coverage for each beneficiary, totaling $750,000 in all. For an irrevocable trust, coverage is based on the interest of each beneficiary in the account, totaling $250,000 per individual across however many accounts they have an interest in.
Again, NCUA&rsquo;s trust account coverage is separate from the coverage offered on individual, joint and retirement accounts.
<h4 dir="ltr">SOURCES</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Consumers.&rdquo; NCUA, 19 September 2022, <a href="https://ncua.gov/consumers">https://ncua.gov/consumers</a>. Accessed 17 March 2023.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
<li dir="ltr" aria-level="1">
&ldquo;National Credit Union Association 2021 Annual Report.&rdquo; NCUA, 15 February 2022, <a href="https://ncua.gov/files/annual-reports/annual-report-2021.pdf">https://ncua.gov/files/annual-reports/annual-report-2021.pdf</a>. Accessed 17 March 2023.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Share Insurance Fund Overview.&rdquo; NCUA, 10 August 2021, <a href="https://ncua.gov/support-services/share-insurance-fund">https://ncua.gov/support-services/share-insurance-fund</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Share Insurance.&rdquo; Mycreditunion.gov, 10 February 2023, <a href="https://mycreditunion.gov/share-insurance?_gl=1*7jj5z6*_ga*MTQ3ODQ0MjQxNC4xNjc4OTg5MzY0*_ga_EZT0GVNQ3Q*MTY3ODk5NDY4Ni4zLjEuMTY3ODk5NjA4Ny4wLjAuMA..">https://mycreditunion.gov/share-insurance</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;How Your Accounts Are Federally Insured.&rdquo; NCUA, February 2018, <a href="https://ncua.gov/files/publications/guides-manuals/NCUAHowYourAcctInsured.pdf">https://ncua.gov/files/publications/guides-manuals/NCUAHowYourAcctInsured.pdf</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
</ol>

Similar to the NCUA, the FDIC provides a number of services to protect federally insured banks and their customers1. An independent government agency, the FDIC was created by Congress to &ldquo;maintain stability and public confidence in the nation&rsquo;s financial system.&rdquo;2&nbsp;
It does this through:
<ul>
<li dir="ltr" aria-level="1">
Deposit insurance to protect customers from losses in the event their bank fails
</li>
<li dir="ltr" aria-level="1">
Supervises financial institutions for &ldquo;safety, soundness, and consumer protection&rdquo;
</li>
<li dir="ltr" aria-level="1">
Restructuring important banks to prevent failures
</li>
<li dir="ltr" aria-level="1">
Managing the receivership process for financial institutions
</li>
</ul>
The FDIC was created in 1933 in response to the financial upheaval of the 1920s and 1930s, which was capped with the start of the Great Depression. Hundreds of thousands of Americans lost their savings in those years, turning a financial crisis into a national concern. However, as the agency likes to say, since its insurance programs began in 1934, &ldquo;no depositor has lost a single penny of insured funds due to bank failure.&rdquo;&nbsp;
Like the NCUA, FDIC insures bank account balances up to $250,000, per depositor, per insured bank, for each category of account. The categories, according to FDIC rules, include single accounts, joint accounts, retirement accounts, trust accounts, etc. For those who have multiple accounts in different ownership categories, they may qualify for $250,000 for each of those accounts.3&nbsp;
Broadly speaking, however, FDIC insurance covers: 
<ul>
<li dir="ltr" aria-level="1">
Checking accounts
</li>
<li dir="ltr" aria-level="1">
Savings accounts
</li>
<li dir="ltr" aria-level="1">
Money Market Deposit Accounts
</li>
<li dir="ltr" aria-level="1">
Certificates of Deposit (CDs)
</li>
<li dir="ltr" aria-level="1">
Cashier's checks, money orders, and other official items issued by a bank
</li>
</ul>
FDIC insurance does not cover:
<ul>
<li dir="ltr" aria-level="1">
Stocks&nbsp;
</li>
<li dir="ltr" aria-level="1">
Bonds&nbsp;
</li>
<li dir="ltr" aria-level="1">
Mutual funds
</li>
<li dir="ltr" aria-level="1">
ETFs
</li>
<li dir="ltr" aria-level="1">
Crypto&nbsp;
</li>
<li dir="ltr" aria-level="1">
Life insurance policies
</li>
<li dir="ltr" aria-level="1">
Annuities
</li>
<li dir="ltr" aria-level="1">
Municipal securities
</li>
<li dir="ltr" aria-level="1">
Safe deposit boxes or their contents&nbsp;
</li>
<li dir="ltr" aria-level="1">
U.S. Treasury bills, bonds or notes
</li>
</ul>
Your coverage will depend on which ownership category you account falls under.
<h2 dir="ltr">Single Accounts4</h2>
All single accounts that are associated with the same person, without named beneficiaries, at the same bank are all added together and insured up to $250,000. This can include checking accounts, savings accounts, money market deposit accounts and CDs. All of these types of accounts owned by one person are lumped into that $250,000 in FDIC coverage.
<h2 dir="ltr">Joint Accounts5</h2>
The FDIC considers a joint account to be a deposit account that&rsquo;s owned by two or more people, without named beneficiaries. Each co-owner's shares of every joint account at the same insured bank are added together and insured up to $250,000.&nbsp;
To qualify for joint account coverage, however, all owners of the account must still be alive, share equal access to the account, have equal right to make withdrawals, and have signed the signature card when they opened the account.
<h2 dir="ltr">Retirement Accounts6</h2>
Retirement accounts are handled a little differently by the FDIC, since the agency only covers certain types of retirement accounts.&nbsp;
Simply put, FDIC insurance only applies to retirement accounts where plan participants can direct how their money is invested. This includes both Traditional and Roth Individual Retirement Accounts (IRAs), self-directed 401(k) or profit-sharing plans, self-directed Keogh plans for self-employed individuals and Section 475 deferred compensation plans, whether self-directed or not. Pensions and other defined benefit plans are not covered by FDIC insurance.
Provided your account qualifies, the FDIC covers retirement accounts owned by the same person, at the same back, up to $250,000 total across all accounts.
<h2 dir="ltr">Trust Accounts7</h2>
Like the NCUA, the FDIC covers different types of trust accounts in different ways. Revocable Trust Accounts are covered up to $250,000 per owner, per beneficiary, meaning a larger trust can be fully covered as long as it is spread across enough beneficiaries, each covered up to $250,000. For Irrevocable Trust Accounts, FDIC coverage is based on the interest of each beneficiary in the account, totaling $250,000 per individual across however many accounts they have an interest in.
Again, NCUA&rsquo;s trust account coverage is separate from the coverage offered on individual, joint and retirement accounts.
<h4 dir="ltr">SOURCES</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Consumer Resource Center.&rdquo; FDIC, 3 March 2023, <a href="https://www.fdic.gov/resources/consumers/index.html">https://www.fdic.gov/resources/consumers/index.html</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;About the FDIC.&rdquo; FDIC, <a href="https://www.fdic.gov/">https://www.fdic.gov/</a>. Accessed 17 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Understanding Deposit Insurance.&rdquo; FDIC, 13 July 2020, <a href="https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html">https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html</a>. Accessed 17 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Are My Deposit Accounts Insured by the FDIC?&rdquo; FDIC, 14 March 2023, <a href="https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html">https://www.fdic.gov/resources/deposit-insurance/financial-products-insured/index.html</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
</ol>

Unlike both the NCUA and FDIC, the Securities Investor Protection Corporation (SIPC) is not a government agency or entity. It was created by the government but functions as a non-profit member organization of brokerage firms. In the event a member firm fails, SIPC steps in and protects the securities and cash in each of the firm&rsquo;s customers&rsquo; accounts up to $500,000, including up to $250,000 protection for uninvested cash.1
But, SIPC is far from just &ldquo;the FDIC for investment accounts.&rdquo; That means it won&rsquo;t step in to protect you in the case of market swings or if your investments lose value. It is only responsible for protecting against the loss of cash and securities held at SIPC member brokerage firms. It essentially acts as an agent to restore customer accounts when the liquidation of their brokerage firm begins, all funded by fees paid by member firms.
Sell stock at a loss? SIPC won&rsquo;t cover you. Buy shares in a company that goes bankrupt? The SIPC can&rsquo;t help. Take bad investment advice from a broker? Again, the SIPC can&rsquo;t recover those losses for you. SIPC was not created to protect against risk, but rather against potential losses when a financially unstable brokerage firm goes out of business.
<h2 dir="ltr">How SIPC Defines Securities2</h2>
While the definition of &ldquo;security&rdquo; can be broad, the SIPC generally protects investors in:
<ul>
<li dir="ltr" aria-level="1">
Stocks
</li>
<li dir="ltr" aria-level="1">
Bonds
</li>
<li dir="ltr" aria-level="1">
Treasuries
</li>
<li dir="ltr" aria-level="1">
Mutual funds
</li>
<li dir="ltr" aria-level="1">
Money market mutual funds
</li>
<li dir="ltr" aria-level="1">
Certificates of Deposit
</li>
</ul>
And other investable assets purchased through a brokerage firm. It does not protect against firm losses in commodity futures contracts, currency trades, or investment contracts.
In order for SIPC to protect your investment, your brokerage firm needs to be a SIPC member, you need to have securities held at that brokerage firm, or you need to have cash at your brokerage firm waiting to buy securities. SIPC won&rsquo;t protect you if your broker isn&rsquo;t an SIPC member, you experience a market loss, your investment performance doesn&rsquo;t live up to your expectations or if you are investing in commodities or futures contracts.3
If your account does qualify, the SIPC will handle it differently depending on how it is structured.
<h2 dir="ltr">Individual Accounts4</h2>
If your brokerage firm fails, the SIPC will protect the cash in your brokerage account up to $500,000, including up to $250,000 to replace cash that was sitting on the sidelines in your account to buy securities later.
In the event you have two joint accounts &ndash; say, one in your own name and another held for the benefit of your minor child &ndash; you won&rsquo;t get double the coverage. The $500,000 will be treated as a single account for the purpose of SIPC protection.
<h2 dir="ltr">Joint Accounts5</h2>
Unlike the NCUA and FDIC, which both cover joint accounts based on the number of owners &ndash; each getting full coverage themselves &ndash; SIPC protection treats a joint account as a single customer no matter how many owners it has. The $500,000 limit still applies. One exception is when you have multiple joint accounts with different co-owners &ndash; maybe one with a spouse and another with an adult child. In that case the different joint accounts would be eligible for separate coverage from the SIPC.
<h4 dir="ltr">SOURCES</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Introduction for Investors.&rdquo; SIPC, <a href="https://www.sipc.org/for-investors/introduction">https://www.sipc.org/for-investors/introduction</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;What SIPC Protects.&rdquo; SIPC, <a href="https://www.sipc.org/for-investors/what-sipc-protects">https://www.sipc.org/for-investors/what-sipc-protects</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Introduction for Investors.&rdquo; SIPC, <a href="https://www.sipc.org/for-investors/introduction">https://www.sipc.org/for-investors/introduction</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Investor FAQs.&rdquo; SIPC, <a href="https://www.sipc.org/for-investors/investor-faqs">https://www.sipc.org/for-investors/investor-faqs</a>. Accessed 16 March 2023.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
</ol>

When it comes to protecting your money from a failing financial institution, it helps to understand what entities cover what types of holdings.
<h2 dir="ltr">The NCUA Covers Credit Union Accounts Including&hellip;</h2>
<ul>
<li dir="ltr" aria-level="1">
Checking accounts
</li>
<li dir="ltr" aria-level="1">
Savings accounts
</li>
<li dir="ltr" aria-level="1">
Certificates of Deposit (CDs)
</li>
<li dir="ltr" aria-level="1">
Money Market Deposit Accounts
</li>
<li dir="ltr" aria-level="1">
Cashier's checks, money orders, etc
</li>
<li dir="ltr" aria-level="1">
Money market demand accounts
</li>
</ul>
<h2 dir="ltr">The FDIC Covers Bank Accounts Including&hellip;</h2>
<ul>
<li dir="ltr" aria-level="1">
Checking accounts
</li>
<li dir="ltr" aria-level="1">
Savings accounts
</li>
<li dir="ltr" aria-level="1">
Certificates of Deposit (CDs)
</li>
<li dir="ltr" aria-level="1">
Money Market Deposit Accounts
</li>
<li dir="ltr" aria-level="1">
Cashier's checks, money orders, etc
</li>
<li dir="ltr" aria-level="1">
Money market demand accounts
</li>
</ul>
<h2 dir="ltr">The SIPC Covers Losses Associated with a Brokerage Firm Failure Impacting&hellip;</h2>
<ul>
<li dir="ltr" aria-level="1">
Stocks
</li>
<li dir="ltr" aria-level="1">
Bonds
</li>
<li dir="ltr" aria-level="1">
Treasuries
</li>
<li dir="ltr" aria-level="1">
Mutual funds
</li>
<li dir="ltr" aria-level="1">
Money market mutual funds
</li>
<li dir="ltr" aria-level="1">
Certificates of Deposit
</li>
</ul>
The important thing to remember when it comes to the failure of a financial institution is that you are not alone. There are safeguards in place to not only prevent the failures of banks, credit unions, and brokerage firms, but also restore your deposits (to a point) in case the worst does happen.
Just keep in mind:
<ul>
<li dir="ltr" aria-level="1">
What types of assets you have&nbsp;
</li>
<li dir="ltr" aria-level="1">
What types of financial institutions you have accounts with and what protections apply to each of them
</li>
<li dir="ltr" aria-level="1">
The coverage limits on each of your accounts
</li>
<li dir="ltr" aria-level="1">
How that protection might (or might not) impact your beneficiaries
</li>
</ul>

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When you’re retired, protecting the money you’ve built up over your working years is critical. Fortunately, there are several government programs designed to help ensure that individuals have access to their cash when they need it, no matter what happens to your financial institution.

As a woman, maximizing your Social Security benefits requires navigating specific challenges.

Social Security is likely your largest retirement asset as a woman. In fact, women represent a large percentage of retirees on Social Security benefits: 55.3% of beneficiaries 62 and older are women. In general, though, their benefits are about 20% less than the benefits men receive.1&nbsp;
On top of that, women generally live longer than men. Women who reached age 65 in 2019 were expected to live 21.5 years longer, while men who reached age 65 were only expected to live 18.9 years longer.2
Due to marriage and caretaking, women often spend less time in the workforce than men or have lower-paying jobs. The combination of women&rsquo;s longevity and lower long-term earnings mean that women have special considerations when it comes to retirement planning with Social Security.
This class will address some of the specific challenges women face when it comes to Social Security. You&rsquo;ll learn:
<ul>
<li dir="ltr" aria-level="1">
How Social Security works, including how Social Security benefits are calculated and when you can elect to receive benefits.
</li>
<li dir="ltr" aria-level="1">
Scenarios women may encounter when claiming Social Security, including how being single, married or divorced impacts your Social Security benefits.
</li>
<li dir="ltr" aria-level="1">
How Social Security works for public sector employees, including teachers.
</li>
<li dir="ltr" aria-level="1">
How Social Security benefits are taxed and what to expect.
</li>
</ul>
<h4 dir="ltr">SOURCES:</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Social Security Is Important to Women.&rdquo; Social Security Administration, January 2021. <a href="https://www.ssa.gov/news/press/factsheets/women-alt.pdf" rel="follow noopener" target="_blank">https://www.ssa.gov/news/press/factsheets/women-alt.pdf</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
Ilbd.
</li>
</ol>

Social Security is an example of an annuity. In some ways, it can be thought of as longevity insurance. You receive income benefits for life, starting when you&rsquo;re eligible and apply for it. Your benefits are based on a formula used by the Social Security Administration and rely on your employment earnings over time.&nbsp;
Some women worry that changing their name at marriage will impact their Social Security benefits. The good news is that there is no cost for a new Social Security card that reflects your married name. Additionally, your earnings follow your Social Security number, not your name, so changing your name won&rsquo;t impact your benefits.1
<h2 dir="ltr">Qualifying for Social Security2</h2>
You need to accumulate at least 40 Social Security credits over your lifetime in order to qualify for Social Security.&nbsp;
Employees receive Social Security credits as they earn money and pay Social Security and Medicare taxes. You can earn up to four credits each year. As a result, you only need to max out for 10 years in order to qualify for Social Security.&nbsp;
The amount of earned wages you need to receive a Social Security credit changes over time, but for 2023, you earn one Social Security credit for every $1,640 in eligible earnings. So, in order to earn four Social Security credits for 2023, you need to make at least $6,560. As a result of this threshold, it&rsquo;s possible for part-time employees to earn Social Security credits and qualify for benefits later.&nbsp;
<h2 dir="ltr">When Can You Elect to Receive Benefits?</h2>
It&rsquo;s possible to elect Social Security benefits as early as age 62, but that&rsquo;s not always the best idea. At that age, your benefits would be 30% lower than if you waited until your full retirement age (or FRA) to claim your benefits.&nbsp;
Wondering what your FRA would be? It&rsquo;s all based on your birth year and month, but it&rsquo;ll be somewhere between age 66 and 67 (see the table below). According to the Social Security Administration, once you reach your full retirement age, you&rsquo;re finally entitled to 100% of your benefits, which is known as your primary insurance amount (PIA).&nbsp;
Deciding when to elect Social Security can significantly impact the amount of benefits you&rsquo;ll receive, and waiting until age 70 will earn you the maximum monthly Social Security benefits.3
Claiming Social Security early will reduce your monthly benefit compared to waiting until full retirement age. If you start collecting at 62, your benefit will be permanently reduced&mdash;by approximately 30% less&mdash;than if you wait until full retirement age.&nbsp;
Then, when you hit full retirement age, you can choose to delay your benefits even further for an even better benefit: delaying benefits from your FRA up until age 70 will increase your monthly benefits by as much as 8% each year. That means you can amass a potential increase of 24% to 32%, which can be a substantial amount. However, it&rsquo;s important to keep in mind that there is no additional increase in benefits past age 70. The decision to claim early comes down to choosing a lower monthly benefit over a longer period of time or a larger monthly benefit for fewer years.4&nbsp;
To recap, if you were to opt to receive benefits at 62, you would receive 70% of your primary insurance amount. If you wait until your full retirement age (FRA) of 67, you will receive 100% of your PIA. For every additional year up to age 70, you will receive an additional 8%, totaling up to 124% of your original PIA.4 Note that this applies to your own benefits that you&rsquo;ve worked for, not spousal or survivor benefits, which come with different rules.&nbsp;
Let&rsquo;s assume your initial PIA is $2,500 at full retirement age. Below is an example of how your benefits can increase or decrease based on election age.
<img alt="undefined" src="https://lh4.googleusercontent.com/-E_3wi5cUJAtA_ojoZKZSvGAVKXefTZCT8rSNFDAsDd0AvdfVos2QRaLUd_6p2_IiKFwoEE5-Buw_jHNC5POP0lD7and7WNi4upeed4yWLCFVUqSd2FwNvqde6n5DAfjDnbxnyLBrclIitLHNsA0JZM" width="356" height="287">
<h2 dir="ltr">How Social Security Benefits are Calculated&nbsp;</h2>
Your monthly Social Security benefit isn&rsquo;t based on the Social Security credits you earn over time. If you accumulate more than 40 credits, you won&rsquo;t see a higher benefit. Instead, your monthly Social Security payment is based on your income over time.5,6
To calculate benefits, the Social Security Administration takes your highest 35 years of earnings. However, due to inflation, your benefits are based on what is called &ldquo;average indexed monthly earnings.&rdquo;&nbsp;
Because Social Security benefits are calculated based on your income, women have greater challenges when it comes to receiving benefits. In general, they end up with 20% lower Social Security benefits than men, in part because women are more likely to take time out of the workforce, work part-time around caregiving duties and have lower-wage jobs.
Women are often expected to provide caregiving duties&mdash;at the expense of their earning power&mdash;and this may reduce Social Security benefits. Various studies indicate that:
<ul>
<li dir="ltr" aria-level="1">
A woman with one child earns, on average, 28% less over her career compared to a woman who doesn&rsquo;t have children.6 This disparity is often attributed to time out of the workforce. Men do not earn less after having children.
</li>
<li dir="ltr" aria-level="1">
Women are more likely than men to leave the workforce early to care for an aging parent, potentially resulting in about $142,000 in lost wages.7
</li>
</ul>
<h2 dir="ltr">Social Security Disability Benefits</h2>
Social Security also offers disability benefits to those who aren&rsquo;t at retirement age but can no longer work.8 The credit requirement for Social Security disability benefits is lower and based on your age and how many credits you earned in the years immediately prior to the beginning of your disability:
<ul>
<li dir="ltr" aria-level="1">
Before age 24: You need to have earned six Social Security credits in the three years prior to becoming disabled.
</li>
<li dir="ltr" aria-level="1">
Age 24 to 31: Credits needed are based on working half the time from age 21 until your disability began. For example, if you become disabled at age 29, you would need four years&rsquo; worth of employment (half of eight), or 16 credits.
</li>
<li dir="ltr" aria-level="1">
Age 31+: You normally need to accumulate at least 20 credits in the previous 10 years before the beginning of the disability.
</li>
</ul>
Once again, the highest-earning years, based on indexed earnings, are used to calculate your benefit.
<h2 dir="ltr">What happens if you go back to work during retirement?&nbsp;</h2>
It&rsquo;s possible to collect Social Security benefits even while you work.9 However, you might end up with reduced benefits, based on how much money you make during the year.
The Social Security Administration has a limit, based on whether you&rsquo;re under full retirement age or whether you&rsquo;ve reached full retirement age.&nbsp;
For 2023, if you are under your full retirement age, the annual limit to receive your full benefit payment while working is $21,240. If you make more than that amount of money, your monthly benefit will be reduced by $1 for every $2 above the threshold.&nbsp;
On the other hand, if you will reach full retirement age in 2023 and you earn more than $56,520 prior to the month when you reach full retirement age, you will see a benefit reduction of $1 for every $3 over the limit.
The good news is that once you reach full retirement age, you can receive your Social Security benefits no matter how much you make.
When considering how long to work and when to start taking benefits, think about the potential for reductions in your benefits. While you work, you will continue to pay Social Security taxes, so there&rsquo;s the potential to see an increase in monthly benefits down the road, based on how much you&rsquo;re paying in&mdash;even if you are receiving Social Security benefits.
<h4 dir="ltr">SOURCES:</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Social Security for Women.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/people/women/">https://www.ssa.gov/people/women/</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Social Security Credits.&rdquo; Social Security Administration.&nbsp;
</li>
<li dir="ltr" aria-level="1">
&ldquo;Delayed Retirement Credits.&rdquo; SSA, Social Security Administration, www.ssa.gov/benefits/retirement/planner/delayret.html. Accessed 1 May 2021.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Retirement Benefits.&rdquo; SSA, Social Security Administration, www.ssa.gov/benefits/retirement/planner/1960.html. Accessed 1 May 2021.<a href="https://www.ssa.gov/benefits/retirement/planner/credits.html">https://www.ssa.gov/benefits/retirement/planner/credits.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Social Security Benefit Amounts.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/oact/cola/Benefits.html">https://www.ssa.gov/oact/cola/Benefits.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Benefit Calculation Examples for Workers Retiring in 2023.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/oact/ProgData/retirebenefit1.html">https://www.ssa.gov/oact/ProgData/retirebenefit1.htm</a>l. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;How Much Does Motherhood Cost Women in Social Security Benefits?&rdquo; SSRN.com. 9 October 2017. <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3048891">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3048891</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Social Security Credits.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/benefits/retirement/planner/credits.html">https://www.ssa.gov/benefits/retirement/planner/credits.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Frequently Asked Questions.&rdquo; Social Security Administration. 3 January 2023. <a href="https://faq.ssa.gov/en-us/Topic/article/KA-01921">https://faq.ssa.gov/en-us/Topic/article/KA-01921</a>. Accessed 28 February 2023.
</li>
</ol>

Here are some items to consider when it comes to claiming Social Security retirement benefits as a woman. You can use the Social Security Administration&rsquo;s benefits calculator to help you run the numbers.
<h2 dir="ltr">Single Women</h2>
Review your work history and confirm that you have enough credits to claim Social Security benefits. Consider other sources of retirement income, including your 401(k)s, IRAs and Health Savings Accounts. Pay attention to your tax situation as well.&nbsp;
In some cases, if you have a traditional retirement account, it can make sense to delay taking Social Security benefits until age 70 and instead draw down your traditional account to reduce the amount of your required minimum distributions later on.1&nbsp;
On the other hand, if you know you&rsquo;ll need Social Security benefits to meet your retirement goals, taking them early might make sense when combined with other retirement income sources. Carefully consider your circumstances as you decide when to take Social Security.
<h2 dir="ltr">Married Women2</h2>
Married women are eligible for their own earned benefits or up to 50% of their spouse&rsquo;s Social Security benefit&mdash;whichever is greater. How much you actually receive is based on your spouse&rsquo;s full retirement age and earnings, as well as whether you&rsquo;re at your full retirement age when you claim benefits.&nbsp;
For example, if your spouse&rsquo;s full retirement age is 66, your spousal benefit will be based on what their benefit would be at full retirement age. If your full retirement age is 67, and you wait until then to claim benefits, you would receive 50% of your spouse&rsquo;s benefit. However, if you claim benefits early at age 62, you would only get 32.5% of your spouse&rsquo;s benefit amount.
Keep in mind that the Social Security Administration will also look at your own earnings history. If your benefit would come out to a higher number than claiming a spousal benefit, that&rsquo;s what you get. For women who might not have worked enough during their lives to earn enough Social Security credits, or whose time out of the workforce or part-time work resulted in a much lower income, claiming spousal benefits might make sense. Run the numbers to see how to get the best benefit and coordinate your benefits with your spouse&rsquo;s situation and sources of retirement income.&nbsp;
Finally, it&rsquo;s important to understand the impact of a government pension on spousal benefits. If you&rsquo;re a public employee that receives a pension that doesn&rsquo;t involve Social Security coverage, your spousal benefits can be reduced.&nbsp;
<h2 dir="ltr">Divorced Women3</h2>
Interestingly, divorced women can also claim spousal benefits based on a former spouse&rsquo;s income. This won&rsquo;t reduce the former spouse&rsquo;s benefit. You can file for spousal benefits based on your ex-spouse&rsquo;s earnings if you meet the following criteria:
<ul>
<li dir="ltr" aria-level="1">
You were married for at least 10 years
</li>
<li dir="ltr" aria-level="1">
You aren&rsquo;t currently married
</li>
</ul>
You can claim benefits starting at age 62 as long as your ex-spouse is eligible for benefits. Your ex doesn&rsquo;t even need to be claiming their own benefits for you to make a claim. However, you must be divorced for at least two years to claim benefits before your ex does.
If you have more than one former spouse that you were married to for at least 10 years, you can choose which ex-spouse&rsquo;s earnings to consider for spousal benefits. Compare your spousal benefit to your own benefit to determine which is best for you.
It&rsquo;s also possible to claim survivor benefits if your ex-spouse dies and you haven&rsquo;t remarried.
<h2 dir="ltr">Widowed Women4</h2>
You can receive a survivor benefit if you&rsquo;re at least 60 (or at least 50, if you&rsquo;re disabled) and your spouse dies. In general, a widow can receive up to 100% of the spousal benefit. If you&rsquo;re under full retirement age, though, you might not receive the entire spousal benefit if you file as a widow. You can also file for the benefit if your spouse died prior to reaching retirement age. However, you&rsquo;ll get a bigger benefit based on their work history if you wait until your own full retirement age before applying.
If your spouse dies after you began receiving your spousal benefit, you need to let the Social Security Administration know so they can convert your spousal benefit to a survivor&rsquo;s benefit. If you were receiving 50% of your spouse&rsquo;s benefit, and then your spouse dies, you can then bump that up to 100% of your spouse&rsquo;s benefit.
However, it&rsquo;s still important to prepare for your spouse&rsquo;s passing. If your spouse was receiving $2,000 per month and you were receiving a spousal benefit of $1,000, your total benefit, together, was $3,000. Now that your spouse has passed, your total benefit is $2,000. You will need to make up the difference in other ways.
Learn more in our class &ldquo;<a href="/retirement-school/retirement-planning-when-a-spouse-dies" rel="follow noopener" target="_blank">Retirement Planning When a Spouse Dies</a>.&rdquo;
<h4 dir="ltr">SOURCES:</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;Delayed Retirement Credits.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/benefits/retirement/planner/delayret.html">https://www.ssa.gov/benefits/retirement/planner/delayret.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Benefits for Spouses.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/oact/quickcalc/spouse.html">www.ssa.gov/oact/quickcalc/spouse.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;The Retirement Prospects of Divorced Women.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/policy/docs/ssb/v72n1/v72n1p11.html">https://www.ssa.gov/policy/docs/ssb/v72n1/v72n1p11.html</a>. Accessed 28 February 2023.&nbsp;
</li>
<li dir="ltr" aria-level="1">
&ldquo;If You Are A Survivor.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/benefits/survivors/ifyou.html">https://www.ssa.gov/benefits/survivors/ifyou.html</a>. Accessed 28 February 2023.
</li>
</ol>

Another consideration in receiving Social Security benefits is whether you&rsquo;re employed in the public sector. In the past, public sector employees didn&rsquo;t earn Social Security credits because they were assumed to have different retirement arrangements.
These days, many state employees and even federal employees can opt into the Social Security system.1,2 However, earnings prior to 1983 won&rsquo;t be included in your calculations. Additionally, the federal government operates using a retirement system called the Federal Employee Retirement System, commonly known as FERS. Before 1986 however, the primary retirement system was the CSRS or Civil Service Retirement System. It&rsquo;s important to note that your social security access is based on which system you were part of if you&rsquo;re a federal or state employee.
<h2 dir="ltr">Federal and State Employees</h2>
Civil Service Retirement System
This system was created to provide civilian employees of the federal government (workers who support the government but aren&rsquo;t in the military) with a retirement package. Under CSRS, if you&rsquo;re a government employee, you&rsquo;ll likely receive<a href="https://www.investopedia.com/terms/p/pensionplan.asp" rel="follow noopener" target="_blank"> pension payments</a> from your employer. In addition, government employees grandfathered into the<a href="https://www.investopedia.com/terms/c/csrs.asp" rel="follow noopener" target="_blank"> Civil Service Retirement System (CSRS)</a> before 1984 can be provided retirement, survivor, and disability benefits.3&nbsp;
If you benefit from this act, you won&rsquo;t receive Social Security benefits when you retire because you wouldn&rsquo;t have paid into the system during your working years (but you may be able to receive Medicare if you stayed in the CSRS system after 1983). However, should your spouse be entitled to Social Security, you may still qualify for spousal Social Security benefits, though they may be reduced (more on that later).
Federal Employee Retirement System
If you&rsquo;ve spent your career working for the government, you&rsquo;re probably familiar with the<a href="https://www.opm.gov/retirement-services/fers-information/" rel="follow noopener" target="_blank"> Federal Employee Retirement System (FERS)</a>. Created in 1986 and put into effect the following year, FERS is the government&rsquo;s more modernized retirement plan that provides benefits from three different sources: a monthly annuity, Social Security, and a global retirement plan called a TSP or Thrift Savings Plan. All employees covered by FERS are eligible for Social Security.&nbsp; If FERS covers you, you contribute to Social Security similarly to private sector employees.&nbsp; The Thrift Savings Plan has similarities to a 401k, where employees can contribute up to 10% of their pre-tax savings to the plan and benefit from up to a 5% match from the Government.4
State and Local Employees
While at one time, Social Security didn&rsquo;t cover State and local employees, today, the majority of State and local government employees are covered by retirement systems maintained by the States and localities. The provisions of these plans vary from one jurisdiction to another.&nbsp; If your state has a &lsquo;Section 218 agreement&rsquo; that typically means you are covered by Social Security.&nbsp; Additionally, unless you are specifically excluded, employees hired after March 31st, 1986 are eligible for Medicare.5
<h2 dir="ltr">Teachers</h2>
While many state employees can access Social Security benefits as long as they meet the credit requirements, not all teachers still have access to the system. As of 2023, 33 states offer teachers Social Security participation. However, there are 13 states6 that have opted out of Social Security and provide teachers with pension benefits instead. These states are Alaska, California, Colorado, Connecticut, District of Columbia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Missouri, Nevada and Ohio. In Georgia, Oklahoma, Rhode Island, Texas and Utah, inclusion in Social Security varies based on your school district.
Because 74.3% of all teachers are women, this is another data point that can affect women in retirement. If you&rsquo;re a teacher that doesn&rsquo;t have access to Social Security-eligible earnings, it&rsquo;s important to understand your state&rsquo;s retirement system and how you can access pension and retirement benefits later.
Teachers'&nbsp; Social Security eligibility depends on what state and school district they work in. This is because many states offer teachers a pension in lieu of Social Security. Some states provide coverage to teachers while others do not, and a small number of states have a mixed landscape where certain districts in the state have coverage, and others do not.
For teachers who do not participate in Social Security, one of the most significant retirement benefits they don&rsquo;t receive is the spousal or survivor benefit. Not being able to collect this benefit could be damaging to educators later in life when the survivor benefit protects a surviving spouse. With women outliving men and comprising over 75% of the educator population, for those that are married, retirement planning needs to factor in a plan for when both partners are alive and for when one is a survivor.
Tip: As a teacher in a state that doesn&rsquo;t participate in Social Security
<ul>
<li dir="ltr" aria-level="1">
The Windfall Elimination Provision affects your Social Security benefits that are based on your earnings. The rule may reduce your Social Security benefit, but it will not eliminate it.
</li>
<li dir="ltr" aria-level="1">
The Government Pension Offset affects your spousal, widow or widower Social Security benefits that are based on your spouse&rsquo;s earnings.
</li>
<li dir="ltr" aria-level="1">
To learn more about these programs, read Silvur&rsquo;s class &ldquo;<a href="/retirement-school/social-security-for-government-employees" rel="follow noopener" target="_blank">Social Security Eligibility for Public Sector Employees</a>.&rdquo;
</li>
</ul>
<h4 dir="ltr">SOURCES:</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;How State and Local Government Employees are Covered by Social Security and Medicare.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/pubs/EN-05-10051.pdf" rel="follow noopener" target="_blank">https://www.ssa.gov/pubs/EN-05-10051.pdf</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Social Security Benefits for Federal Workers.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/benefits/retirement/planner/fedgovees.html" rel="follow noopener" target="_blank">https://www.ssa.gov/benefits/retirement/planner/fedgovees.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
Retirement Services CSRS Information.&rdquo; U.S. Office of Personnel Management,<a href="http://www.opm.gov/retirement-services/csrs-information/" rel="follow noopener" target="_blank"> www.opm.gov/retirement-services/csrs-information/</a>. Accessed 6 October 2022.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Retirement Services FERS Information.&rdquo; U.S. Office of Personnel Management,<a href="http://www.opm.gov/retirement-services/fers-information/" rel="follow noopener" target="_blank"> www.opm.gov/retirement-services/fers-information/</a>. Accessed 6 October 2022.
</li>
<li dir="ltr" aria-level="1">
&ldquo;How State and Local Government Employees are Covered by Social Security and Medicare&rdquo;<a href="https://www.ssa.gov/policy/docs/progdesc/sspus/govment.pdf" rel="follow noopener" target="_blank"> https://www.ssa.gov/policy/docs/progdesc/sspus/govment.pdf</a>. Accessed 6 October 2022.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Not All Teacher Retirement Is Created Equal.&rdquo; nces.edu.gov<a href="https://nces.ed.gov/programs/mapED/storymaps/TeacherSocialSecurity/index.html" rel="follow noopener" target="_blank"> https://nces.ed.gov/programs/mapED/storymaps/TeacherSocialSecurity/index.html</a> Accessed 6 October 2022
</li>
</ol>

Part of tax planning during retirement is considering taxes on Social Security benefits. Your Social Security retirement, disability and survivor benefits might be subject to taxes. As you plan for retirement and manage your income, it&rsquo;s important to stay on top of your potential tax bill.
<h2 dir="ltr">Federal vs. State Taxes on Social Security Benefits1,2</h2>
First of all, the federal government might tax a portion of your Social Security benefits. The amount of your benefits that might be taxed at the federal level depends on your filing status and income. 
<img src="https://cdn.buttercms.com/zDXT3zZNT1mGFiM6Y0Et">
However, each state handles taxes on Social Security in their own way. As of 2023, there are 39 states that won&rsquo;t tax any portion of your Social Security taxes. Here are the 11 states that levy some type of tax on a portion of your Social Security benefits:3
<ul>
<li dir="ltr" aria-level="1">
Connecticut
</li>
<li dir="ltr" aria-level="1">
Kansas
</li>
<li dir="ltr" aria-level="1">
Minnesota
</li>
<li dir="ltr" aria-level="1">
Missouri
</li>
<li dir="ltr" aria-level="1">
Montana
</li>
<li dir="ltr" aria-level="1">
Nebraska
</li>
<li dir="ltr" aria-level="1">
New Mexico
</li>
<li dir="ltr" aria-level="1">
Rhode Island
</li>
<li dir="ltr" aria-level="1">
Utah
</li>
<li dir="ltr" aria-level="1">
Vermont
</li>
<li dir="ltr" aria-level="1">
West Virginia
</li>
</ul>
Double-check your state&rsquo;s tax laws to determine how they handle taxes on Social Security benefits, as well as how they tax other types of retirement income.
<h4 dir="ltr">SOURCES:</h4>
<ol>
<li dir="ltr" aria-level="1">
&ldquo;IRS reminds taxpayers their Social Security benefits may be taxable.&rdquo; irs.gov. 9 February 2022. <a href="https://www.irs.gov/newsroom/irs-reminds-taxpayers-their-social-security-benefits-may-be-taxable" rel="follow noopener" target="_blank">https://www.irs.gov/newsroom/irs-reminds-taxpayers-their-social-security-benefits-may-be-taxable</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;Income Taxes And Your Social Security Benefit.&rdquo; Social Security Administration. <a href="https://www.ssa.gov/benefits/retirement/planner/taxes.html" rel="follow noopener" target="_blank">https://www.ssa.gov/benefits/retirement/planner/taxes.html</a>. Accessed 28 February 2023.
</li>
<li dir="ltr" aria-level="1">
&ldquo;39 States That Don&rsquo;t Tax Social Security Benefits.&rdquo; The Motley Fool. 24 December 2022.&nbsp;<a href="https://www.fool.com/retirement/2022/12/24/39-states-that-dont-tax-social-security-benefits/" rel="follow noopener" target="_blank">https://www.fool.com/retirement/2022/12/24/39-states-that-dont-tax-social-security-benefits/</a>. Accessed 28 February 2023.
</li>
</ol>

Due to a variety of factors, women experience Social Security benefits differently from men, and are more likely to have lower benefits while living longer. As a result, it&rsquo;s important for women to plan ahead and consider how to coordinate other retirement income sources, such as 401(k)s, IRAs and other accounts, with their Social Security benefits.&nbsp;
Women with partners might have other considerations, such as how to manage their benefits and spousal benefits, determining when to start taking Social Security benefits and how to handle survivor benefits.&nbsp;
<ul>
<li dir="ltr" aria-level="1">
Understand that your eligibility for Social Security depends on how long you&rsquo;ve worked and whether you&rsquo;ve accumulated enough credits. Many women earn credits slowly over time due to time out of the workforce or part-time work.
</li>
<li dir="ltr" aria-level="1">
Not all teachers and public sector workers have access to the Social Security system and may need to make alternative plans for retirement income.
</li>
<li dir="ltr" aria-level="1">
You can keep receiving Social Security benefits if you go back to work during retirement, but your monthly payment might be reduced.
</li>
<li dir="ltr" aria-level="1">
You can claim Social Security retirement benefits based on your spouse&rsquo;s work history, and it&rsquo;s even possible for divorced women to claim spousal benefits based on an ex&rsquo;s work history.
</li>
<li dir="ltr" aria-level="1">
Plan for a portion of your Social Security benefits to be taxed. Not all states tax Social Security benefits, but the federal government does once you reach a certain income threshold.
</li>
</ul>
Interested in learning more about women and retirement?&nbsp; Consider reading &ldquo;<a href="/retirement-school/early-retirement-healthcare-for-women" rel="follow noopener" target="_blank">Early Retirement Healthcare for Women</a>&rdquo; or &ldquo;<a href="/retirement-school/women-and-retirement" rel="follow noopener" target="_blank">Navigating Retirement as a Woman</a>.&rdquo;

As a woman, maximizing your Social Security benefits requires navigating specific challenges.

Medicare can be tricky but lucky for you, we break it down for new enrollees and those who simply just need a refresher.&nbsp;

We’re hard at work adding this class to our course library. Check back soon for full access to this content!

New to Medicare? Need a refresher? We&rsquo;ve got you covered. In this class, you&rsquo;ll learn the basics of Medicare, including who is eligible, the different parts of the program, what each part covers (or doesn&rsquo;t), and how to enroll.&nbsp;
Whatever your retirement plan is, chances are it will involve Medicare. After all, healthcare is one of the top expenses you&rsquo;ll have during your golden years. The average 65-year-old couple today needs about $315,000 to cover their healthcare expenses during retirement.1
Variables like your overall health and where you live could raise or lower that amount. If you have a Medicare Advantage plan and are in good health, for example, here&rsquo;s how much prescriptions drugs are estimated to cost annually in two different states:
<img src="https://cdn.buttercms.com/Eh25KNffRtag6urX5gBy" alt="undefined" />
But those amounts can skyrocket when you have a chronic condition, even if you have the same coverage. Let&rsquo;s say you have Stage 4 metastatic pancreatic cancer. Your annual prescription drugs could run you:
<img src="https://cdn.buttercms.com/BKjEIEWaSm2dlWF0OirU" alt="undefined" />
Bottom line? It pays to do your research and understand your options, so you can choose coverage that fits your lifestyle and meets your health needs. Figuring out what makes sense for you might take some time&mdash;you have several options when enrolling. But don&rsquo;t worry, this class will help you navigate the process so you get the coverage that&rsquo;s right for you.

<h4>SOURCES</h4>
<ol>
<li>&ldquo;How to Plan for Rising Health Care Costs.&rdquo; Fidelity, 29 August 2022, www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs. Accessed 22&nbsp;December 2022.</li>
</ol>

Medicare is composed of five parts, and each part covers something different.1 This means you can choose the coverage you want and avoid paying for anything you already have or don&rsquo;t need. There are two options when purchasing Medicare: a la carte or bundled. For an in-depth guide, our Understanding the Different Medicare Parts is a great resource. But in the meantime, here&rsquo;s a brief overview of each part:
<h2>Original Medicare</h2>
Original Medicare is the plan first created by the government. It's made up of Part A and Part B. You can add additional plans to Original Medicare, a la carte style, based on your healthcare needs.
<ul>
<li style="font-weight: 400;" aria-level="2">Part A. Part A helps cover expenses associated with hospital care, including inpatient stays, skilled nursing facility care, and some home health and hospice care.</li>
<li style="font-weight: 400;" aria-level="2">Part B. Part B helps cover doctor&rsquo;s visits, outpatient services, medical supplies and preventive services. Everyone pays a monthly premium for Part B.</li>
</ul>
<h2>A la Carte Plans to Add to Original Medicare</h2>
<ul>
<li style="font-weight: 400;" aria-level="2">Part D. Part D helps cover prescription drugs and many recommended shots and vaccines. In order to sign up, you must be enrolled in either Part A and/or Part B of Original Medicare. </li>
<li style="font-weight: 400;" aria-level="2">Medicare Supplement.2 Often referred to as Med Supp or Medigap, Medical Supplement plans are sold by private insurance companies and help cover out-of-pocket costs that Original Medicare doesn&rsquo;t. Examples include copayments, deductibles and coinsurance. Medigap is only available to people who are covered by Original Medicare.</li>
</ul>
<h2>Medicare Advantage (Alternative to Original Medicare)</h2>
Part C. There is an all-in-one bundled plan alternative to Original Medicare. That includes all parts along with some extra benefits. Also called Medicare Advantage, Part C is offered through private insurance companies.&nbsp;
In addition to providing Original Medicare coverage, these plans often provide additional benefits, such as vision, hearing or dental services; prescription drug coverage; or membership to a fitness club. 
Your out-of-pocket costs may also be lower but your choices of doctors and network are more restricted than Original Medicare. It&rsquo;s important to note that if your Medicare Advantage Plan does not offer a prescription drug plan, you may be eligible to enroll in Medicare Part D. However, it&rsquo;s best to connect with your plan provider before making a decision.
Throughout these lessons, we&rsquo;ll help you to understand your choices and pick the right plan for you and your healthcare needs.

<h4>SOURCES</h4>
<ol>
<li>&ldquo;Medicare &amp; You Handbook.&rdquo; Medicare, www.medicare.gov/pub/medicare-you-handbook. Accessed 12 July 2022.</li>
<li>&ldquo;What's Medicare Supplement Insurance (Medigap)?&rdquo; Medicare, www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap. Accessed 1 May 2021.</li>
</ol>

While Medicare covers an array of care and services, it doesn&rsquo;t cover everything.1 Eye exams, most dental care, dentures, hearing aids, cosmetic surgery and routine foot care are not covered under Original Medicare. Same goes for long-term care, which 70% of people2 turning 65 will need in their lifetime.
In fact, nearly 90% of the average retiree&rsquo;s out-of-pocket expenses include long-term care, doctor&rsquo;s visits, medical supplies, prescription drugs and dental services. Combined, those expenses can be significant, averaging $5,460 a year.3
<h2>Covering Out-of-Pocket Costs</h2>
Original Medicare does not put a cap on your out-of-pocket expenses. To help cover costs, you can purchase supplemental plans, like Medigap. Or you can use funds from an existing Health Savings Account (HSA), which is allowed no matter what type of coverage you have.
Pre-existing conditions could also impact how much you&rsquo;ll pay out of pocket. If you sign up for Medigap outside of your designated open enrollment period, the insurer reserves the right to wait up to six months before covering any health conditions you were diagnosed with or treated for.
Depending on your healthcare needs, the best way to limit your out-of-pocket expenses is to sign up for a Medicare Advantage plan. The maximum amount you&rsquo;ll still be responsible for can vary by plan.
Another option is to purchase a Part D plan, which can help shield you from ever-increasing prescription drug costs. If you spend $7,4004 out-of-pocket on prescription drugs in a calendar year, you&rsquo;re entitled to catastrophic coverage. This allows you to pay lower copays and coinsurance for covered drugs for the rest of the year.
It&rsquo;s a common mistake to only focus on the premiums when we sign up for a healthcare plan. But as you embark on your retirement healthcare journey, it&rsquo;s crucial that you factor in not only what's covered but also what&rsquo;s not covered by your plan. Planning how much you&rsquo;ll need to spend on out-of-pocket costs is essential.
As you continue through our Retirement School, we&rsquo;ll provide real-life examples of what these costs will look like to help you decide which plan makes sense for your health needs and financial future.

<h4>SOURCES</h4>
<ol>
<li>&ldquo;What's Not Covered by Part A &amp; Part B?&rdquo; Medicare, www.medicare.gov/what-medicare-covers/whats-not-covered-by-part-a-part-b. Accessed 1 May 2021.</li>
<li><span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Johnson, Richard W. &ldquo;What Is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?&rdquo; ASPE, 4 Apr. 2019, aspe.hhs.gov/basic-report/what-lifetime-risk-needing-and-receiving-long-term-services-and-supports.&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}" data-sheets-textstyleruns="{&quot;1&quot;:0}{&quot;1&quot;:106,&quot;2&quot;:{&quot;6&quot;:1}}{&quot;1&quot;:110}">Johnson, Richard W. &ldquo;What Is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?&rdquo; ASPE, 4 Apr. 2019, aspe.hhs.gov/basic-report/what-lifetime-risk-needing-and-receiving-long-term-services-and-supports. Accessed 1 May 2021.</li>
<li><span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Cubanski, Juliette, et al. &ldquo;How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care?&rdquo; KFF, 4 Nov. 2019, www.kff.org/medicare/issue-brief/how-much-do-medicare-beneficiaries-spend-out-of-pocket-on-health-care/.&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}" data-sheets-textstyleruns="{&quot;1&quot;:0}{&quot;1&quot;:100,&quot;2&quot;:{&quot;6&quot;:1}}{&quot;1&quot;:103}">Cubanski, Juliette, et al. &ldquo;How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care?&rdquo; KFF, 4 Nov. 2019, www.kff.org/medicare/issue-brief/how-much-do-medicare-beneficiaries-spend-out-of-pocket-on-health-care/. Accessed 12 July 2022.</li>
<li><span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;Cubanski, Juliette, et al. &ldquo;How Much Do Medicare Beneficiaries Spend Out of Pocket on Health Care?&rdquo; KFF, 4 Nov. 2019, www.kff.org/medicare/issue-brief/how-much-do-medicare-beneficiaries-spend-out-of-pocket-on-health-care/.&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}" data-sheets-textstyleruns="{&quot;1&quot;:0}{&quot;1&quot;:100,&quot;2&quot;:{&quot;6&quot;:1}}{&quot;1&quot;:103}">Catastrophic coverage, Medicare www.medicare.gov/drug-coverage-part-d/costs-for-medicare-drug-coverage/catastrophic-coverage. Accessed 20 December 2022.</li>
</ol>

Medicare is the government-sponsored health insurance program for people 65 and over and those with certain disabilities. In order to be eligible for Part A, or the program&rsquo;s hospital coverage, you must meet certain criteria.
If you&rsquo;re 65 or older, one of the following must apply:
<ul>
<li style="font-weight: 400;" aria-level="1">You or your spouse worked and paid Medicare taxes for at least 10 years.</li>
<li style="font-weight: 400;" aria-level="1">You are a U.S. citizen or permanent legal resident who has lived in the country for at least five years.</li>
<li style="font-weight: 400;" aria-level="1">You receive or are eligible to receive Social Security or railroad retirement benefits.</li>
<li style="font-weight: 400;" aria-level="1">Your spouse (living or deceased, including divorced spouses) receives or is eligible to receive Social Security or railroad retirement benefits.</li>
<li style="font-weight: 400;" aria-level="1">You or your spouse are a government employee or retiree who has paid Medicare payroll taxes while employed.</li>
<li style="font-weight: 400;" aria-level="1">You are the dependent parent of a fully insured deceased child.</li>
</ul>
If you&rsquo;re younger than 65, one of the following must apply:
<ul>
<li style="font-weight: 400;" aria-level="1">You have been entitled to Social Security disability benefits for at least 24 months (not necessarily consecutive).</li>
<li style="font-weight: 400;" aria-level="1">You receive a disability pension from the Railroad Retirement Board and meet certain conditions.</li>
<li style="font-weight: 400;" aria-level="1">You have Lou Gehrig&rsquo;s disease, also known as amyotrophic lateral sclerosis (ALS), which qualifies you immediately.</li>
<li style="font-weight: 400;" aria-level="1">You have permanent kidney failure that requires regular dialysis or a kidney transplant and one of the following applies:
<ul>
<li style="font-weight: 400;" aria-level="1">You&rsquo;re eligible for or receive monthly benefits under Social Security or the railroad retirement system.</li>
<li style="font-weight: 400;" aria-level="1">You&rsquo;ve worked long enough in a Medicare-covered government job.</li>
</ul>
</li>
<li style="font-weight: 400;" aria-level="1">You&rsquo;re the child or spouse (including a divorced spouse) of a worker (living or deceased) who has worked long enough under Social Security or in a Medicare-covered government job.</li>
<li style="font-weight: 400;" aria-level="1">You&rsquo;re the child or widow(er) age 50 or older of a worker who has been employed long enough under Social Security or in a Medicare-covered government job, and you meet the requirements of the Social Security disability program.</li>
</ul>
If you don&rsquo;t meet any of those requirements, you may be able to pay a monthly premium for coverage. Typically, you can only purchase this coverage during designated enrollment periods. The amount you pay depends on how long you or your spouse have worked and paid Medicare taxes. Every three months of work counts as one &ldquo;work credit,&rdquo; and Medicare will be free if you&rsquo;ve accrued 40 credits.
<h2>Qualifying for Medicare Part A</h2>
To get Medicare Part A in 2023, you will pay a monthly premium of either $506 (if you&rsquo;ve accrued fewer than 30 credits) or $278 (if you&rsquo;ve accrued 30 to 39 credits), unless you have 40 credits.1
If you buy Part A, you must enroll in Part B.2 That said, you can get Part B without enrolling in Part A. You would simply pay the same premium amount as anyone else enrolling. In 2023, that&rsquo;s $164.90 a month for individuals who earn $97,000 or less a year, or couples filing jointly who earn $194,000 or less a year. The rates increase for those with higher incomes.
You can also get Part D if you&rsquo;re enrolled in either Part A or Part B. The monthly premium varies by plan.
Now that you know who is eligible, let's dive into our next lesson: The Basics of Medicare Enrollment.
<h4></h4>
<h4>SOURCES</h4>
<ol>
<li>&ldquo;Part A (Hospital Insurance) costs.&rdquo; Medicare, www.medicare.gov/basics/costs/medicare-costs. Accessed 20 December 2022.</li>
<li>&ldquo;Part B (Medical Insurance) costs.&rdquo; Medicare, www.medicare.gov/basics/costs/medicare-costs. Accessed 20 December 2022.</li>
</ol>

When it comes to enrolling in Medicare or changing your plan, timing is key. If you&rsquo;re already collecting Social Security, you will automatically be enrolled in Medicare Part A and Part B. Alternatively, there are six enrollment periods&mdash;with different dates&mdash;which we&rsquo;ll break down in the class: When to Enroll in Medicare. But first, here&rsquo;s an overview of the enrollment periods to help you determine which dates to mark on your calendar.
<h2>If it&rsquo;s your first time enrolling in Medicare, here are your three enrollment options:</h2>
Initial Enrollment Period (IEP). This is the seven-month window when first-time enrollees can sign up for Medicare. Your individual IEP starts three months before you turn 65, and lasts for three months after the end of your month of birth. For example, if your 65th birthday is October 20, your IEP starts July 1 and ends January 31. During the IEP, you will choose whether to enroll in Part A and/or B, a prescription drug plan or a Medicare Advantage plan. The start of your coverage depends on when you enroll:
<img src="https://cdn.buttercms.com/0BSv5CFSzuYu9SFNM3xC" alt="undefined" />
Special Enrollment Period (SEP). Sometimes, you&rsquo;ll have extenuating circumstances and need to change your coverage, such as a move or losing insurance through an employer. In those cases, you may qualify for an SEP, which allows you to enroll or make changes to Original Medicare, Medicare Advantage or prescription drug coverage outside of the regular enrollment periods. You can enroll within two months after your special event occurred. Keep in mind that there are rules on what changes you can make and when you can make them.1
Medigap Open Enrollment Period. If you find that Original Medicare coverage doesn&rsquo;t fully fit your needs, you can purchase a Medigap policy to help cover additional costs. Medigap can help cover things like deductibles and coinsurance payments that can quickly cause your medical expenses to skyrocket.&nbsp;
You&rsquo;re entitled to a six-month enrollment period that starts the first day of the month you turn 65, and you&rsquo;ll need to be signed up for Medicare Part B in order to qualify. You can enroll in any Medigap policy sold within your state, even if you have health issues. Although you can purchase Medigap after the enrollment period ends, companies can deny you coverage based on your health.
<h2>If you&rsquo;re already enrolled in Medicare, here are your three enrollment periods:</h2>
Annual Enrollment Period (AEP). Held once a year between October 15 and December 7, AEP, or open enrollment, is when anyone can make changes to their coverage, switch to a different plan, or enroll in a Medicare plan. All changes made during this time take effect January 1. If you miss AEP, you may be able to make changes during the Medicare Advantage Open Enrollment Period or General Enrollment Period. We&rsquo;ll cover both below. Depending on your situation, you might also qualify for a Special Enrollment Period.&nbsp;
General Enrollment Period (GEP). If you missed signing up for Part A and/or Part B during your IEP, you can do so during this three-month window (January 1 to March 31). Coverage begins July 1.
Medicare Advantage Open Enrollment Period (MAOEP). If you have a Medicare Advantage plan and want to switch to a different plan or Original Medicare, this is your chance. MAOEP runs from January 1 to March 31 every year. Coverage begins the first day of the month after your new plan receives your request for coverage.
<h2>Thinking about Delaying Enrollment?</h2>
Generally speaking, unless you have another source of qualifying coverage, you must sign up for Medicare when you turn 65 or face late-enrollment penalties. Those surcharges can be steep: your monthly premium can increase by 10% for each year-long period you were eligible but didn&rsquo;t sign up.&nbsp;
More often than not, you&rsquo;ll have to pay this penalty every time you pay your premiums, for as long as you have Part B, and it increases the longer you go without that coverage.
<h2>Still Working When You&rsquo;re Eligible for Medicare?</h2>
You should enroll in Part A when you turn 65 even if you&rsquo;re covered under an employer-sponsored plan. Part A is free if you&rsquo;ve paid into the system. However, you may be able to delay enrolling in Part B if you&rsquo;re eligible for a Special Enrollment Period. But before you decide, contact your benefits administrator to see whether your insurance would work with Medicare.&nbsp;
In general, if you have health insurance from a previous employer, including COBRA and retiree coverage, Medicare recommends enrolling in Part A and Part B when you&rsquo;re first eligible. If you have health insurance through your or your spouse&rsquo;s current employer, the guidance depends on the size of your employer. If the company has 20 or more employees, you may be able to delay enrollment without being penalized. If the company has fewer than 20 employees, Medicare recommends signing up for Part A and Part B when you&rsquo;re first eligible.
In addition, you should consider enrolling in Medicare Part B if your spouse&rsquo;s employer requires covered dependents to enroll in Medicare when they turn 65 or if you&rsquo;re not married but living in a domestic partnership, and covered by your partner&rsquo;s employer health insurance. Unfortunately, these cases do not qualify you for a Special Enrollment Period where you may face late enrollment penalties.
It can be overwhelming to keep up with all these terms, dates and deadlines. But we have you covered. We&rsquo;re here to help you keep track of the key dates throughout your enrollment season.
<h4></h4>
<h4>SOURCES</h4>
<ol>
<li><span data-sheets-value="{&quot;1&quot;:2,&quot;2&quot;:&quot;&ldquo;Special Circumstances (Special Enrollment Periods).&rdquo; Medicare, www.medicare.gov/sign-up-change-plans/when-can-i-join-a-health-or-drug-plan/special-circumstances-special-enrollment-periods.&quot;}" data-sheets-userformat="{&quot;2&quot;:513,&quot;3&quot;:{&quot;1&quot;:0},&quot;12&quot;:0}" data-sheets-textstyleruns="{&quot;1&quot;:0}{&quot;1&quot;:54,&quot;2&quot;:{&quot;6&quot;:1}}{&quot;1&quot;:62}">&ldquo;Special Circumstances (Special Enrollment Periods).&rdquo; Medicare, www.medicare.gov/sign-up-change-plans/when-can-i-join-a-health-or-drug-plan/special-circumstances-special-enrollment-periods. Accessed 12 July 2022.</li>
</ol>

Generally speaking, unless you have another source of qualifying coverage, you must sign up for Medicare when you turn 65 or face late-enrollment penalties. Those surcharges can be steep: your monthly premium can increase by 10% for each year-long period you were eligible but didn&rsquo;t sign up.&nbsp;
More often than not, you&rsquo;ll have to pay this penalty every time you pay your premiums, for as long as you have Part B, and it increases the longer you go without that coverage.
<h2>Still Working When You&rsquo;re Eligible for Medicare?</h2>
You should enroll in Part A when you turn 65 even if you&rsquo;re covered under an employer-sponsored plan. Part A is free if you&rsquo;ve paid into the system. However, you may be able to delay enrolling in Part B if you&rsquo;re eligible for a Special Enrollment Period. But before you decide, contact your benefits administrator to see whether your insurance would work with Medicare.&nbsp;
In general, if you have health insurance from a previous employer, including COBRA and retiree coverage, Medicare recommends enrolling in Part A and Part B when you&rsquo;re first eligible. If you have health insurance through your or your spouse&rsquo;s current employer, the guidance depends on the size of your employer. If the company has 20 or more employees, you may be able to delay enrollment without being penalized. If the company has fewer than 20 employees, Medicare recommends signing up for Part A and Part B when you&rsquo;re first eligible.
In addition, you should consider enrolling in Medicare Part B if your spouse&rsquo;s employer requires covered dependents to enroll in Medicare when they turn 65 or if you&rsquo;re not married but living in a domestic partnership, and covered by your partner&rsquo;s employer's health insurance. Unfortunately, these cases do not qualify you for a Special Enrollment Period where you may face late enrollment penalties.
It can be overwhelming to keep up with all these terms, dates and deadlines. But we have you covered. We&rsquo;re here to help you keep track of the key dates throughout your enrollment season.

Congratulations on completing Medicare 101. We know there is a lot to digest and we&rsquo;re here to help you over the coming months and years as you continue to navigate the process. Here is what we recommend you do next:
<ol>
<li style="font-weight: 400;" aria-level="1">See how the costs of Medicare impact your retirement plan. You can personalize your health care costs in retirement through our Medicare calculator.&nbsp;</li>
<li style="font-weight: 400;" aria-level="1">Ready to dive deeper on some of the topics we reviewed in Medicare 101? Consider:</li>
<ol>
<li style="font-weight: 400;" aria-level="2"><a href="https://www.silvur.com/retirement-school/understanding-medicare-parts" rel="follow noopener" target="_blank">Understanding Medicare Parts</a>, where we dive deeper into the different parts of Medicare, or</li>
<li style="font-weight: 400;" aria-level="2"><a href="https://www.silvur.com/retirement-school/understanding-the-costs" rel="follow noopener" target="_blank">Understanding the Costs</a>, where we share some of the costs you can expect based on different plan types</li>
</ol>
</ol>
Not affiliated with the U. S. government or federal Medicare program. Not affiliated with any federal agency.

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