I Asked ChatGPT When Women Should Start Claiming Social Security: Here’s What It Said
Written by
Jordan Rosenfeld
Edited by
Molly Sullivan
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Deciding when to take Social Security benefits can be a complex decision for anyone, but it may be slightly more involved for women entering retirement. This is because women tend to have longer life expectancies, lower earnings and a greater chance of outliving a spouse. Additionally, while equity in families is changing, historically many women have taken more time off, or chosen not to work, in favor of child care.
I wondered if ChatGPT could help me aggregate data on when women should start claiming Social Security based on all of these factors, so I asked it. Here’s what it said.
Longevity Matters More for Women
First, ChatGPT noted the important fact that women in the U.S. live significantly longer than men — on average, 81.1 years vs. 75.8 years — a gap of about 5.3 years, according to the Centers for Disease Control (CDC). At around the age when many people start taking their Social Security benefits, 65, ChatGPT said “that longevity edge persists” because women can expect to live another 20.7 years, compared to 18.2 years for men.
The Real Cost of Early Claiming
If a woman chooses to claim her benefits at age 62, the earliest age she’s eligible for, this would permanently reduce her monthly amount by up to 30% compared to full retirement age. That’s something to think about not only in terms of her own longevity, but if a spouse has frail health or her own retirement funds aren’t robust. ChatGPT said, “That smaller check could be insufficient for decades of retirement ahead.”
What Happens When You Delay Benefits
If you wait beyond full retirement age to claim, you earn delayed retirement credits, which boost your benefits by approximately 8% per year, up until age 70, ChatGPT reported, pulling data from the Social Security Administration. For example, a $1,000 monthly benefit at full retirement age could grow to $1,320 by age 70.
Women Enter Retirement With Less — and Live Longer
Despite a lot of progress, the fact is women face systemic financial disadvantages that can work against them in retirement, ChatGPT pointed out. These include lower retirement savings, fewer assets and more time out of the workforce, yet they often experience longer retirements.
“On average, retired women have about one-third less income than men, and they’re more likely to live in poverty later in life — about 10 out of every 100 women age 65 or older, compared with seven out of every 100 men,” the AI stated, drawing data from the Institute for Women’s Policy Research.
Survivor Benefits Make Timing Even More Important
Since women are more likely to outlive their spouses, delaying claiming not only increases their own benefit but also any survivor benefits a spouse might have. A larger personal benefit can become a lifeline in later years.
Financial Advice and Data Don’t Always Line Up
A lot of financial experts say the smartest move is to wait until age 70 to claim Social Security, because that’s when your monthly check will be the biggest. But most people don’t wait — nearly two-thirds start taking benefits before they reach full retirement age, and only about 1 in 10 hold off until 70, the AI noted.
Waiting is worth it, though. Economists point out that the extra 7% to 8% boost you get each year by waiting is like a guaranteed return, and that’s tough to match with most other investments.
For women, waiting to claim Social Security can translate into significantly higher lifetime income and greater financial security, ChatGPT noted. “It’s a rare ‘investment’ with a guaranteed return–one that many women can’t afford to overlook.”
Of course, you’ll want to weigh out your own situation to determine the best time to start claiming.
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