March is Women's History Month and Social Security is tying together data surrounding women and Social Security benefits.

Jack Myers with Social Security points out the rules for receiving Social Security benefits are the same for men and women, but there are a few things that women should consider. One of the biggest financial fears people face in retirement is running out of money. Due to longer life expectancies than men, women are at greater risk of this. According to average life expectancy statistics, a man turning age 65 on April 1, 2020, can expect to live on average until age 84 while a woman turning age 65 on April 1, 2020, can expect to live on average until age 86.5.

With that in mind, good retirement planning is important for men and women, but arguably even more important for women. Myers explains the longer average life expectancy for women increases their likelihood of exhausting other sources of retirement income, making the inflation-protected Social Security benefit even more important. 

Myers recommends retirement planning of your own by checking out the Social Security website and learning about your retirement benefits as well as what you may qualify for in potential survivor benefits if you are married.  

Get more information by visiting the Social Security online retirement planner at www.ssa.gov/benefits/retirement.