Do Late-Career Wages Boost Social Security More for Women than Men?

Any worker who delays claiming Social Security receives a larger monthly benefit due to the actuarial adjustment. Some claimants – particularly women, who are more likely to take time out of the labor force early in their careers – can further increase their benefits if the extra years of work raise their career average earnings by displacing lower-earning years. This study uses the Health and Retirement Study linked to earnings records to quantify the impact of women’s late-career earnings on Social Security benefits relative to men’s. It also compares the impact on women, depending on their marital status and education.