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Suze Orman's Advice to Delay Social Security Benefits Until Age 70 is Too Broad

Noted financial adviser Suze Orman says most folks should begin Social Security retirement benefits at age 70.

However, this is poor advice if you're in poor health or if you're a notably lower-earning spouse relative to your husband or wife. Ideally, the spouse with the substantially higher lifetime earnings will let their benefit accrue at 8% per year until age 70.

Financial Advisor Suze Orman Recommends Claiming Social Security at Age 70

Noted personal finance advisor Suze Orman recommends that people claim Social Security retirement benefits at age 70.

Orman seems to base much of this advice on the fact that currently, Social Security will add a guaranteed 8 percent to your eventual monthly benefit for each year you defer benefits.

In today's low-interest rate environment, a guaranteed 8-percent increase in monthly benefits is notable.

What Social Security May Look Like in 2035

Interesting article which looks at how Social Security may fare in the year 2035.

Highlights :

* The worker-to-beneficiary ratio will drop from 2018's 2.8 to 2.2-to-1.

* Workers will have to wait longer to receive "full" benefits

* Social Security's "trust fund" will be exhausted

* Substantial benefit cuts may be needed

* Payroll taxes will be critical to pay for benefits

* Social Security benefits will continue to decline due to inflation

Four Factors that Determine Your Social Security Retirement Benefit

Your Social Security retirement benefit largely depends on the following four factors :

* Your work history => Longer yields a higher benefit

* Your earnings history => Higher earnings yields higher benefit (at decreasing rate)

* Your birth year => Born earlier means higher relative benefit

* Your claiming age => Starting benefits later means higher benefit

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Not affiliated with the US Social Security Administration