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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.


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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.


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Not affiliated with the US Social Security Administration