Delaying Social Security Until 70: Suze Orman’s Shocking Truth Revealed
In this article, we’ll be exploring the surprising advice of financial expert Suze Orman on delaying Social Security until 70. As we continue to navigate the complexities of retirement planning, understanding the potential benefits and drawbacks of delaying Social Security is crucial.
Why Delaying Social Security Until 70 Might Be a Game-Changer
According to Suze Orman, delaying Social Security until 70 can significantly impact your retirement savings. By waiting, you can boost your monthly benefit amount and increase your overall lifetime benefits.
The Benefits of Delaying Social Security
- Increased monthly benefit amount
- More lifetime benefits
- Potential for higher total benefits
It’s essential to note that delaying Social Security is not a one-size-fits-all solution. Factors such as your age, health, and financial situation should be taken into account when making this decision.
What to Consider Before Delaying Social Security
While delaying Social Security can be beneficial, it’s crucial to consider the potential drawbacks, such as reduced lifetime benefits if you live beyond your expected lifespan.
Risks and Considerations
- Reduced lifetime benefits
- Potential for lower total benefits
- Impact on other retirement income sources
For more information on retirement planning and Social Security strategies, be sure to check out our article on [Internal Link: “Retirement Planning for the Modern Era”] and [Internal Link: “Maximizing Your Social Security Benefits”].
