You know Suze Orman, right? She’s a financial advisor who’s sold more than 30 million books. She’s also a two-time Emmy Award-winning television host and creator of the Women & Money podcast. Millions heed her words, and she recently pointed out some “bad advice” on social media.
That advice was that it’s best to claim your Social Security benefits at age 62, the earliest age at which you can do so. That is good advice, but only for some people, such as those in poor health who might live a shorter-than-average life and those who simply need that retirement income as soon as possible.
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Most of the rest of us, she argues, should wait until age 70 to claim our benefits — to maximize them. (It will also maximize our nearly annual Social Security cost-of-living adjustments (COLAs).)
Ample research backs her up. For example, a 2022 report published by the National Bureau of Economic Research (NBER) noted: “More than 90% [of retirees] should wait till age 70 [to claim Social Security benefits]. Only 10.2% appear to do so.” The researchers added that “… virtually all American workers age 45 to 62 should wait beyond age 65 to collect.”
Orman also addressed a common fear regarding Social Security — that its coffers are running dry. It’s true. The Trustees of the Social Security and Medicare trust funds, in their 2026 report, have noted that:
The OASI Trust Fund is projected to become depleted in the fourth quarter of 2032, one quarter earlier than projected in last year’s report. Upon reserve depletion in 2032, projected income is sufficient to pay 78% of scheduled benefits. This percentage declines gradually to 62% by 2100.
Yikes, right? Rest assured that there are ways to fix Social Security, and Orman says, “Claiming early does not protect you from future benefit cuts.”
Each of us would do well to read up on Social Security and to think through our eventual claiming decision carefully. Know, too, that there are ways to beef up your benefits, especially if you’re still working.
