"Delaying from 67 to 70 increases monthly benefits by 24%, and the break-even point typically arrives around age 82. For someone entitled to $2,000 monthly at 67, waiting until 70 means collecting $2,480 instead-an extra $5,760 annually for life. This strategy works best for higher earners who can afford to delay, those with other income sources to bridge the gap, and individuals concerned about outliving their savings."
"The recommendation assumes financial flexibility that many Americans lack. Personal savings rates dropped from 6.2% in Q1 2024 to 4.2% by Q3 2025, indicating households have thin cushions. For workers facing job insecurity, claiming early may be necessary rather than optional. Health status matters enormously. Those with chronic conditions or family histories of shorter lifespans may never reach the break-even point."
Suze Orman's recommendation to delay Social Security until age 70 leverages an 8% annual benefit increase between full retirement age and 70, offering one of the safest guaranteed returns available. The strategy appeals to anxious Americans seeking financial security, with break-even occurring around age 82. For healthy individuals with family longevity and sufficient income sources to bridge the gap, waiting increases monthly benefits by 24%. However, the advice assumes financial flexibility many lack. Declining personal savings rates and health considerations complicate the recommendation. Chronic conditions, job insecurity, and shorter lifespans may make early claiming necessary. Married couples face additional complexity regarding spousal and survivor benefits that the one-size-fits-all approach doesn't address.
Read at 24/7 Wall St.
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