Suze Orman Warns That Claiming Social Security at 62 Is the Wrong Move for Many

Key Points

Suze Orman is a well-known personal finance expert, best-selling author and host of the Women & Money podcast. She recently called attention to a common but potentially harmful piece of Social Security advice circulating online.

The advice in question: claiming Social Security benefits at age 62, the earliest age most people are eligible to file. Orman says that strategy can make sense for some retirees, including those in poor health or anyone who urgently needs the income. For many others, however, filing early can mean accepting a permanently reduced monthly benefit.

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Orman argues that most people should consider waiting until age 70 to claim benefits if they can afford to do so. Delaying can maximize monthly payments, and because future cost-of-living adjustments are calculated based on the benefit amount, a higher starting payment can also lead to larger annual increases.

Research supports the idea that many Americans claim too early. A 2022 report from the National Bureau of Economic Research stated: “More than 90% [of retirees] should wait till age 70 [to claim Social Security benefits]. Only 10.2% appear to do so.” The researchers also wrote that “virtually all American workers age 45 to 62 should wait beyond age 65 to collect.”

Orman also addressed a major concern among future retirees: the long-term financial condition of Social Security. The Trustees of the Social Security and Medicare trust funds noted in their 2026 report:

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.

While that outlook is concerning, it does not mean Social Security will disappear. Policymakers have several options to strengthen the program, and Orman emphasized that claiming early is not a shield against possible future benefit reductions.

Before deciding when to file, retirees should review their earnings history, estimate their benefits at different claiming ages and consider their health, household finances and retirement income needs. For those still working, higher earnings can also help increase eventual Social Security benefits.

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