"Suze Orman is very clear that she believes claiming Social Security at 70 is the best approach. Orman even recommended that an older couple in poor health should wait to claim benefits."
"The reason why Orman believes a delayed claim is best: You end up with a bigger benefit, and are likely to end up with more lifetime income."
"Orman's position is also backed up by data, as studies from the National Bureau of Economic Research have made clear that around 90% of people will end up with more benefits over a lifetime when they delay the start of their Social Security checks until age 70."
"Dave Ramsey, on the other hand, takes the opposite position. He advises claiming benefits when you turn 62 so you can get as much money out of Social Security as fast as you can."
Suze Orman and Dave Ramsey have opposing views on when to claim Social Security. Orman believes claiming at 70 maximizes benefits and lifetime income, even for those with health issues. She argues that early claims reduce monthly income and survivor benefits. Data supports her stance, indicating that 90% of individuals benefit more over their lifetime by delaying claims. Conversely, Ramsey suggests claiming at 62 to access funds sooner, emphasizing the risk of losing benefits upon death and the potential for investment.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]