Suze Orman Warns Retirees on Social Security Dependence

As retirement planning becomes increasingly challenging, financial expert Suze Orman emphasizes the importance of maximizing Social Security benefits and managing expenses effectively. She advises individuals, particularly those in good health, to delay claiming Social Security until age 70 to significantly increase monthly benefits. Orman also highlights the critical need for early savings, suggesting that individuals start saving 15% of their income by age 25 to benefit from compound interest. In her discussions, she identifies dining out as a significant discretionary expense that retirees should cut to maintain financial stability. Additionally, experts from Fidelity provide strategies tailored for women, who often face unique challenges in retirement savings due to income disparities. Overall, a proactive approach to budgeting and understanding retirement needs is essential for achieving financial security in retirement.