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Suze Orman has a lot to say about Social Security.
For one, she encourages her podcast listeners to avoid relying on its payments to support them completely in retirement. On the flipside, she emphasizes that although its annual shortfall is projected to reach $100 billion this year, Social Security will not disappear outright.
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In fact, she called this claim “fearmongering” in a blog post from 2021.
However, warnings of Social Security’s looming shortfalls have only increased since then.
The program’s benefit payments have exceeded its revenue each year since 2021. Although this year’s monthly payment adjustment is the smallest since 2021, the Social Security Administration (SSA) trustees project the trust’s funds will be depleted by 2035.
Regardless of how the government responds to Social Security’s issues, taking control of your finances is the best way to protect yourself from future risks to the program.
Remember that the longer you wait to claim your Social Security benefit, the better the benefit will be. This should be a crucial factor in determining your personal retirement plans.
In a LinkedIn post last year, Orman wrote, “Every month you wait will pay off. If waiting until 70 seems too daunting, why not reframe this as an annual choice? At 62, choose to wait. Then ask yourself at 63 if you want to wait until 64.”
It’s sound advice, but pushing out those payments is easier said than done if you don’t have a solid plan. Having a professional by your side can add confidence and clarity to your financial decisions.
With Vanguard, you can connect with a personal advisor who can help assess how you’re doing so far and make sure you've got the right portfolio to meet your goals on time.
Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.
All you have to do is fill out a brief questionnaire about your financial goals, and Vanguard’s advisers will help you set a tailored plan, and stick to it.
