Social Security benefits play a key role in retirement planning for many Americans.
Over 58 million Americans relied on benefits in November 2025, according to the Social Security Administration (SSA).
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Personal finance guru Suze Orman is a key voice optimizing Social Security benefits. If you want to maximize your monthly payments, here are four top pieces of wisdom from Orman.
Retirees can claim Social Security benefits as young as 62 years old. While helpful for many Americans, taking benefits that early locks in a lower payment.
“Every month past age 62 you don’t claim your benefit entitles you to a slightly larger payout when you do start collecting your benefit. Over time, those small incremental increases add up,” said Orman on her website.
She has a point. Waiting until full retirement age (FRA), which is 67 for those born after 1960, can increase payouts by up to 30%, according to the SSA. Even if you can’t wait until 67, delaying it as long as possible will increase the payout every month you put it off. If you can balance assets and possible work income, forgoing benefits directly benefits you.
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If you’re married, Orman believes it’s best to plan when each partner should claim benefits jointly. Claiming simultaneously may make some sense, but it can backfire, especially if one partner earns significantly more than the other.
Assuming you can wait, having the higher-earning partner delay claiming until 70 is optimal. Not only does it increase payout, but it also boosts survivor benefits when the partner passes.
“The smart strategy is to have the highest earner in the household wait until age 70 to start collecting Social Security. The benefit when you start at age 70 is the highest possible payout; it’s more than 75% higher than if you start at age 62. By having the highest earner wait, you are protecting the eventual surviving spouse, who will be able to keep collecting that maximum payout,” said Orman in a recent Facebook post.
The SSA traditionally increases payouts annually via a cost-of-living adjustment (COLA). The COLA for 2026 is 2.8%, providing recipients with a small boost to their payments. Claiming Social Security before 67 makes sense, on one level, to receive the COLA, but it’s not a reason to claim in Orman’s eyes.
“And every year from 62 to 67 while they wait, Social Security still adjusts their future benefit by the annual COLA. So someone at least 62 who isn’t yet collecting Social Security will get both the higher benefit from delaying, as well as the annual inflation adjustment added to their future benefit,” noted Orman on her website.
If you can afford to wait, delaying still allows you to benefit from COLA, which increases your eventual payout.
Claiming Social Security plays an integral role in retirement planning. Proceeding mindlessly can cause unintended problems. Fortunately, the SSA has resources to help you make an informed decision.
“But your job is to make sure that you have everything, you have your records, you go to MySocialSecurity.gov… and you have everything that you need to know. And that you know how you’re going to apply when you need to apply, and you have figured all of that out,” said Orman in a recent podcast.
If you’re working with a financial advisor, this is valuable information to give them to help you formulate a plan. Even if you’re not, accessing the information can guide your decision on when to claim benefits.
Using a cookie-cutter approach to claiming Social Security is often unwise. Heeding Orman’s insight to receiving benefits and customizing them to your situation is a smart way to earn as much as possible.
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This article originally appeared on GOBankingRates.com: Suze Orman’s Top Social Security Advice for Retirees
