Story perspectives

Retirement Risks: Avoid Costly Mistakes, Seek Guidance

9/8/2025

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Summary

Story summary

Suze Orman highlights critical financial mistakes made by those nearing retirement, like claiming Social Security too early.
Early claims reduce monthly payments; delaying benefits can increase them by 8% annually until age 70.
Two-thirds of Baby Boomers lack adequate retirement savings, risking financial strain.
Missing Required Minimum Distributions (RMDs) after age 73 can lead to penalties up to 25%.
Consulting a financial advisor can help individuals avoid these common pitfalls.

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Story summary

Suze Orman highlights critical financial mistakes made by those nearing retirement, like claiming Social Security too early.
Early claims reduce monthly payments; delaying benefits can increase them by 8% annually until age 70.
Two-thirds of Baby Boomers lack adequate retirement savings, risking financial strain.
Missing Required Minimum Distributions (RMDs) after age 73 can lead to penalties up to 25%.
Consulting a financial advisor can help individuals avoid these common pitfalls.