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Don't Rush Social Security | Durham News
Don’t rush to claim Social Security at 62—Suze Orman warns it permanently slashes your benefits by up to 30%, costing you tens of thousands over your lifetime. While online advice touts a “break-even” myth, the math doesn’t account for living longer, which is now the norm. Early claiming also forces you to drain your 401(k) or IRA sooner, robbing you of compound growth. Plus, even with a modest 2.8% COLA, inflation on essentials like healthcare and food often outpaces these increases. The smarter move? Let your savings grow and wait until your full retirement age to maximize your Social…
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