What Is the Biggest Retirement Planning Mistake?

Suze OrmanThat’s easy to answer: Not having a plan!

Building a financially secure retirement doesn’t happen by itself. You need to make a commitment to smart financial decisions long before retirement — starting in your 20s would have been ideal — and then keep carrying through on your retirement plan.

Here are some other big retirement-planning mistakes I want you to avoid: Continue reading

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What Are the Most Common Retirement Questions You Receive about Social Security?

Suze OrmanThere are two big questions I hear plenty.

  1. My husband wants to retire at 62 and start taking Social Security. Is that okay?

This typically comes up because husbands are often a few years older than their wives, and figure they want to “get their money’s worth” by taking Social Security as early as possible. I think that can be a bad move. Unless you have oodles of money to live on in retirement, you — as a couple — want to maximize your Social Security payout for the longest surviving spouse. It’s important to understand that when one spouse dies, the other spouse is entitled to just one Social Security payment. So you want the surviving spouse to have the biggest possible benefit. Here’s how: Whichever spouse is the higher earner (and thus eligible for a bigger Social Security benefit) should  delay taking Social Security at least until their Full Retirement Age (FRA), which is between age 66 and 67, depending on the year you were born. Continue reading

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