Why Some Say 70 is the New 65 – Or Should Be

Retirees can start receiving Social Security benefits as early as age 62, but “full retirement age” has now increased to 67 (although many people still think of 65 as the traditional retirement age).

If you can afford it, personal finance expert Suze Orman recommends you wait until you’re 70. In an article by The Street, she says too few people wait that long and they’re missing out on much bigger benefits. According to Orman, many people don’t wait until they are 70 because they fear they might not live long enough to make the wait worthwhile.

It’s a calculated risk, but healthy adults typically live to at least age 85. The article says not only does Orman think the retirement age should be changed to 70, but it’s backed by scientific facts.  

The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and will ensure the long-term solvency of the Social Security program.