'I Have No Doubt They're Going To Raise The Full Retirement Age, Possibly To 70' Suze Orman Weighs In On Social Security Fears

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Kaili Killpack

Sun, Mar 30, 2025, 5:30 AM 4 min read

Concerns astir the aboriginal of Social Security person been increasing among Americans, particularly those nearing retirement. On a caller episode of her "Women & Money" podcast, Suze Orman addressed these fears head-on, offering her position connected imaginable changes to the strategy — including the likelihood that the afloat status property could summation to 70.

Orman didn't clasp backmost erstwhile discussing the anticipation of changes to Social Security. “I person nary uncertainty that they’re going to rise the afloat status age, perchance to 70 from 67,” she said. This wouldn't beryllium unprecedented — successful 1983, the FRA was raised from 65 to 67 for those calved successful 1960 oregon later. Orman stated that immoderate summation successful the FRA would apt use to aboriginal retirees alternatively than those already receiving benefits.

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Orman besides suggested that the property for collecting delayed status benefits, which presently max retired astatine 70, could beryllium extended to 73. This would springiness aboriginal retirees a longer model to maximize their monthly Social Security checks by delaying their claims.

In summation to adjusting the FRA, Orman said that changes to Social Security taxes could assistance stabilize the system. Currently, lone income up to $176,100 is taxable to Social Security payroll taxes. Orman suggested removing this headdress altogether, truthful precocious earners would proceed contributing to Social Security connected each of their income.

“They should conscionable marque that unlimited, that you each wage Social Security taxation nary substance however overmuch wealth you make,” Orman said. Increasing the taxable income threshold oregon eliminating it could assistance code Social Security's semipermanent backing challenges.

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While Orman advised listeners not to panic, she did urge taking a fewer steps to enactment prepared:

Request and Keep Your Social Security Statements – Orman advised keeping printed records of your Social Security statements. Having a carnal transcript tin assistance guarantee you person entree to your net and benefits history, adjacent if online records are mislaid oregon unavailable.
Get Familiar with the System – Orman stressed the value of knowing however Social Security works. Knowing the ins and outs of claiming benefits, spousal benefits, and subsister benefits tin assistance retirees marque informed decisions.
Prepare for Reduced Access to In-Person Help – Orman acknowledged that the Social Security Administration has been cutting unit and closing offices, which could marque it harder to get assistance. She recommended having a trusted household subordinate oregon person disposable to assistance navigate the strategy online if needed.