Young people are aiming to retire in their early 60's, but that might not be the best idea, says Suze Orman, financial expert and former CNBC host. "The goal is to make sure that your money lasts as long as possible," she tells CNBC Make It.
Orman recommends working later and waiting to both retire and begin claiming Social Security until you turn 70. That may seem daunting, but it's also practical. "Every year you wait between your normal retirement age and 70, Social Security will add a guaranteed 8 percent to your eventual monthly payout," Orman writes in a recent feature for AARP The Magazine.
"Delaying Social Security can be the most precious tool in your retirement planning kit," she adds. "Delaying your Social Security start date until age 70 entitles you to a monthly payout that's more than 75 percent higher than your age 62 benefit."