Suze Orman slams 'fearmongering' around looming Social Security shortfall — but warns American seniors not to rely 100% on the program. Here's how to protect your retirement

Where, when, and how to retire

Remember that the longer you wait to claim your Social Security benefit, the better the benefit will be. This should be a crucial factor in determining your personal retirement plans.

In a LinkedIn post last year, Orman wrote, “Every month you wait will pay off. If waiting until 70 seems too daunting, why not reframe this as an annual choice? At 62, choose to wait. Then ask yourself at 63 if you want to wait until 64.”

It’s sound advice, but pushing out those payments is easier said than done if you don’t have a solid plan. Having a professional by your side can add confidence and clarity to your financial decisions.

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Choosing your retirement account

What can you do to make sure you’re reducing your reliance on Social Security? Orman suggests using income from other sources, like a 401(k) or IRA, while you wait out your Social Security benefits.

Gold IRAs

Beyond the question of which accounts to use for your retirement savings, you’ll also need to consider what to invest in, too.

Opting for a gold IRA gives you the opportunity to hedge against market volatility by allowing you to invest directly in physical precious metals rather than stocks and bonds.

If you’d like to convert an existing IRA into a gold IRA, companies typically offer 100% free rollover. Others might offer free gold, silver or other metals up to a certain amount when you make a qualifying purchase.

You can check out our top picks for industry-leading companies offering gold IRAs.

Compare offers instantly and request a free information guide to help you understand how to diversify your portfolio and secure your retirement fund.

Investing in residential real estate

Investing in real estate is another way to diversify your portfolio, as its returns do not closely correlate to that of the stock market. You also don’t need the price of a downpayment to get started.

Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit rental properties into your investment portfolio, regardless of your salary. Their easy-to-use platform offers SEC-qualified investments such as rental homes and vacation rentals.

The flexible investment amounts and simplified process allow both accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any of the work of becoming a landlord.

You can get started today by browsing a curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, choose the number of shares you want to buy and start investing.

Investing in commercial real estate

In December 2024, the Federal Reserve cut interest rates by a further 0.25%. Economists – including those of Goldman Sachs – believe they will continue to decrease rates throughout 2025, which could bring growth to the commercial real estate sector.

For years, direct access to the $22.5 trillion commercial real estate sector has been limited to a select group of elite investors — until now.

First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

Simply answer a few questions – including how much you would like to invest – to start browsing their full list of available properties.

However, owning a share of a project or property this way holds some risk — for instance, you could receive no returns and these assets are often illiquid. Speak to a professional if this investment is right for you, especially if you are retired or close to retirement.

Investing in and for retirement

The key to your future financial freedom is investing as soon as you can. Orman gave a telling example of this during a Wall Street Journal interview last year, explaining, “A $10,000 investment made at age 45 will be worth around $32,000 at age 65, assuming a 6% annualized return. Invest the same $10,000 at age 55 and it will be worth less than $18,000.”

Investing sooner

The benefits of compound interest are obvious, but what’s not so obvious is finding room for investing in your budget. Acorns can help you find the dollars to invest by using your spare change.

When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and places the excess into a smart investment portfolio. This way, even your pennies can grow into a solid nest egg for retirement.

Plus, when you sign up now, you’ll get a $20 bonus investment.

Saving for unexpected expenses in retirement

Finally, an emergency fund can help you keep your budget intact when unexpected expenses arise, ensuring you don’t feel tempted to tap into Social Security funds earlier than you planned.

Orman is a big advocate for emergency funds — not only for the safety they provide in the event of an emergency but also for the stress reduction benefits.

In an August 2024 blog post, she wrote, “women who have managed to save up enough money to cover three months of living expenses were far less likely to be carrying around high levels of stress.”

If you’re looking for safe, high-return options, certificates of deposit (CDs) are a great choice, and SavingsAccounts.com makes finding the best ones easy. Their comparison platform provides real-time data on CD rates and terms from various banks, offering tailored recommendations to maximize returns.

Ideal for conservative savers and long-term planners, this tool simplifies the decision-making process, helping you grow low-risk, high-return investments without the stress.

If you’re still trying to decide where to park your emergency fund, don’t just let it sit in a low- or no-interest checking account.

Check out the Moneywise list of Best High-Yield Savings Accounts of 2025 so you can have a streamlined look at what high-yield savings account is best for your savings to grow over time.