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

Concerns about the future of Social Security have been growing among Americans, especially those nearing retirement. On a recent episode of her "Women & Money" podcast, Suze Orman addressed these fears head-on, offering her perspective on potential changes to the system — including the likelihood that the full retirement age could increase to 70.

Full Retirement Age Could Rise to 70

Orman didn't hold back when discussing the possibility of changes to Social Security. “I have no doubt that they’re going to raise the full retirement age, possibly to 70 from 67,” she said. This wouldn't be unprecedented — in 1983, the FRA was raised from 65 to 67 for those born in 1960 or later. Orman stated that any increase in the FRA would likely apply to future retirees rather than those already receiving benefits.

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Orman also suggested that the age for collecting delayed retirement benefits, which currently max out at 70, could be extended to 73. This would give future retirees a longer window to maximize their monthly Social Security checks by delaying their claims.

Tax Changes Could Be Part of the Solution

In addition to adjusting the FRA, Orman said that changes to Social Security taxes could help stabilize the system. Currently, only income up to $176,100 is subject to Social Security payroll taxes. Orman suggested removing this cap altogether, so high earners would continue contributing to Social Security on all of their income.

“They should just make that unlimited, that you all pay Social Security tax no matter how much money you make,” Orman said. Increasing the taxable income threshold or eliminating it could help address Social Security's long-term funding challenges.

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Advice for Future and Current Retirees

While Orman advised listeners not to panic, she did recommend taking a few steps to stay prepared:

• Request and Keep Your Social Security Statements – Orman advised keeping printed records of your Social Security statements. Having a physical copy can help ensure you have access to your earnings and benefits history, even if online records are lost or unavailable.
• Get Familiar with the System – Orman stressed the importance of understanding how Social Security works. Knowing the ins and outs of claiming benefits, spousal benefits, and survivor benefits can help retirees make informed decisions.
• Prepare for Reduced Access to In-Person Help – Orman acknowledged that the Social Security Administration has been cutting staff and closing offices, which could make it harder to get assistance. She recommended having a trusted family member or friend available to help navigate the system online if needed.

See Also: Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.

Outlook on Social Security's Future

While Orman's comments reflect widespread concerns about Social Security's sustainability, she reassured listeners that existing benefits are not currently at risk. However, future adjustments — such as raising the FRA or increasing the taxable income threshold — seem likely as lawmakers look for ways to strengthen the program.

“Stop worrying about it right now,” Orman said, while adding that retirees should gain all the knowledge they can on Social Security in order to protect themselves. 

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