Suze Orman once warned 'no decision is bigger' in retirement than this Social Security move — here are a few crucial things she wants all Americans to consider before they retire

Do good things really come to those who wait?

A recent study from life insurance company MassMutual found that 40% of Americans aged 55 to 65 believe Social Security will be their biggest source of income in retirement, ahead of 401(k) plans, investments, and pensions.

Orman explains that for every month past your 62nd birthday that you don’t claim Social Security, you’ll snag a slightly larger payout when you do start receiving your benefits.

For example, according to the Social Security Administration, folks born in 1960 or later whose full retirement age is 67 would see their benefits reduced by about 30% if they start claiming them at 62.

Extending your retirement means you have more time to contribute to your retirement accounts. And Suze Orman has long touted Roth IRAs as an optimal retirement savings vehicle. But there are other IRAs you can consider.

For instance, if you’re optimizing for stability with your investments, gold is typically more stable than stocks during economic downturns and recessions. In fact, gold has increased in value sevenfold over the last 100 years

Gold can’t be printed out of thin air like fiat money, and its value is largely unaffected by economic events around the world.

And because of the precious metal’s safe-haven status, investors often rush toward it in times of crisis, making it an effective hedge.

These days, you don’t even have to go to a bullion shop to buy precious metals. There are plenty of online platforms that offer a wide selection of gold and silver bars and coins and fair pricing.

Additionally, you can combine the recession-resistant nature of gold with the tax benefits of an IRA by opening a gold IRA.

When it comes to preparing for retirement, having a solid financial plan is essential to make sure you can live out your golden years in peace. Whether you’re focused on safeguarding your assets or diversifying your portfolio, working with a financial advisor can be a crucial step in securing your future.

Finding a financial advisor that suits your specific needs and financial goals is simple with Vanguard.

Vanguard’s hybrid advisory system combines advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.

With a minimum portfolio size of $50,000, this service is best for clients who already have a nest egg built and would like to try to grow their wealth with a variety of different investments. All you have to do is set up a consultation with a Vanguard advisor, and they will help you set a tailored plan and stick to it.

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Orman says you need to start planning now

Orman encourages prospective retirees to consider waiting to optimize their benefits — but adds that they need to start planning and decide earlier rather than later.

"This is not a decision you can just shelve until you are 61," Orman warned in her post. "If you haven't made plans to delay claiming your Social Security at that point, chances are you will just go ahead and start at 62."

The other option is to tap into your retirement savings — but you must plan for a substantial nest egg long before you enter your golden years. And this also means planning to make sure your family is secure in the future, including when you pass away.

For instance, life insurance can offer a versatile solution for your family, providing coverage to potentially replace lost income or settle outstanding debts.

By opting for term life insurance through a provider like Ethos, you are helping to ensure that your family will be taken care of after you’re gone. Term life insurance offers flexibility when you're seeking affordable coverage while balancing other financial responsibilities.

Ethos offers an easy online process that allows you to get up to $2 million in coverage with terms ranging from 10 to 30 years.

To get a free quote, all you have to do is answer a few questions about yourself. Then, you can compare coverage and choose the right policy that best suits your needs.

Real estate investing as a retirement vehicle

Buying a property outright is a lot more difficult as mortgage rates continue to hover around the 7% mark and home prices remain high. Investing in shares of real estate can be another avenue to help you grow your nest egg and bolster your retirement savings.

On a recent episode of her podcast, Suze Orman commented on the importance of understanding your real estate market. “When it comes to real estate, you have to know more about it. You have to know about what real estate is doing in the area that you happen to live in,” she said.

However, buying property is far from your only option when it comes to investing in real estate.

Investing in private real estate funds, such as those offered by investment firm DLP Capital is a great next step after you get up-to-date on the market in your area.

DLP Capital offers tax-advantaged, private REITs through various investment funds, which are primarily focused on acquiring or developing safe, affordable rental housing for working families in areas where housing is in high demand.

With a track record of identifying high-potential properties and over $5.2 billion in assets under management, DLP Capital helps investors capitalize on real estate’s long-term value.

DLP Capital’s funds target potential annual returns between 9% and 13% — almost at par with the S&P 500 index’s 10.26% returns annually. But you get two distinct advantages by investing in DLP Capital’s funds — portfolio diversification and a potentially lower tax bill.

Another option for dipping your toes into residential investments is Homeshares.

Homeshares allows accredited investors to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning, or managing property.

The fund focuses on homes with substantial equity, utilizing Home Equity Agreements (HEAs) to help homeowners access liquidity without incurring debt or additional interest payments.

This approach provides an effective, hands-off way to invest in high-quality residential properties, plus the added benefit of diversification across various regional markets – with a minimum investment of $25,000.

With risk-adjusted internal returns ranging from 12% to 18%, the U.S. Home Equity Fund could unlock lucrative real estate opportunities, offering investors a low-maintenance alternative to traditional property ownership.