Episode Summary:

Suze Orman’s Women & Money (And Everyone Smart Enough To Listen)
Episode Title: If You Take Social Security at 62, What Will You Do at 92?
Air Date: December 4, 2025

Main Theme

This episode focuses on the critical decisions around Social Security timing, especially the pitfalls of claiming benefits too early, and offers practical advice on retirement planning, estate documents, and strategies to ensure financial security deep into retirement. Throughout the conversation, Suze Orman answers real listener questions, debunks common (and sometimes misguided) financial advice, and emphasizes the power of mindset in achieving long-term financial well-being.

Key Discussion Points & Insights

1. Social Security Timing: Why Waiting Matters

• Listener Vicki’s Story: Vicki wrote in to thank Suze for encouraging her to wait until age 70 to claim Social Security, which boosted her benefit by over 30%. She tried to persuade colleagues, many of whom ignored her and claimed at 62.
• Suze’s Strong Warning: Taking Social Security at 62 is, in most cases, a "biggest mistake"—leaving people with insufficient income later, especially for those living into their 90s. (03:51)
  • "How many emails do I get saying why did I take it at 62? I’m now 92. I never thought I would live this long. It doesn’t cover anything. Biggest mistake, Susie." (03:51 - Suze)
  • Live longer = need more money. At minimum, wait until full retirement age (currently 67) if possible.

2. Estate Planning: Wills, Trusts, and “Must Have” Documents

• Patricia’s Question: Daughter helping organize her 92-year-old mother’s estate: Should she use Suze’s “Must Have” documents or hire an attorney for a trust/will?
• Suze’s Guidance:
  • Must Have Documents can be filled out once and auto-populate all necessary forms: will, living trust, power of attorney, advance directive. (05:47)
  • Check if a co-op property can be put in a trust—some don't allow it (especially for stock certificates).
  • Probate is costly and avoidable with a trust (but not always possible with certain assets).
  • Underlying issue: Mom is withdrawing $1,000/month from a $20,000 account; the money will run out in ~18 months. Estate planning is important, but cash flow planning and sustainability are critical. (07:57)

3. Paying Off Home vs. Annuities & Insurance

• Sandra’s Dilemma: Advisor recommended moving Schwab accounts into annuities and life insurance IRA policies for tax reasons, but they’re 69.5 with a large mortgage and pension soon.
• Suze’s Emphatic Response:
  • Strongly opposes the annuity/life insurance move for someone approaching or at retirement.
  • "If you could, I would take that money and pay off the mortgage on my home... Your largest monthly expense goes away. You own your home outright." (12:05)
  • Does NOT trust advisors pushing annuities in these circumstances—often the motivation is commissions. Always ask, “How much commission are you making from this recommendation?” (13:24)
  • Owning your home outright = unmatched sense of financial security.

4. Roth Conversions: Strategy & Rules

• Amy: Has a 401(k) from a previous employer, wants to know about converting to Roth.
  • Move small amounts gradually into a Roth IRA, not just a Roth 401(k), for flexibility and broader investment choices.
  • Five-Year Clock: Roth IRAs have a five-year rule for tax-free withdrawals on earnings; doing conversions sooner means this clock starts sooner. (14:45)
• On Withholding Taxes During Roth Conversion:
  • Do not have taxes withheld at conversion—convert the full amount, and pay the taxes separately to avoid penalties and maximize tax-free growth. (21:07)
  • "You absolutely never want to withhold taxes when you are converting. You want it all to convert custodian to custodian. Just that simple." (22:14)

5. Mindset & Belief: The Real Foundation for Financial Change

• Bhavani’s Situation: Widowed, 63, worried about retiring on her own with little savings.
• Suze’s Powerful Message:
  • "This isn’t a financial question, even though you may think it is. This is a question about you feeling at the age of 63 that there’s no way you can ever retire. And as long as you continue to think that way, that will be true. Your words and your thoughts are more powerful than you have any idea." (18:01)
  • Encourages envisioning success, looking for new opportunities (e.g., care work for elderly city residents), and not programming oneself to fail.

6. 457 Plans: Hidden Power for Young Workers

• Andrew’s Question: Young state worker, maxing Roth IRA, considering whether to use his employer’s 457 plan or invest in a brokerage account.
• Suze’s Enthusiastic Advice:
  • 457 plans are special: no 10% early withdrawal penalty if you part ways with your employer at any age, unlike 401(k)s and IRAs.
  • Maximizing a 457 plan = compounding pre-tax dollars and investment returns, ideal for high earners like Andrew ($100k/yr).
  • "Believe it or not, a 457 is one of the most powerful retirement plans out there." (23:25)

7. Low-Cost Index Investing: SPLG, S&P 500 ETFs & Expense Ratios

• Correction for Listeners: Suze explains a previous mix-up about the SPLG ETF (now SPYM), which briefly had a higher expense ratio than VOO, but is now the lowest again.
• Lesson: Always monitor investing fees, and be aware that product details can change. (26:21)

8. Roth IRA Conversion: Do You Need a Separate Account?

• You can convert traditional and SEP IRAs into your existing Roth IRA; no need to open a separate account, but each conversion starts its own five-year clock for penalty-free withdrawals. (28:53)

Notable Quotes & Memorable Moments

• On Social Security timing:
  "The biggest mistake in most cases in my opinion when it comes to Social Security is if you take it at 62." (03:51 – Suze)

• On paying off your home:
  "Nothing will make you feel more secure than owning your own home outright." (12:01 – Suze)

• On annuities:
  "If you are in that situation, you must ask your financial advisor, if I get an annuity, how much commission are you going to make?" (13:24 – Suze)

• Mindset advice:
  "If you think you can't, you never ever will. You have to say, I will. You have to say, I can. You have to say I want to. You have to see it, you have to envision it and you have to go, go for it." (18:01 – Suze)

• On Roth conversions and withholding:
  "You absolutely never want to withhold taxes when you are converting. You want it all to convert custodian to custodian. Just that simple." (22:14 – Suze)

• Listener appreciation moment:
  "Do you have any idea how many emails I got saying how much they loved how vulnerable you are?" (29:51 – Suze to KT)

• Parting wisdom:
  "People first, then money, then things—and you stay safe." (30:19 – KT)

Timestamps for Key Segments

• 03:07 – Listener Vicki's story on waiting for Social Security
• 04:42 – Estate planning for elderly parents
• 07:57 – "Must Have" documents explained
• 10:13 – Sandra’s annuity & mortgage question
• 14:19 – 401(k) rollover and Roth conversion strategy
• 18:01 – Mindset discussion for those worried about retirement
• 21:07 – Roth conversion tax withholding guidance
• 23:22 – 457 plans explained for young/early career state workers
• 26:21 – ETF expense ratio update
• 28:53 – Roth IRA conversion logistics

Episode Tone & Style

Suze and KT maintain their usual friendly, bantering dynamic, peppered with direct advice, tough love, and reassurance. The episode is full of real listener stories and questions, with Suze providing not just practical steps but encouragement and empowerment, especially for women and those feeling anxious about late-life financial security.

In Summary

If you listen to no other advice this week, Suze urges:

• Don’t take Social Security at 62 unless you absolutely must—waiting pays off in your later years.
• Watch out for financial products (especially annuities & life insurance) that benefit the advisor more than you.
• Make estate planning easy, affordable, and complete—don’t just do what’s convenient.
• Use Roths and 457 plans wisely, and start your five-year clocks ASAP for tax-free growth.
• Above all: Belief in your own ability to improve your finances is where real change begins.

Signature Closing:
"People first, then money, then things—and you stay safe."