7 Famous Money Experts Share Their Retirement Savings Tips (Suze Orman's Is Brilliant)

Saving for retirement is a marathon, not a sprint, but with daily expenses, debt, and the rising cost of living, that marathon finish line can feel very distant. Thinking about how you'll fund your golden years may seem overwhelming, but a few smart moves now can make a big difference later.

Avoid money mistakes and take some tips from top financial experts, like Dave Ramsey and Suze Orman, to set yourself up for success.

Invest 15% of your gross income

In Dave Ramsey's popular "Baby Steps" plan, he specifically recommends putting 15% of your gross household income into tax-advantaged retirement accounts (like a 401(k) and Roth IRA) after paying off all non-mortgage debt and building an emergency fund.

Ramsey's logic is that 15% consistently invested over many years can build up to a solid reserve for retirement.

Delay claiming Social Security until age 70

"Patience pays off," says Suze Orman, who strongly advises delaying Social Security benefits until age 70 to maximize your monthly payments. She explains that for every year you wait beyond your full retirement age, your benefits increase by roughly 8%, giving you a much larger guaranteed income for life.

Waiting can provide greater financial security and reduce the risk of outliving your savings.

Avoid credit card debt

High-interest credit card debt can really stall your retirement savings progress. If you are throwing money at interest, this can negate potential earnings from investments. Billionaire Mark Cuban says credit card debt is a "guaranteed loss" and that high-interest debt is a "wealth killer."

This stance isn't one that only Cuban maintains. Many other financial experts share this opinion. Ramsey, for example, also encourages clearing all debt before investing in retirement.

Stay consistent and keep it simple

Many financial experts also agree on keeping retirement savings simple. Ramsey emphasizes that consistent investing matters far more than chasing complicated "get rich quick" strategies.

Warren Buffett shares a similar philosophy with his 90/10 investment strategy: 90% in an S&P 500 index fund and 10% in short-term government bonds. The index fund offers steady growth and diversification, while the bonds provide a safety net during downturns. He also emphasizes consistency. Stay invested and keep contributing toward your retirement goals, no matter the market's ups and downs.

Don't plan to rely on Social Security

Billionaire Grant Cardone has been outspoken about his lack of faith in Social Security, calling the system "broken." He views Social Security as an unreliable safety net.

Ramsey is also well-known for his skepticism toward relying on Social Security as a primary source of retirement income. He reminds people that Social Security was never meant to fully fund retirement and instead encourages individuals to take control of their financial future by saving for retirement and managing their debt.

Invest in assets that generate passive income

"Rich Dad, Poor Dad" author Robert Kiyosaki urges investors to focus on assets that generate long-term passive income, like real estate, rather than traditional retirement accounts such as 401(k)s and IRAs. He's openly critical of 401(k)s, calling them risky and warning that most people shouldn't rely solely on market-based income.

Cardone also says he encourages people to look beyond traditional retirement accounts and focus on creating multiple income streams, particularly through investments like real estate, to build lasting financial independence.

Don't discount the power of compounding

Buffett famously refers to compound interest as the "eighth wonder of the world," highlighting its incredible power to grow wealth over time. He stresses the importance of starting early, explaining that the real secret to building wealth is giving your investments time to grow.

Rather than trying to time the market, Buffett advises staying invested through ups and downs, allowing compound interest to steadily multiply your returns over the years. In short, consistency and patience are the keys to long-term financial success.

Build an emergency fund

One final general piece of personal finance advice is to construct a solid emergency fund comprising six to 12 months of living expenses. This is advice shared by almost every expert and is especially critical in retirement, when unplanned expenses can really take a toll.

Having an emergency fund protects not only against unexpected setbacks, but it also prevents derailing your long-term retirement goals.

Bottom line

While every expert has their own approach, they all share one core belief: building secure retirement savings takes consistency, patience, and smart money habits. Whether it's Ramsey's focus on debt-free living, Orman's advice to delay Social Security, or Buffett's reminder to stay invested, the path to long-term wealth starts with discipline and clear priorities.

One eye-opening fact: according to Fidelity, the average retiree needs to save roughly 10 to 12 times their annual income by 67 to maintain their lifestyle in retirement. The sooner you start planning for retirement, the more time your money has to grow and compound, helping you reach that target with less stress down the road.