Young people are aiming to retire in their early 60's, but that might not be the best idea, says Suze Orman, financial expert and former CNBC host. "The goal is to make sure that your money lasts as long as possible," she tells CNBC Make It. Orman recommends working later and waiting to both retire and begin claiming Social Security until you turn 70. That may seem daunting, but it's also practical. "Every year you wait between your normal retirement age and 70, Social Security will add a guaranteed 8 percent to your eventual monthly payout," Orman writes in a recent feature for AARP The Magazine. "Delaying Social Security can be the most precious tool in your retirement planning kit," she adds. "Delaying your Social Security start date until age 70 entitles you to a monthly payout that's more than 75 percent higher than your age 62 benefit."

Also, you may well need your retirement funds to stretch farther than you expect. A person who makes it to 65 "could expect to live an average of 19.4 more years," according to the CDC. Living well into your 90's or beyond isn't out of the question, especially if you're well-off. Given that you may need to support yourself for decades, spending an extra five to 10 years in the workforce, even just part-time, makes sense. Continuing to work helps increase your retirement savings substantially, Orman says: "Your retirement accounts will last you longer and hopefully have grown over that period of time, which hopefully will generate more income for you." And it gives you more time to pay off any remaining debts, such as your mortgage, which will lower the overall amount you need in retirement.

Every year you wait between your normal retirement age and 70, Social Security will add a guaranteed 8 percent to your eventual monthly payout. Suze Orman financial expert and former CNBC host