As anxiety mounts over the long-term solvency of the Social Security trust funds, a growing number of Americans are rushing to claim their benefits early out of fear that the program will run dry.

However, personal finance expert Suze Orman warns that following this viral advice will lock retirees into a permanent financial penalty that cannot be undone.

“There’s been some chatter on social media lately about Social Security that I think is bad advice,” Orman wrote earlier this month on her website. “The message is that you are better off claiming as early as possible — at age 62 — rather than waiting to collect a larger benefit by starting your checks later. That’s just not good advice.”

About two weeks ago, the Social Security Administration released its 2026 Trustees Report, which confirms that the federal retirement safety net is less than seven years away from reserve depletion, as the Old-Age and Survivors Insurance (OASI) Trust Fund is projected to exhaust its accumulated reserves in the fourth quarter of 2032.

SOCIAL SECURITY HAS LESS THAN 10 YEARS BEFORE RESERVES ARE EXHAUSTED, NEW TRUSTEES REPORT WARNS

Once the reserves are depleted, ongoing tax revenues will cover only 78% of scheduled retirement benefits, according to the report.

People wait in front of a Social Security office in Citrus Heights, California, on July 12, 2023. (Getty Images)

According to SSA data, claiming retirement benefits at age 62 remains popular among retirees, though filing early permanently locks in lower monthly benefits.

“For anyone born in 1960 or later, your Full Retirement Age is 67. That is when you are entitled to 100% of your earned Social Security benefit. If you choose to start collecting at 62, you receive just 70% of that benefit — a 30% reduction that is locked in permanently. Claiming early is basically accepting a 30% penalty,” Orman said.

“A woman in average health who reaches age 65 has a life expectancy of 88. That means a 50% probability of still being alive at 88 — still here, still paying bills, still needing income. If she reaches her break-even age of 79, there is a very real chance she has at least another decade or more ahead of her,” Orman said. “Every month past that break-even point, the person who waited is collecting meaningfully more.”

The personal finance expert also pushed back on claims circulating online that filing early secures your benefits before the trust funds run low.

“Current projections suggest that if Congress does nothing, Social Security would pay out roughly 80% of scheduled benefits — a 20% reduction. That is the worst case. And as I have discussed before, Social Security has survived funding challenges before; in the early 1980s, Washington found solutions that did not require beneficiaries to absorb the full cost,” she said.

“If your benefit at 67 would be $2,000, claiming at 62 locks in a $1,400 monthly payment… Now apply the 20% worst-case cut to both. The person who waited until age 67 might see their benefit reduced from $2,000 to $1,600. The early claimer collects around $1,260.”

Orman said there are two exceptions to claiming Social Security early: health issues and the inability to work or draw from retirement savings.

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And the “strongest move,” according to Orman, is waiting until age 70 to claim Social Security benefits.

“If you are married, please have the higher earner wait as long as possible — ideally until 70. The surviving spouse receives the larger of the two benefits. Making that number as large as possible is one of the most important financial gifts you can leave your partner,” Orman said.

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The price of oil has fallen back to levels not seen since before the Iran war, handing hard-pressed UK businesses the prospect of cheaper fuel as traffic through the critical Strait of Hormuz shipping lane gradually resumes.

Brent crude, the global benchmark, briefly dipped below $72.48 (£55) a barrel, the level it sat at the day before the United States and Israel launched their attacks on Iran on 28 February, before edging back up to $73.23.

Energy markets have endured a torrid few months since Tehran retaliated by effectively closing the strait, a waterway that carries a substantial share of the world’s seaborne oil and gas. For the haulage, hospitality and agricultural firms that have watched their fuel bills balloon since the spring, the retreat in crude cannot come soon enough. Many smaller operators have spent the conflict simply trying to absorb costs they could not pass on, a squeeze Business Matters has tracked among hauliers, hotels and farms pushed into survival mode.

Crude has been falling steadily since 17 June, when Washington and Tehran signed a Memorandum of Understanding setting out a 60-day window for negotiations on Iran’s nuclear programme and other measures aimed at ending the war. Representatives from both sides met in Switzerland last weekend, talks that led the United States to partially lift sanctions on Iranian oil exports.

The number of vessels crossing the Strait of Hormuz has risen sharply since the agreement was struck, according to maritime intelligence firm Kpler. Its latest figures suggest 284 vessels made the transit from 18 June, the day after the deal was signed, although that remains well below the pre-conflict average of around 138 crossings a day. The ships passing through in recent days have included those carrying crude oil, liquefied natural gas, fertiliser and other goods, Kpler told the BBC.

The United States and Iran have also established a “communication line” to prevent misunderstandings “with the aim of safe passage for commercial vessels through the Strait of Hormuz”, mediators Qatar and Pakistan said in a joint statement on Monday.

Dimitris Maniatis, chief executive of maritime risk advisory firm Marisks, which is working with ships stranded in the region, described a “tremendous shift”, with far more vessels using the strait in recent days. A limited number of ships can cross a northern passageway with the permission of Iranian authorities, he said, while the US navy has set out a southern route cleared of mines and other obstacles laid during the war. Even so, traffic remains below the pre-war norm, when more than 100 ships a day used the route.

For drivers and the firms that run vans and lorries, attention has now turned to how quickly the fall in crude feeds through to the forecourt.

“On the back of the lowest oil price since before the Iran war started, drivers should see the average price of petrol fall below 150p [a litre] in the next week or so,” said Simon Williams, head of policy at the RAC. He added that diesel “ought to go back under 160p”. Petrol peaked at 159.53p a litre on 28 May, according to the motoring group, while diesel has eased from a high of 191.54p on 15 April. Drivers can track the daily averages through the RAC’s Fuel Watch data, and the longer-term trend is laid out in the House of Commons Library’s briefing on petrol and diesel prices.

In the United States, the average price of regular petrol has slipped to around $3.93 a gallon after touching $4 in April, its highest since 2022, though it remains well above pre-war levels.

The pace of those falls has become political. President Donald Trump on Wednesday ordered an investigation into the major energy companies, accusing Shell, ExxonMobil and others of “gouging” drivers by failing to cut pump prices even as crude costs tumbled. “Oil prices have come down so much and we are not seeing anything at the pump by comparison the way they should be,” Trump told reporters in the Oval Office. The American Petroleum Institute, which represents the US oil and gas industry, countered that fuel prices “don’t move in lockstep with crude oil”.

British energy firms have faced similar accusations of unfairly inflating petrol prices since the war began. Last month, however, the UK competition watchdog said it had found no widespread evidence of profiteering, noting that average margins were “broadly unchanged” between February and March.

For now, the direction of travel offers a measure of comfort to the millions of smaller firms for whom fuel is an unavoidable line on the balance sheet, and for whom relief has been a long time coming. Whether the easing endures will depend on whether the fragile peace holds, and on how far the broader pressure of stubbornly high energy costs on UK business continues to bite.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

This article was written by

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Bio-Techne Corporation shares jumped more than 19 percent on Thursday, reaching $70.31 as investors responded to positive developments around the company’s life sciences tools and diagnostics businesses.

The significant gain reflected renewed confidence in Bio-Techne’s position within the biotechnology research and clinical diagnostics markets. The company provides essential reagents, instruments and assays used by researchers and clinicians worldwide.

Bio-Techne has reported steady performance despite challenges in the broader life sciences sector, including funding pressures for academic research and cautious spending by pharmaceutical companies. Its diversified portfolio spanning protein sciences, diagnostics and genomics has provided stability.

The company’s focus on innovation, quality and customer relationships has sustained demand for its products. Recent product launches and strategic initiatives have generated interest among analysts and investors.

Business Overview and Performance

Bio-Techne operates through Protein Sciences and Diagnostics and Genomics segments. The Protein Sciences division offers antibodies, proteins, immunoassays and other research tools.

The Diagnostics and Genomics segment provides clinical laboratory products, spatial biology solutions and genomic testing services. This diversification helps mitigate risks associated with any single market or customer type.

The company has maintained consistent revenue growth through organic expansion and strategic acquisitions. Its global distribution network and reputation for quality support market leadership in multiple product categories.

Bio-Techne’s financial results have demonstrated resilience amid industry headwinds. Management has emphasized operational efficiency and portfolio optimization while investing in growth areas.

Market Environment

The life sciences tools and diagnostics industry faces cyclical pressures from research funding, pharmaceutical R&D spending and healthcare budgets. Bio-Techne’s essential products provide some insulation from these fluctuations.

Academic and government research funding remains crucial for many customers. Private sector investment in biotechnology and pharmaceutical development drives additional demand.

The COVID-19 pandemic accelerated certain segments while creating supply chain challenges. Post-pandemic normalization has required adaptation to changing demand patterns.

Technological advances in genomics, proteomics and spatial biology create opportunities for innovative product providers. Bio-Techne’s investments in these areas position it for growth.

Strategic Initiatives

Bio-Techne continues expanding its product portfolio through internal development and acquisitions. Recent moves have strengthened capabilities in high-growth areas like spatial transcriptomics and advanced immunoassays.

The company’s focus on automation and workflow solutions addresses customer needs for increased efficiency and reproducibility. These offerings appeal to both research and clinical laboratories.

Sustainability initiatives and responsible sourcing practices align with growing stakeholder expectations. Bio-Techne’s commitment to quality and ethical practices supports long-term customer relationships.

Digital transformation efforts enhance customer experience and operational efficiency. Online platforms and data analytics capabilities improve accessibility and support for users.

Investment Considerations

Bio-Techne’s recent share price surge reflects positive market sentiment around its fundamentals and growth prospects. The company’s valuation has adjusted to account for its market position and pipeline.

The stock appeals to investors seeking exposure to life sciences innovation and research tools. Its diversified business model and consistent performance provide defensive characteristics.

Risks include funding pressures in academic research, competition from larger players and potential slowdowns in pharmaceutical R&D spending. Bio-Techne’s ability to innovate and maintain quality will influence long-term success.

Analysts generally maintain constructive outlooks, citing the company’s technology leadership and market opportunities. However, patience may be required as the sector navigates cyclical challenges.

Industry Trends

The life sciences tools market continues evolving with advances in single-cell analysis, spatial biology and multi-omics approaches. Companies providing enabling technologies benefit from these scientific developments.

Clinical diagnostics demand grows with aging populations and personalized medicine trends. Bio-Techne’s products support both research and clinical applications.

Automation and artificial intelligence integration transform laboratory workflows. Providers offering compatible solutions gain competitive advantages.

Sustainability considerations influence purchasing decisions across the industry. Companies demonstrating environmental responsibility may attract preference from research institutions and corporate customers.

Future Outlook

Bio-Techne’s strategic direction focuses on leveraging its technology platform while expanding into adjacent markets. Successful execution could drive sustained growth and margin improvement.

The company continues investing in research and development to maintain innovation leadership. Its ability to translate scientific advances into commercial products will influence future performance.

Investors will monitor upcoming financial results for progress on key metrics including organic growth and margin trends. Management guidance will provide insight into execution priorities.

The recent share price movement suggests renewed market interest in Bio-Techne’s story. The company’s fundamental strengths and market opportunities support potential for continued positive sentiment.

As life sciences research advances, Bio-Techne’s essential tools and technologies will likely remain in demand. Its ability to adapt to evolving customer needs while delivering consistent results positions it favorably in the industry.

The race to succeed America’s top banker is on.

Sources inside JPMorgan Chase, the nation’s top bank, say the elevation of two senior executives Doug Petno and Troy Rohrbaugh as co-presidents of the company, sets up a long-awaited horse race to succeed the voluble Jamie Dimon, its CEO for the past two-plus decades and widely regarded as the nation’s top banker.

As if to leave no doubt about his intentions, Dimon Thursday also announced that Marianne Lake, one of the highest-ranking women on Wall Street who had been seen as a frontrunner to succeed Dimon, “has decided to retire” from the bank.

Lake, a longtime executive who was head of the firm’s powerful consumer and community banking division, is said to be “not too happy” about being passed over for the top job. One indication was the absence of a statement from Lake in the press release, said people close to the bank. A JPM spokesperson had no immediate comment.

JAMIE DIMON REVEALS WHAT HE TOLD MAMDANI AFTER PRIVATE MEETING, SAYS IDEOLOGY CAN LEAD MAYORS TO FAIL

JPMorgan Chase’s new global headquarters at 270 Park Ave. in New York City. (JPMorgan Chase / Fox News)

Jenn Piepszak, JPM’s chief operating officer, is also no longer considered a possible replacement for Dimon, people inside the bank say. Also out of the running is Mary Erdoes, the head of JPM’s asset management and wealth management business, On The Money has learned.

“The changes announced today mark an important step in our board’s thoughtful process around succession planning and development of our top leaders,” Dimon said in a press release. “We are fortunate to have in place an exceptional group of senior leaders, not only at our operating committee level but across our organization.”

DOJ PROBES JPMORGAN, CITIGROUP TRANSACTIONS TIED TO IRAN SUPREME LEADER’S BUSINESS NETWORK

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the 2026 Reagan National Economic Forum on Friday, May 29, 2026.  (Caroline Brehman/Bloomberg via Getty Images / Getty Images)

Petno and Rohrbaugh had jointly run the firm’s powerful consumer and investment bank, and were considered top contenders to replace Dimon when he is expected to begin transitioning out of his role as CEO as early as this year, though he has always been obtuse about the timing of his decision and has left open the possibility to remain as chairman indefinitely.

That said, inside JPM headquarters in Midtown Manhattan, there was nothing obtuse about the elevation of Petno and Rohrbaugh. Dimon created the co-president position precisely to set up a horse race between the two to take over as CEO sometime soon, these people say.

Marquee at the main entrance to the JPMorgan Chase Headquarters Building in Manhattan. (Erik McGregor/LightRocket via Getty Images / Getty Images)

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Both will have big shoes to fill. Since taking over as CEO of JPM in 2006, Dimon has emerged as the most important banker in the country and maybe its most important CEO. JPM is a sprawling “systemically important” institution that does everything from consumer lending to mergers and acquisitions to trading complex derivatives that are the plumbing of the global financial system.

He has successfully led the big bank through financial crises, small and large, such as the 2008 implosion and jostled with presidents from Barack Obama to Donald Trump over economic and banking policy. He is known for his shoot-from-the-hip public presence, and for his management acumen. JPM has been highly profitable and largely free of scandal during his reign.