Suze Orman says work until you DIE. Here's why she's wrong
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- Опубликовано: 9 сен 2024
- Suze Orman is one of America’s best-known financial talking heads. The former financial advisor and Wall Street executive turned media personality is a great communicator, and her money advice is typically solid. Until now. Read my article on the topic here: bit.ly/2zPN5eQ
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My dad retired at 55, he is now nearly 70. he has spent the last 15 years of his life doing whatever he wants. He fixes up old cars, gets involved in local government, helps build shelters for homeless veterans, goes camping as often as he wants, helps with conservation causes he believes in outdoors, and spends time with his family. A full time corporate job can take up 11 + hours of every weekday (between commuting time, lunch and breaks, and time spent getting ready for work and winding down after). What could you do with your late 50s through your 60s if you weren't spending 55+ hours a week dedicated to your job?
Depends on what your work is. If your work is being one of the top brain cancer surgeons I prefer he stay at work. Society needs him. If you load boxes...I get it.
@@fullauto1125 AMEN. Doctors are probably a great exception.. I can't think of any others that would really benefit society like that. Politicians should be capped out at 55.. wouldn't that be special!!
@@anniesshenanigans3815 how about farmers? Food doesnt magically appear out of nowhere?
@@Abcabc-rg1mq I gave one example..
@@fullauto1125 I’m not sure being a surgeon in your 70’s is a good idea 😞
Work in construction until your 70 - good luck with that - your back, your joints won’t let you.
Dr. Suze recommends people work until they are bald, carrying a bladder bag, have five coronary stents, a set of dentures and have one foot in the grave. Ain’t that just swell financial planning. You never run out of money!
You will but the GURU is still ticking fine...when and where has she punched the working shift clock...?
Suze told me I need 6 million at 70. I told her i'd like to eat at Taco Bell at least once a week. She said 7 million!
🤣😂 I can hear her say that!!
I am 71and still working. Let me tell how hard this is. I have insomnia every night. I have to go to bed a 8:00pm in order to be able to fall asleep within an hour. Your brain is older and doesn't learn as fast as it did. You have to have your passwords in view because you can't remember them. I have to work until I am 75 before I can retire. I have 4 more rough years. If I were to live until 100 do you think I should or could work that long. Consider 80, 90 or 100 year olds riding the freeway everyday. There is a reason retirement age was 65 and should stay that way. You don't have the energy you had when you were 50 or 60. Try and retire by 62 you won't regret it. Very few people can work as long as I have to.
She is full of it. I could retire now (age 48), but I really love what I do and it's extremely lucrative so I will retire at 59 1/2 at the very latest.
Also there are much cheaper places in other countries where you can live like a king or queen. Your money will go much further if you are willing to be an expat.
Who in the heck WANTS to work until they are 70? Obviously some but you are trading what life you have left while in decent health for a few bucks.
Country Frau warren buffet, mark cuban and million other wealthy people.
@thomas samson My response to that same as my response to the poor. Don't be one. Life is about choices. If you choose to live and work in environment you don't like that's bad decision. Move, quit. People get what they ask for.
I’m sure Walmart greeters want to be there.
@@g99se9 lol. at 70 being a greeter would be easy peasy. Its part time, talking to people. What I do now is very stressful and at 70 I certainly do NOT want to be doing anything real stressful.
@@fullauto1125 if you think warren buffet or mark cuban works like the average joe...
I totally agree with you. It is much better in my opinion ti start retirement earlier. Lately have seen several men die while still working and I am sure they had plenty to retire on. It is a personal decision but I would rather have some fun early instead of working to my death. I plan to retire at 62.
When Suzie said that a person needed 2 million dollars to safely retire, I thought wow, what kind of world is she living in. Most of us will never make that much money in a lifetime, let alone be able to accumulate that much investing. Look, everyone's living expenses are different and the less one needs to live on, the less one needs in retirement. She left this variable out when making that statement. Common sense should tell us that we need our living expenses each year times the amount of years we expect to live after retirement, roughly speaking of course. Do the math. The math is different for everyone. If you include social security and/or a pension, then the amount you need in your retirement account will be less.
Didn't she say 5 million?
She said 2 million is “pennies” and you need 5 or 10 million at least. On AffordAnything podcast.
True. Life expectancy is decreasing.
How many employers will keep 70 year olds?? Not many. Who wants to work until 70 anyway. I’m 56 and No way. Does Suzy Not realize the energy it takes to get up everyday and go to work.
I have a coworker that is 67. He is 10 years older than me. Only a week ago we had this conversation. I said that at 67 I did NOT want to be there, working 5 days a week, like he was doing.. not happening.. He said he didn't have a choice, he had made some bad financial decisions when he was younger. Maybe some people don't mind doing it, but my job is stressful and after 5 days all I can do is recover for 2 and start all over again. That is not how I want to spend the last days of my life. Women in the US have a life expectancy of about 84-86 yrs. For you and me, that's about 25 or so more years, that will go by in a flash. In the last 2 years I have been in a Panic to pay off my bills so I can save save save and go part time the minute I get medicare, or a national healthcare if that ever happens. Good luck to you Opal. To all of us....
Ann Raybon I’m doing the same in regards to paying off bills. I hope that by the age of 61 or 62 God willing I can retire and enjoy the rest of my life.
There's no way I'm working until 65 let alone 70. Maybe part time on a low stress gig sure. What I'm doing now? No way.
My sister was a software developer who planned to work until she was 65. After decades at the same firm, there was a merger and most of her department was let go. She was in her late 50s, years away from her planned retirement age. Just saying... you don't always get a choice!
Is it possible to be “sought after” as a software developer? If you have “rare skills” and want to keep on working , age does not matter.Did she want to keep on working?Is it that she had not made “enough money” or that she simply enjoyed her work?
@@thandasibisi7534 Yes, software developers, project managers, Business analysts. Those skills are definitely in demand. Someone with those skills are much more likely to find work at a competitve rate than many other fields. My sister was fortunate, she was financially well prepared to retire. And she was such a long time employee that her severance was quite generous. Initially she talked about wanting to find a new job because she simply wasn't ready to stop working. She had not been without a job in more than 30 years. After taking some time... and consulting her financial adviser, she decided she was fine with retirement. Because it was earlier than anticipated, she simply had to be a bit more frugal with her spending decisions until she could file for full social security.
Yes, I absolutely agree with you that people should do the math and aim to retire by 55. As you said, a lot of corporations get rid of people in their early 60s, and often younger than that. You might be able to work in your 60s, but your chances of doing so in a decent paying, full time, job are not that good. Even if you're only half way there by age 55, that still gives you some breathing room if you lose good paying employment in your 50s.
When you retire when you die, the money you get can't buy time.
I so agree with you
It all depends on how well you plan earlier on. Also how much you enjoy your work.
I think Suze is crazy and gives terrible advice! No one should listen to her, she is clueless!
Well, I don’t think she’s clueless. I wish I made what she makes for talking...regardless of the end value of what she says.
She's not crazy or clueless, but she uses her government and mega rich connections to build her empire business of scamming people out of their money. She's a monster!
To prove your point.paul Allen a billionaire died yesterday at 65.
Need I say more
P.s Orman is a lier.she changes her advice whenever it suits her to make more money
She's just a big mouth
Well, if there was some morality and ethics in government and corporations, some of her advice would have held true...but look at how many people are waiting in line now for food while trumps family games the system for the stimulus money.
I think you're spot on here Wes. When I heard Suze Orman say this I always thought to myself heck no! Sure, to those who love their job/work maybe they want to work deep into their 60's or 70. But for the vast majority of us no thanks! Even for those who love their job, do you really want to miss out spending more time with your family, kids, grand kids, and doing those things you love (hobbies) or would you rather keep slogging along at work? The choice seems easy to me. Great video!
Thanks, Larry!
We have a guy driving a forklift (75), an operator (72) , but have many that have died early. Various reasons to keep working, this 'i'm going to work until i can't anymore ' is a crazy idea, ' I have been working all my life, it's all i have ever known'....Quotes from co-workers .
The retirement age on my job is 55 years old. My goal is to be ready before that and then 55 now becomes optional.
I'm glad you pointed out that each situation is different. I'm waiting to collect at 70 because (1) I want to leave my wife (we've scheduled for me to go first) as big a SS check as possible, and (2) We have more than enough to retire with right now (I'm 62) but (3) I actually enjoy my new job. But clearly that's not for everyone. Working until 70 makes no sense for most people, and waiting until 70 to collect probably also makes no sense for most people.
My dad is almost 80 and still working even though he’s a multi millionaire. Some people are wired differently.
It is not only about how you are “wired”. It also depends on what you are doing.Warren Buffet is 90 years old, one of the richest people in the world and “still working”.Of course “work” is not always about doing thinks you would rather not do like being a garbage collector or being part of an assembly line.I doubt if anyone wants to collect garbage or work in an assembly line until they are dead. The important thing is really about being able to retire if and when you want to. Warren Buffet can work until he drops dead. That is what he would rather be doing.
I love Suze but I think she's lost her ding dong mind on this one!
I’m out at 62 if not sooner!
I’ve seen too many guys wait and then drop dead six months after they retire!
@Da Choppah Most people will be dead long before they are 95. Retirement is typically 20-25 years long, so if someone is 65 when they dip out, they can expect to live to age 90 on the high end.
@Da Choppah From a financial perspective, what you say makes sense. Sometimes, despite our best planning and intentions, things don't always work out the way we see it.
Health is the best thing to have. However, it can change course rapidly, altering plans in the process. Longevity in the family helps, but even that provides no guarantees. I have close relatives who have lived into their 90s, some have lived until, and even surpassed the century mark. Then there are some who have reached their mid to late 80s. However, a few are littered in the bunch who have, alas, died in their 40s, 50s, and 60s. It's the luck of the draw, Farrah Fawcett's parents lived into their 90s, while she and her siblings never saw 65.
We have to take enjoyment in the moment, hope for the best, plan for the worst, and prepare our business towards being prepared for any outcome.
@Da Choppah You have good points. The day that someone retires from the workforce is the day the 20 year clock starts. With my work, if I stay in it for many years more, you will be alive after me, and I'm almost certainly younger than you. Should I have a midlife career change, I might improve my chances. With my current situation, working to age 70 will be extremely difficult. If I change careers, I can probably get near 80. Because of all of this, I resolved to enjoy my life while I am young. So far, I have traveled to 14 countries between two continents. I refuse to wait until I am 65 to try to enjoy my life. Thankfully I have money in the bank, so if I marry and/or have children, there are cash reserves to live on.
Richie Himes, You love her...?... I take she did not scam you like she did thousands of others...poor especially.
My husband and I bought a house with acreage in the country and expect to retire there. I am now 60. The issue is that you lose strength and so forth for country living as you age. Already we are at the age where most people sell their country places and downsize. And we can't even get there because we still work--we had kids late and they are still in college on our dime. The 60s are gonna be our big chance to have enough strength to do well out there. If you want to retire to the country you can't wait forever!
I grew up on a working cattle ranch and if you intend to run a ranch or farm for money it is a hard life. If you intend to be gentlemen farmers and just want to raise a few pigs or cows on a small scale it can be profitable and not too hard. However if you want to travel, you need to pay a caretaker when you are gone else the place will tie you down caring for crops and animals. The caretaker will eat into your bottom line. Also the quality of caretakers has diminished in my mind. We used to get dependable old school country folk. As time went on it seemed every caretaker was a meth head or became one. Meth is huge in rural life these days unfortunately.
I'm 46 years old.. I want to retire as soon as I can withdraw from my Roth IRA. I should be over a million by then.
some retire at 70 because they can; some because they must.
I retired at 54 with a pension. My hero was collecting his pension and VA disability for Agent Orange poisoning. I decided I would rather spend as much time as I can. with a dying husband. There is more to life than money. I live on 80k a year and only debt is a mortgage at less than 3% interest. My hero died in 2020.
Agree with you. I knew of someone who waited till he is 70 years old to retire to get more Soc. Security income when re retires. Guess what, at age of 71 years, he got a stroke and died instantly. Our health is wealth and our lives has an an expiration date while money is always there to be taken or earned if you want to. He never enjoyed his hard earned money. Instead the government and his heirs were the ones who profited and enjoyed his hard earned money. Great lesson to learn.
Susie is wrong...
Scammer is what she is.
Everyone's situation is different. Some people love their jobs....many do not. Some people have a lot of hobbies they'd like to spend more time pursuing. I fall into the latter category. For me it was best to draw on my own Soc Sec at age 62 and I will begin drawing on my late husband's Soc Sec when I turn 66 in two years. I had a plan many years ago and stuck to it: the plan was to have my home, car and credit cards paid off before I retired. It wasn't easy, but it was probably the smartest thing I ever did.
Thank you for sharing this, Stephanie!
55 year old retired government worker receiving a $250,000 pension plus extra benefits for life.
Suze did not say "work" till you die. She said "do something you are passionate about, with or without pay, till you die"
That is a big difference. Even people who would like to take F.I.R.E., they still need to do something for fun or for some money.
Not sure what F.I.R.E. people are so pissed about.
Suze said a lot of crazy things... Like nobody should retire before 70 without 20 million in the bank.
If you love your work, why not? But how many people love their work versus the opportunity of doing something else you love more, provided your finance is enough to support your early retirement.
Correct . . one size does not fit all. So much depends on the area you live . . high costs like housing, or low costs. Also, personal health costs and lifestyle choice, like lots of foreign travel. But in general, taking SS early is probably a bad idea. That 7-8% annual return is pretty good unless you die first. So much will depend on future inflation rates, which now appear to be accelerating. Error to the positive. More money vs. less. Get rid of debt as soon as practical.
I had problems with suze telling people not to enjoy life until all debts are paid off. I finally ignored her and went on trips with my college-aged daughter to Europe and Hawaii. How glad I was since she became disabled at 25 while in medical school She can no longer travel. I don't regret letting my debt pile up a few years to enjoy trips of a lifetime. Time I can never get back.She was very wrong telling people not to enjoy life.
The 4% withdrawal rate has been backtested extensively. If you don't like that percentage, the perpetual withdrawal rate is around 3.5%. It seems she enjoys her job, sets her own hours and likes to live large. Some people aren't in that situation and want to spend the last phase of their life living fully.
I'm pushing 62 and don't see retirement in sight. If I quit in 3 years, I wouldn't have enough saved to live on for the rest of my life. I read somewhere that you need approximately $650,000 in cash to safely retire.
I do not know where that figure comes from. Women life expectancy is @ 84-86. at 65 you will have 20 years to spend it. How much do you spend now??
Today the average person in the US dies at 78, and the average person supposedly retires around 61. That means you worked about 43 years for only 17 years of retirement. Why cut it any more short then it is. Also why wait until you are age 67 to start collecting SS, the advantage of taking SS at 67 over 62 are only seen after age 78 (the average age of death). I initially planned on retiring at 55, but now have rescheduled and will retire in a few months at 59.
Freedom 55 sounds great to me! May not be entirely attainable but that's what I'm working toward. Thank you for all your helpful advice. I'm not in the US so SS and pensions, etc., are a bit different but the principle is the same.
No one knows when the dirt nap is coming so retire early and enjoy what time you have left. Working until 70 is just plain stupid unless you didn’t save/invest when you were younger. Remember, people don’t plan to fail, they fail to plan!!!!! Rock on Wes🤘🤘
Love the video, I'm 46 years old, I've been layer off from several mill jobs and I'm putting 170 a paycheck into a 401k still feeling at this age I should be putting the entire check away is near impossible
Putting away $170 a paycheck isn't a ton of money. Probably better than a lot of people, but most people don't save much. When it comes to saving money, you definitely want to be well above average, because what passes for average really sucks.
I started at about 46 or 47, on the very low end. Slow and steady wins. She is right about Roth IRA though. Put $$ in that as soon as you can, it is after taxes so they cannot tax you when you take it out. I wish I had at your age...
She can do that.
Makes total sense! Thanks Wes!
If you WANT to work when you're 70, by all means, fire away, if it's something you love to do and that enriches your life. If you HAVE to work at 70 to get by financially, chances are pretty good that something went very wrong with your financial plan or you simply never had one.
Great vid Susie is nuts
Like that you would like to see people be able to retire early, I think that Suze doesn’t think 99.9% people can do that so instead the “lay the foundation to work til 70” is her telling people to get that job security. You’re right though, I think it’s crazy to try to trust your employer to keep you on until 70 unless you just flat out are an absolute titan of leadership.
The government told her to tell everyone to start collecting at 70 so the numbers game works in their favor. They can get a extra 5 years funding for it that way.
Problem is with that we don’t know when the doctor tells you something that will change your life and it’s to late 😀👍🙏😉
How can Suze call herself a good financial advisor if her advice leads everyone to needing to work until at least age 70?!?! 50 years of working and perhaps no retirement at all..or just 10 or 20 years if you are super lucky. No thanks!
For one thing, Susie Orman is not a financial advisor…..she’s a waitress that wormed her way into finances……No education. Plus she has led a lot of people down rabbit holes with gold and debit card fiascos which prayed on the ignorance of the poor.
That being said, even if you love your occupation, “working until 70” minimizes the effects of old age and/or disabilities, that can happen along the way. The only way that I was able to hold off until 70 to take my own social security, was because of widow’s benefits I received at 62 after a forced retirement. Plus, to face reality, if one loses a lucrative paying job in her/his fifties, it’s often difficult to become rehired at that higher pay because of ageism. At 62 I was told that I was “just too old” to think about being hired again……..nor would I be a good candidate for retraining.
Needless to say, we should all live below our means starting in our early 20s, and start to plan for our retirement at the earliest age possible. Good luck with that piece of advise…….but it’s the best of them all.
No right answer. Do what’s best and right for you. Love and enjoy what you do - keep doing it. Want/ready to retire (and can) then plan and go for it. There’s also soft or semi retirement. But collect what you can from govt when you can and invest it wisely. Cheers!
Great info!!!
Well the thing is risk and contingencies are increasing if you can factor that in while planning then why not. Reality around the world says that pensions are insufficient and number of aging population are in despair. And its funny cause millionairs work even they are 71. At the end of the day we may design our future but death anytime is inevitable.
She is right.
I was trying to get financial free when at 46 out of the blue I got diagnosed sea with cancer.
My job health insurance paid for my treatment ($20K dollars) I just paid less than $100 dollars.
I realized that the money I had was not going to be enough and my Best bet was to continúe working to continue covered by the insurance of my employer.
She is right, I plan to work until 61...
Did u consider a high cost health insurance plan in conjunction with an HSA? Just curious if folks know this is what most people who subscribe to FIRE do in order to take care of their future medical bills.
@@anastasiacollins7849 I am from México and currently working in Portugal.
A week ago I arrived to the ER in ambulance, again my employeer's insurance saved the day: 11 hours in the ER only paid 179 euros.
Wonder how the FIRE followers are doing with the market as it is, will they be able to pull 4% as expected from their investments?
Isela Muñoz
A big part of the movement is to have at least a years worth of cash put away in a high yield savings account for times like these. That way they don’t have to withdraw the 4% from their portfolios and instead rely on their rainy day fund.
Also, you didn’t answer my previous question. Where u aware that most of those who subscribe to FIRE partake in a high deductible private health insurance plan in conjunction with an HSA account? I find that most people don’t when they speak about followers not considering the increase in healthcare expenses. In actuality they do understand that the cost of healthcare is on the rise and have planned for such instances where they fall ill unexpectedly.
Just some food for thought.
@@anastasiacollins7849 and I answered that I was a Mexican living in Portugal, therefore all your tips and tricks are worthless fue the rest of the world.
Isela Muñoz
One of the biggest advocates for the FIRE movement is an African American family that retired to Lisbon, Portugal 🤣 if you think I’m lying look up “Our Rich Journey” on RUclips. They practice all of the “tricks” I’ve mentioned and those “tricks” work in Portugal just as they would anywhere else in the world.
Legit, do some more research. I understand if you don’t want to retire, I’m simply saying there are a lot of holes in Suzes’ theories that are addressed by some who have done FIRE. I listened to her interview with Paula (I think that was the interviewers name) and Suze was borderline fear mongering. It can be done right but more importantly, it HAS been done right. We don’t have to let fear of the unknown dupe us into continuing the rat race. Blessing to you.
It is individual many have no choice because they were not able to save as much money as others. This would be alot of seniors.
I did plan to retire at 55. I ended up at 60. I had a little help when I was young in that my father was a financial planner and securities broker. I think Orman is way off base. Retirement is different for everyone AND the need for gobs of money to retire on is a fallacy. It all boils down to how much money do you need to live the way you want. If you want to live "high off the hog", then you will need lots of money. If you just like hanging with your kids and/or grandkids, well that's pretty much free. I guess the goal here is for one to think about how they want to live in retirement and that should dictate what you need to do before retirement.
I agree
I will be 50 and my wife will be 42. We will have money coming in every month from none government sources and my pension from the Army. Plus I will do lite day trading to supplement our income. The last key is we will not live full time in the USA.
Retire from working for others by 50-55.
Two years after our retirement, our severely disabled son was eligible for Medicare which is so much better than Medicaid alone. If someone has a child with a disability, retiring earlier than age 70 has some advantages.
While we share the opinion that Suze is a bit off on working until you die, I think your reasoning for this is a little strange. Choosing to accept death at the "average" age is a scary idea. You are teaching people to be better than average right? Retire earlier? Why not also adopt the mindset that taking care of your body through diet and exercise will prevent this average death. The average American eats like crap and never exercises, so its easy to aim to be better than average. Plan to retire at 55 AND live to be 100. Although, I also plan to retire much younger myself as a member of the Financial Independence Retire Early (FIRE) movement. Interesting point of view on employers and trends toward younger people; I see this at my work all the time and it is kind of crazy to me.
True. A Family member of mine had that very plan and sadly he didn't make it. We lost him. He was just weeks before planned 'early retirement'. But one still must try.
My body would not physically work at my job till I died she doesn't know what physical labor is
life expectancy is not getting lower because we are not living longer, the opium epidemic drove it down
You work and work until you're too old to be employable or your salary level is too high for your employer.
Suze is worried that if too many people retire too early, there will be a labour shortage driving up the minimum wage and average salaries.
I was talking to a doctor from Africa and he said only in our country we are so lazy and talk about retirement the moment we start at work career that is what is on my mind thinking about the end of our lives sitting in front of a TV getting fat and eating. you should pick a field that you love and stay with it working is music to my heart. I own my own business and I can take off when I want to so I will work until I die. I enjoy all the things of life and can travel when I want.I cannot imagine doing nothing but just going to the gym watching TV drinking eating and doing the same cycle everyday may be reading a book once in a while. Why is it that we are as Americans are so lazy??
Susie is out of her mind😱
Did he say Orman usually gives good advice? Yikes!
Suze Orman is the only personal finance expert I listen to because she knows what she's talking about
Suze is a scary old bag. Let her work till she drops. I'll be on the Riviera enjoying life. Good luck Suze.
62 I'm out !!!
people doing physical work can not work til 70. guessing Suze has not done physical work.
Suze is right not the sam job but work i am 70=++++ and wen i have no job i have a lot out my life hair care cream to look less then your age look up date bean with other people exercise classes yes work
Lady is nut, I retire at 38 FIRE Moment.
Suze is famous for her goofy 🤪 🤣 😂 advice
its nice talk about retire early, only if you saved for it. If not your are working until you are 70 or older. There is NO retirement for you. She is not wrong if planning is done properly. You talk nonsense, big fish my ass
This video didn’t age well at all
I would not have landed here if you were not using someone else's fame.
That's all wrong. I am seventy three years old and i retied years ago. Im not at all rich nut I am comfortable and I don't want for anything I'm liveing a good life. I made it happen. I didn't any advice from a con artist. This woman is a theif and she is getting away with it for now .the big boys will come for her. Write it down. Lights camera action.
Suze is now a brand so I don't really buy what she is selling