February 13, 2018

The Age at Which Suze Orman Wants You to Retire - 17

20 minutes

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Question, big question for you, so what age do you want to retire? You probably have an answer in mind, right? What is it, like 50, 60, 65, today, tomorrow, you know? Well, what is it? When do you wanna do it?

Because for most people, the age just keeps creeping higher and higher and it's scary really. Everything, you have these articles coming out always, people are now retiring, people don't have money when they retire. Back in the day you worked 20 years, you get a pension, you get a gold watch and you're done. Woo-hoo. Then if you want to, you can go back and get another job because you're still not that old or you could just leave up your retirement, live off your savings or whatever, social security. You have a good retirement.

Back in the golden days when the old people actually got to not have to work at McDonald's. But then today the age is just going higher and higher. First it was work 20 years, get a pension. Then it was 55 was a good age to retire, then it was 60, then 62. Now the typical American retires at age 63 and it just keeps getting longer and longer.

A few years from now they'll be like, "Well, you've got to wait till 65, 66, 67." Yes, I know we're living a little bit longer, but that doesn't mean that we should use those extra years that we're getting to be working, because those extra years that we're getting, we might be getting them, it doesn't mean we're going to be in the best of health. So the time that we're spending is going to be in poor health as retirement age.

That tells me just the way people think about retirement is completely off to me. The fact that they look at work as so horrible and then retirement is so amazing. Recently I had a deadline that I wanted to get a calendar for, the kind of calendar, not a calendar but it would be like a countdown. So it was like a one year to this particular goal that I wanted, and I wanted something on my desk where every year it would tell me okay, you've got 365 days left. Then you would tear off the page and it would be like you've got 364 days left.

I wanted a countdown calendar like that. Really couldn't find anything online, but they do have these retirement calendars, so if you have a year left to retirement, that's the one I got. It was a year left to retirement so it's this big thick calendar, sheets, 365 sheets. Then in big black letters it tells you retirement days left and it gives you the big number. I just used it for the number, but on the bottom it has all these quotes I guess to keep you motivated or just to be funny.

It has all these funny things like, "Fifty days left till freedom." "Seventy days left till your time is your own." Here's a funny one, "The heck with adulthood. Time to start acting like a kid again." You know? That's what people think about. The way it's worded is like work is so horrible and evil and retirement is going to be so grand and wonderful. Well, not if you can't afford it like most people can't, you know? It's not going to be all that.

I just read this article by this financial adviser Suze Orman who says that you should not even, you shouldn't even retire at 63 when the average person retires. You should wait much longer than that.

You've probably seen Suze Orman. She's got, I mean she's older. I don't know how old she is, but she's got this colored hair, dyed I guess it's blond with blackish roots or something like that. She does a great job getting on TV and she has dozens of books out there, kits, courses and other products about financial planning.

Every once in a while she'll do a special on PBS talking about how to retire and whatnot. She has this show, you might have seen it, it's late night, people call her and ask her if they can afford certain purchases. There will the guy that's like, "Hey you know, I've got $10,000 in the bank, but I want to go buy a boat and I'm 60-years-old." No. She'll be yelling at him like, "No, you can't do that. You have to take that money and put it in a mutual fund," stuff like that.

There was the one time where this lady called and she was asking if she could afford to buy a $300 purse. Suze Orman is asking her all these questions. Turns out that this lady has $12,000 of credit card debt that she hasn't paid off in years. She still wants to spend $300 on a purse. Yeah, so those are the math wizards that Suze helps, you know?

What age do you think Suze wants you to retire?

Listen to the episode to find out.

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