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Zusammenfassung von The Ultimate Retirement Guide for 50+

Name: The Ultimate Retirement Guide for 50+
Rating: 4.2 (259 reviews)
Author: Suze Orman

Suze Orman

Winning Strategies to Make Your Money Last a Lifetime

4.2 (259 Bewertungen)

23 Min.

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The Ultimate Retirement Guide for 50+
in 8 Kernaussagen verstehen

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Kernaussage 1 von 8

What’s in it for me? A guide to retiring in comfort.

Retirement can be a daunting topic. The gold-plated company pensions of yesteryear are a threatened species these days, leaving more and more people to fend for themselves. But if you’re not a financial whiz, investing and managing your own savings can feel pretty overwhelming.

Luckily, there’s an expert on hand to help you navigate these murky waters. One of the world’s foremost personal finance experts, Suze Orman, has spent the best part of the last half-century helping her clients and readers achieve financial security.

In these blinks, we’ll be looking at her strategic guide to planning your retirement in the United States. Expect plenty of no-nonsense advice on prickly subjects like financially dependent adult children as well as a host of practical insights into investments, spending, and savings.

Best of all, we’ll be starting from where you are right now – not where you think you ought to be. So set aside your worries and fears, and let’s start building your ultimate retirement!

Along the way, you’ll learn

how to live below your means but within your needs;
what to do when your investments take a nosedive; and
how downsizing can turbocharge your savings plan.

Planning for retirement is a lot more complicated than it was in the past.

When the author started out as a financial advisor around 40 years ago, retirement was pretty straightforward. In return for decades of service, folks received a pension – a guaranteed monthly income after retirement. No one was expected to manage their own retirement funds and investments. All American retirees had to do was cash their checks and put their feet up. For today’s retirees, it’s a different story.

The key message here is: Planning for retirement is a lot more complicated than it was in the past.

These days you only really find pensions in the public sector. If you’re not a government worker, you’ll likely be funding your retirement in one of two ways.

First off, there’s the 401(k). This is an employer-sponsored retirement savings plan that allows you to save and invest part of your paycheck. The money you pay into your 401(k) is tax-free, but you will pay tax on withdrawals. Then there’s the Roth Individual Retirement Account, or Roth IRA for short. Here, you’ll be paying tax on money you put into your account while withdrawals are tax-free.

Once you’ve decided which of these savings plans is right for you, you’ll need to think about how much you can withdraw after you’ve retired. Getting this right is vital. Take out too much early on, and you’ll be left short if you live into your 90s – something that’s becoming more and more common.

Then there are interest rates. In the past, it was possible to live off the income generated by investments. Now, though, rates are so stingy that, even with historically low inflation, yields are rarely large enough to sustain people through their retirement.

Add in stock market volatility – not to mention the prospect of another recession like that in 2008 – and it’s easy to see why would-be retirees feel overwhelmed. If you’re within a decade or two of retiring, or if you’ve just settled into a retirement that may last for 20 or 30 years, there are a lot of unknowns on the horizon. That’s the bad news.

But here’s the good news. Where there’s a will, there’s a way. If you’ve made it this far, it’s safe to say that you already have the will to confront this tricky subject head-on. All you need now is the information to build your confidence, and that’s just what we’ll be giving you in the following blinks!

Retirees with financially dependent children need to set ground rules to guarantee their financial security.

Like all sound financial decisions, retiring is all about using your head, not your heart. That’s easier said than done. By the time you retire, you’ll likely be a parent and possibly a grandparent. That means you’ll be used to putting others’ interests ahead of your own and providing for loved ones. But if you want to retire in comfort, you need to start looking out for yourself.

The key message here is: Retirees with financially dependent children need to set ground rules to guarantee their financial security.

You can save a lot of money by making smart decisions about the car you drive.

If you’re still working, you’re in a strong position to boost your retirement package. This makes saving a top priority, but lots of future retirees struggle to come up with the money they feel they’ll need later on. If this sounds familiar, don’t worry, there’s an easy fix. All you need to know is what to cut.

The key message here is: You can save a lot of money by making smart decisions about the car you drive.

Reducing housing costs allows you to turbocharge your retirement savings.

Old age was once synonymous with failing powers and dependency. Today’s pensioners are different, and nothing reflects this better than the ideal of aging in place – remaining in your home for as long as possible. Who, given the choice, wouldn’t want to continue living in the house associated with their most cherished memories!

No wonder, then, that so many retirees are adamant about staying put. But here’s the catch: as attractive as this ideal is, you might be better off moving to a smaller home.

Patience pays in turbulent markets even when you’re retired, but you need an emergency fund to cover this strategy.

The year you quit work is a big deal for you, but it’s business as usual for your investment portfolio. Just because you’re retiring doesn’t mean your stocks are – they have another 25 or 30 years of work ahead of them! But here’s the issue. As you get older, you naturally become more risk-averse, and that means it’s more tempting to pull the plug and sell when your stocks take a nosedive. This, however, is a temptation you should resist.

The key message here is: Patience pays in turbulent markets even when you’re retired, but you need an emergency fund to cover this strategy.

To avoid running out of money, assume you’ll live to 95 and take inflation into account when you plan for retirement.

How long will you live? Well, if you’re in good shape in your early 60s, you should assume you’ll make it into your 90s. If that sounds crazy, take a look at the odds. A 65-year-old woman in average health has a 44 percent probability of living to 90. A couple, both 65 and in average health, meanwhile, has a 62 percent probability of one spouse being alive at 90.

In other words, if you don’t have a medical condition that is likely to limit your life span, it’s important to take the long view when you’re planning your retirement.

An income annuity provides a guaranteed income that offsets the demands of investing in the stock market.

Longevity statistics suggest you should plan for a multi-decade retirement, and this means that you’ll have to take inflation into account. As we’ve learned, that’s an argument for owning stocks, which have a higher chance of generating inflation-beating gains. Bear markets, however, can cause sudden falls in the value of your stocks, so you can’t draw a steady income from this kind of investment. Quite a quandary, right?

But what if there was a way of combining the best of both worlds – stability and the managed risk of stock market investments? Well, there is!

You can protect yourself and those you love by creating two vital documents – a will and a living revocable trust.

OK, now that we’ve gotten a handle on planning for retirement, it’s time to tackle a thornier subject – illness and death. These are difficult topics, of course, and it’s easy to put them off for another day. But if you aren’t proactive now, you’re going to leave your loved ones with a lot of heartache and a financial mess to boot. To avoid this, you need to get your documents in order.

The key message here is: You can protect yourself and those you love by creating two vital documents – a will and a living revocable trust.

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Worum geht es in The Ultimate Retirement Guide for 50+?

The Ultimate Retirement Guide for 50+ (2020) is a guide to retirement by one of America’s best-known money experts – Suze Orman. Packed with actionable tips and tricks on everything from downsizing to investing wisely, these blinks will help you create a retirement plan that guarantees financial well-being and peace of mind.

Bestes Zitat aus The Ultimate Retirement Guide for 50+

Making smart choices in your 50s and 60s will give you the gift of not having to worry about finances in your 70s, 80s, and 90s.

—Suze Orman

Wer The Ultimate Retirement Guide for 50+ lesen sollte

Retirees worried about making ends meet
Mid-career professionals with an eye on the future
Parents with financially dependent adult children

Über den Autor

Suze Orman is a financier who began her career with Bank of America’s investment arm, Merrill Lynch. The author of nine New York Times best sellers on personal finance, Orman has received two Emmy Awards for her work as a television host and is ranked as one of the World’s 100 Most Powerful Women by Forbes. She is also a contributing editor to O, The Oprah Magazine.

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