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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
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The Ultimate Retirement Guide for 50+ summary
Suze Orman
Winning Strategies to Make Your Money Last a Lifetime
23 mins
Table of Contents
The Ultimate Retirement Guide for 50+
Summary of 8 key ideas
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Key idea 1 of 8
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!
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What is The Ultimate Retirement Guide for 50+ about?
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.
Best quote from 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
Who should read The Ultimate Retirement Guide for 50+?
- Retirees worried about making ends meet
- Mid-career professionals with an eye on the future
- Parents with financially dependent adult children
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