Suze Orman is noted as a financial advisor, author, motivational speaker, and television host. The Suze Orman Show had a show on CNBC, has a wonderful finance website, and she has written several books on the topic of personal finance. She sells financial self help products on infomercials and online.
Recently she announced “Seventy is the new retirement age,” and “Not a month or year before.” She knows this advice if very unaccepted, because she then says “Don’t ‘Oh, Suze’ me just yet. Please hear me out.”
Well, when I heard this I was thinking maybe she joking, because I know she is recently retired, and she is only age 67, why would she tell us to do what she had not. My father calls that “do as I say, not as I do advice.”
I really admire Suze Orman and would always immediately turn to her finance advice in my Costco magazine. I loved to watch her on the Oprah Winfrey Show. In my list of celebrities whom I admire, Suze Orman is in the top 10. I love Suze’s advice, she helped teach me to be the Master of my Financial Destiny. When I was in my previous marriage and struggling every month with finances and even when I could not pay the electricity bill, I started using her guidance to help me figure out how to Master my Finances. I also read many other financial guru advice (rich Dad, poor Dad; Dave Ramsey, reading every single Money magazine I could get my hands on).
I needed as much advice as I could gather. In my previous marriage, there was never real financial planning – heck there was never any money left over to plan with, it was spent by my ex with abandonment. If we made $1000/month, he spent $1500. I would work more side jobs, or night work to help balance the budge and bring us up to $2000/month, he spent $3000. I could never catch up – I was a loosing battle. I eventually had to take strict control of the finances and set up allowances and a tight budget, I put money to the side from extra jobs I took on in consulting and saved every single penny to pay off the debt. I did eventually catch up, paid off the huge credit card debt my husband had ran up. In another story of the future, I will write in more detail of how I found out how my ex- husband was stealing regularly from the family. At the lowest financial point, when I was beyond fed up with the mayhem we separated out our finances, I realized even with what I thought was strict control he was stealing $1000/month. Now, that was 5 years ago and I have since saved every single penny, including taking on extra work, and saving this money for retirement. I have a lifetime of saving every penny, but really only about 5 years of acquiring money toward my goals. I am still 3 years away from retirement and saving non stop. Budget is key to my success.
Despite this setback of savings, I am ready to retire in 3 years, when I will be 53years old. Suze, I love you, but your 70 year age for retirement reasoning is wrong and here is why:
- While no one knows what the future holds, and maybe one day in the future we will all live to 90 years old, but current data shows the average lifespan of an American is 79.3 years old. “World Health Statistics 2016: Monitoring health for the SDGs Annex B: tables of health statistics by country, WHO region and globally”. World Health Organization. 2016. Retrieved 27 June 2016.
- 90-79.3 = Gives most of us 10.7 years of retirement. Wow, that seems kind of unfair Suze. I am planning my retirement at 53, so 26.3 years of retirement fun for David and myself if we are blessed. Now, if the average American retires at 65, that leaves them 14.3 years of retirement, which sounds way better than 10.7 years.
- At 70 everyday things are harder- such as traveling in an aged body, or living their dream of the bucket list. So you might have money at age 70, but you don’t have the physical stamina. Who wants to spend their finally achieved retirement to sit at home, spending the money but not on their dreams.
- Suze your rich, its easy to give advice to work longer, when you don’t have to, in fact you are retired, so nice giving advice you are not following yourself (yep pointed this out twice).
- Most people give every last ounce of energy to their jobs and are completely unappreciated or even recognized for their entire career. Most people can not wait to retire and the idea of working another 5 years sounds like a death sentence. While both David and I love our jobs, how often do you hear someone say they love their job. I know for sure when I say it, those listening are surprised and do not answer back with the same attitude.
- Many jobs DO NOT ALLOW you to work past 65. You will be forced out, forced to retire whether you want to or not. Good luck finding another career starting at the age of 65. Heck some people are forced out way before age 65, what makes you think everyone has a choice.
- I know in my life, I have given to my career, to my ex husband, to my children and I would like to have a chance to finally make it about me and David before my time here on this Earth is over. Giving, giving, giving to others, and finally now I am in the window of opportunity to give to myself. Do what I want, with my new husband. I know I am not alone in this situation, and for you to tell anyone they should put off this pleasure even longer, at the end of their lives. Well, your wrong Suze.
An early retirement, a retirement at 65, or even at 70 – is really about budgeting. Budgeting earlier in life to save for the future, and budgeting while retired so what you do have goes all the way to the end. Suze tell people to budget like crazy to live for the future and within their means, not to delay their happiness until for so many it will be too late.
Suze your wrong.