Suze has spoken - new retirement age 70 - 'not a month or year before"

[ncbill]

So many people that have jobs that don't pay well, are the kinds of jobs you cant do until you are 70. it sounds good to say, "work until you are 70", but your body might not let you work that long.

I know so many people that will be working until they can't because they have to. For many of them, it makes me sad because so many of them are good people. Most without a good education, and some that just made too many bad decisions early in life to recover from.

Yep, I've been helping one out recently who has now developed un-fixable health problems that significantly impact their mobility.

In their mid-70s, worked 50+ years in low-paying jobs, had to take SS at 62.

For the last several years they've qualified for a property tax reduction which requires total income to be under $20,000/year, so it appears they have no income other than SS.

Even assuming their house is paid-off it's not much of a retirement.

 

[unclemick]

Buy an index fund as early and often as possible at the lowest expense you can find and hold as long as possible. Don't watch the the market and do something else.

You either get or you don't. The rest is entertainment.

heh heh heh - We inherited a farm in CRP getting paid 'to watch grass grow'. I won't bore you with how much WORK! this is getting into post 70.

 

[HFWR]

Suze can w*rk as long as she likes...

 

[ziggy29]

Yep, Suze is another Dave Ramsey -- some common sense advice for people who can't competently manage their own financial affairs and need some "guru" providing lowest-common-demoninator advice which, at least, is usually not highly toxic even if often suboptimal.

Plenty of people who know how to manage their own investments and cash flow for retirement can retire way before 70 (and before 60) despite what Suze says. And plenty of people can successfully manage debt as a tool despite what Ramsey says. (I hate debt and have none other than the 1.5-2% cash back credit cards I pay in full each month.) You have to remember their audience is people who are a mess about money.

 

[aaronc879]

70? Maybe if you work at a desk. Try working to 70 if you work in a mill. My new job is in the warehouse of a union paper converter. I stand the entire shift and lift an average of over 1000 pounds per hour. I would rather die from a heart attack at 60 from excessive physical exertion than work in that environment until i'm 70. Luckily I LBMM so I should be out no later than 55.

 

[MRG]

70? Maybe if you work at a desk. Try working to 70 if you work in a mill. My new job is in the warehouse of a union paper converter. I stand the entire shift and lift an average of over 1000 pounds per hour. I would rather die from a heart attack at 60 from excessive physical exertion than work in that environment until i'm 70. Luckily I LBMM so I should be out no later than 55.

I left the sawmill at 27, there's no way I could have made it to 70.

I did see guy's come back after 65 and continue to do physical labor. Maybe not heavy duty but still not light duty.

Unfortunately sitting at a desk staring at a monitor all day it's not great for you. Most workplaces don't insist you move around.

 

[rothlev]

I was never very impressed with her advise. She told countless people to forgo the tax benefit of a traditional IRA in favor of a ROTH, when her audience is very likely to have a low to 0 % tax rate in retirement. I can not wrap my head around her fixation with the ROTH IRA for people who are going to retire with small savings, primarily on social security and thus no tax liability . Those people need the tax break up front. I did not like most of her advise at all. Even people with pensions and savings, she kept telling them to keep working.

 

[haha]

+2
Shes a con artist with no credibility whatsoever. She is a showman that by talking loud and decisively can separate the money from the rubes that buy her pitch and blantant lies. She doesn’t even write her own copy. Everything she says is rehearsed. When ever she says something that makes sense it is a total coincidence or blatantly obvious. Much of her advice and all her products are detrimental to financial health of people that need the most help. Anyone that had any financial savvy never pays her any attention. Shes the Maury Povich of personal finance. She disgusts me. She belongs with Madoff in prison.

I am always amused and puzzled by the vitriol directed at her. I attended one of her presentations around 10 years ago at our public library over lunch. Everything she said made sense, she treated people who asked questions kindly, and sh did not even make a pitch for business.

Could the hatred be sexism?

 

[StJohnsWood]

Suze lost me years ago when she said that everything I told you in the past was wrong. WHAT??!!

Please just go away

 

[MarieIG]

I did used to enjoy portions of the show. Particularly the How Am I Doing segment which addressed people's readiness for retirement. Now, I get that here.

That said, I don't hate Suze, but I don't consider her an investment guru either and am not interested in purchasing her products.

 

[Starsky]

Suzy Orman is Home Economics 101 for people with no money. It's like listening to your friend's mom give you life advise. I think the term "financial entertainment" describes her exactly. It's too bad her audience actually thinks they are doing something much smarter than they really are. She's the financial equivalent to Dr. Phil.

Jim Cramer is the same thing for people with money. He's just a super-sleazy pump and dump artist with a TV show. In case you missed it:

Sure, Suzy and Jim are looking out for you...I'd love to see them both get the Dr. Oz treatment.

These types of shows are just high-level traps - scripted mass-media infotainment to identify the best marks for dubious financial advise. I'm sure their subscriber lists are highly coveted and monetized.