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

[Mdlerth]

Editor fail

Working too long can be unhealthy -- and fatal

I couldn't make heads or tails out of this article. The author keeps jumping around with his numbers, citing confusing metrics like "death rates for workers over 65 saw a huge difference, nearly 10 percent per 100,000 compared to less than 2 percent for 18- and 19-year-olds". What is ten percent per 100,000? It might mean any of

Or how about "Men of a certain age suffered 1,728 fatalities in 2016, while only 110 women died." How old is a certain age? Does he mean over 65 years old? Over 60? Over 40? Is the 1728 all from injuries or does it also include heart attacks and strokes occurring on the job?

I can't tell whether there is a genuine pandemic of older workers being killed or just a collection of cherry-picked anecdotes.

A competent editor (as a novelist I know several good ones) would have sent this article back for a rewrite.

 

[Perryinva]

+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.

 

[Amethyst]

I guess she can't very well insert a disclaimer "Warning: My advice does not apply to financially independent individuals."

 

[Walt34]

For the masses, working and waiting for max SS benefits makes sense. I have a couple of friends that will have to go this route mainly because of poor decisions along the way. And many simply do not make enough to amass a decent nest egg. I don't care for her but she is just stating the obvious.

Exactly. One BIL is married to the woman I've referred to here as "Spendarina". He's a nice guy but far too lax about money, letting her handle it and she makes bad decisions. He works in a power plant at a physically strenuous job and in his late 50's is developing back, knee and shoulder issues. He's said in the past that he'll "have to" work until age 66 but with the joint issues I'm doubtful that he'll make it that long. No way is he gonna make it to 70.

I've seen the show a few times and parts of it can be a little entertaining (a couple glasses of wine helps) because of the questions people ask. As others have noted members of this forum are not candidates for her advice.

 

[Throwdownmyaceinthehole]

Suze can bite me

Yes, and her teeth are really really white!

 

[HFWR]

I knew I hated her for some reason...

 

[Hermit]

+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.

Why don't you take off the kid gloves and tell how you really feel about her??

 

[Hermit]

I like her idea! It means I have been promoted from just a little early retiree to a whole bunch early retiree!!

 

[flintnational]

Hey, I like the idea of everyone else working to 70 and paying taxes. As a retiree, whats not to love?

-they help shore up the defecit
-they continue to pay SS taxes
-they are off the road during the day
-shorter lines at Disney World

 

[gauss]

"Suze" and "Dave" - They know best... LOL.

In all serious, if someone is in the crowd who has to ask these folks "When can I retire?", then the answer given may be correct more often than not.

 

[bobandsherry]

Truth be told, she is right for the vast majority of Americans. We're all extreme outliers here. I don't know anyone I work with who can retire before 65, and most should probably wait till 70. People are pretty open about their savings and the top I've heard is about $300k for a 59 y/o. Most are in the $200k range and that's for managers et al. The working folk are more in the $50K range. We have no pensions and no health care in retirement. I never throw out my number, I just listen.

+1 on this!

 

[foxfirev5]

Yeah, everybody wait until 70. The lines for the early bird specials are getting ridiculous.

 

[Perryinva]

+1 on this!

REALLY? I bet I know at least 60 millionaires that are all between 55 and 70, working or retired. At least half with non governmental pensions to boot. Extreme ouliers based on how early many on this forum decided to stop working as early as they did, perhaps, but not based on net worth and/or retirement income. Unless you consider the estimated (2016) 11,000,000 millionaires in America outliers. And the number of non millionaires that still have income from pensions and rental income greater than $75k/yr so could also retire way before 70 all add to a significant number of people, in just the US, that all could easily tell Orman to pound sand.

The insult is she is basically rubbing it in the faces of those that know they SHOULD do it for a safer retirement but really don’t want to or CAN’T work until 70. She’s as obvious as if she was telling all obese people that if they want to live past 75 they have to lose a ton of weight, eat healthy, and exercise. Well, DUH! Does that make anyone a health guru? Her advice is not advice, its stating the obvious.

 

[Bryan Barnfellow]

She has been TOTALLY discredited. Watch this:

The video is overly long and repetitive; but shows her for her true self: a narcissistic, mean-spirited, money grubbing, lying psychopath. I would be happy if moderators banned discussion of her going forward.

On the issue of retirement age...there must be an angle here by which she makes money from it. How many ill-gotten millions are enough, Sooze? Apparently, she needs just a few more.

But ask me how I really feel

-BB

 

[ScottS]

According to the net worth calculator on dqydj.com $1,000,000 net worth puts one at the 88th percentile. This includes both the working and retired individuals / families.
The same site also shows that the median wealth of a household age 60 to 64 is 224,775.17.
Both these pieces of information indicate that the vast majority of persons that would be in the audience of Dave Ramsey / Suze Orman / Clark Howard would not be the typical individual that participates in discussions on this site.
Dave's target audience is one where there is poor luck, unexpected situations or poor money habits / lack of financial knowledge. They are in the struggling day to day segment of the economic strata.
Suze and Clark are more targeted to the ones that often have sufficient day to day to meet needs, but not enough to significantly improve their situation.
This board is targeted at those above that. This group has successfully completed the accumulation phase and have sufficient resources vs needs to continue forward. This is the spending phase and is done from a position of financial security and personal contentment.
I've watched or listened to all three and have gotten useful advice from each. For their target audience they provide a benefit.

 

[daylatedollarshort]

I think the investment companies (Suze's sponsors) like to keep people working and adding to their investment portfolios so they can collect their management and transaction fees. They can't make money from portfolio money cashed out for living expenses.

 

[Ready]

This forum has always been tough on Suze. She's just an entertainer doing her job, and clearly we are not her target market. Same with Dave Ramsay and the other financial gurus out there. They target the masses, not the small percentage of folks who are fortunate enough to have a comfortable (and early) retirement.

 

[Lawrence of Suburbia]

Clearly aimed at the mass of Boomers who've not been able (or willing) to save enough for an "on-time", let alone early, retirement. Were it not for an inheritance (a blessing from my late dad & mum), I'd certainly have to wait 'til 70 (and biggest possible S.S. benefit); it's just commonsense advice for most folks. As it is, I barely will qualify as FIRE'd, retiring later this year at 65 -- my "full" r.a. is 66.

Dave Ramsey's name has come up here -- now, he's given some much more egregious advice -- to wit, that a withdrawal rate of 8% is perfectly sustainable for retirement. Yikes!! FIRECalc that, suckas.

 

[RobbieB]

They target the masses is correct.

Me thinks they really don't care if the masses live or die. Just that they tune in.

 

[Milton]

Who is Suze, and why should anyone care what age s/he thinks is appropriate for retirement?

 

[Gumby]

I have never watched Suze, but the whole concept of asking another unrelated adult for permission to spend money is bizarre.

 

[Walt34]

I have never watched Suze, but the whole concept of asking another unrelated adult for permission to spend money is bizarre.

That's because you're a mature responsible adult. Not everyone is. And their antics can be entertaining.

 

[Jeffman52]

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.

 

[mystang52]

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.

I've commented on the other Suze threads about this. Whether it's physical, or job loss from not-so-hidden age discrimination, working to 70 is often not a choice for those who otherwise would want to.

 

[CRLLS]

A) I used to watch Suze and enjoyed her show, mostly to watch the bit where she says "You are Denied!"

B) Hearing from all the people who were scammed out of their money reinforced my feeling of "Nobody is better than me to watch out for my investments."

C)From what I have recently read about the attacks on her regarding her Debit card, I give her credit for trying to change the "FICO" system, even though it may not seem to be so altruistic to some. Everything I heard her say was factual and not misleading. But some people will hear only what they want to hear.

D)Anyone who would be enticed by a hawker on TV without reading and understanding the fine print would be hoodwinked whether it was Suze or some other Prepaid Credit Card.

E)What I haven't seen is an unbiased, side by side comparison of fees between Suze's card and others being offered at the time. Until then, I remain unbiased one way or the other.

F)Come on, She's a dynamic, TV show personality, take her for face value and nothing more. Regardless if Oprah has had her on her show.