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Old 10-23-2017, 08:36 PM   #41
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The Suzie advice probably applies to the many people who have saved very little. The statistics on mean retirement savings for those of middle age bear that out. Her advice does not apply to most of us on this forum, including yours truly who RE'd 6 months ago at 57.
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Old 10-23-2017, 08:42 PM   #42
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What a simplistic crock. First, the never-discussed elephant in the room is the difficulty in working until age 70.........even if you want to. Medical issues ay be one reason. Good ol' fashioned age discrimination is another. So many companies will loom to replace a long-term very highly paid employee with a lower paid one.
And any retirement is affordable or not based on expenses along with income. For Suze to make such an across the board edict is inane.
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Old 10-23-2017, 08:58 PM   #43
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Originally Posted by Walt34 View Post
Ah, perhaps not.

Bear in mind that this group is a bunch of outliers, as numerous other threads make clear. So to look at her pontifications though the lens of what is common knowledge and practice among the members here would be, I think, misleading and inaccurate.

The group she is addressing is no one on this board, but we've all met the members of that other group. Those are the ones who think "I can make the payments" = "affordable". Savings? They have a few grand at best and that's a minority. They have never in their lives paid cash for a car or a home, new or used. They have a wallet full of credit cards and routinely carry a balance on most if not all of them from month to month.

Those are the folks who don't have a pension, don't have employer-subsidized HI in retirement, and will be living off SS as their sole source of income when they stop working. I think that constitutes most of the working-age population in the U.S., and yeah, if they're able to, they should work until they're 70 or later.

So for that group, Suze is almost certainly dead on.
+1 We all know people in that group. We live in a +55 mobile home park, and a lot of the people are just scraping by.
Our NW is a total secret.
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Old 10-24-2017, 05:16 AM   #44
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+1 We all know people in that group. We live in a +55 mobile home park, and a lot of the people are just scraping by.
Our NW is a total secret.
see I guess I must be the strange person. and I always admit my circle of friends is small.

I don't know anyone who is working at 70 or even plans too. Now I will admit a lot of my friends work in some type of government job, either local, state or federal so maybe it's the pension factor.

All my parents, aunts uncles whatever are all happily retired. sure they are not living la vida loca but they are not "scraping" by.. their houses are paid off, they live below their means, they have small savings and ss and pretty much just loving life.

my mil is 85, she worked for a short period of time at QVC, my late fil was a police officer and army vet. She's doing quite fine. condo paid off, doesn't have a car, takes day trips with her senior center. yada yada yada.

I think it's a bunch of crock. right up there with the "You know need 2 million to retire".
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Old 10-24-2017, 10:43 AM   #45
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I watched her TV show. I found most of her advice very extreme and often not logical. I.e. Roth IRA. S no matter the income in retirement clearly dropping and often won't even be taxable at all. She always recommended a roth over a traditional. She gave people low grades no matter their pensions and savings
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Old 10-24-2017, 11:05 AM   #46
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When most people either have to or want to retire they will look at their income streams and what they spend and adjust down as needed. Many people have good lives without traveling much, etc. Also a lot of people hold their wealth in their homes so selling and relocating or downsizing will fund their retirement dreams.
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Old 10-24-2017, 11:30 AM   #47
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Members here are not Suze's target audience but maybe their siblings without a dime are.
Exactly. LOL!
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Old 10-24-2017, 11:31 AM   #48
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see I guess I must be the strange person. and I always admit my circle of friends is small................
It is dangerous to extrapolate from anecdotal evidence. The people that frequent this forum are like the tiny tip of the tail on the distribution curve.
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Old 10-24-2017, 11:40 AM   #49
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It is dangerous to extrapolate from anecdotal evidence. The people that frequent this forum are like the tiny tip of the tail on the distribution curve.
We have friends in both situations but those that will be hard pressed to retire before 70 out number those who either have or will be able to retire before 70.
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