Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

Are You Making This Dangerous Retirement Planning Mistake?

April 07, 2016 at 12:00 AM

I am concerned that many of you are banking on a retirement strategy that may not work out. According to a national survey, more than four in 10 Americans say they plan to keep working past the age of 65.

For many of today’s workers, the motivation to delay retirement is financial: A concern they lack the savings to cover all their retirement costs, including health care expenses.

It’s a logical plan to address a major concern, but I need you to listen to me: thinking you can just keep working may be unrealistic. In the same survey from the Employee Benefit Research Institute, just 15% of retirees said they kept working past age 65. That’s a serious gap between expectations (>40% plan to keep working past 65) and real life (only 15% retired after age 65.)

A big portion of people who retired earlier than they expected were sidelined by illness or disability. Taking care of a family member can also derail plans, as can being downsized or pushed out of a job.

If your retirement plan is centered around the assumption you will just keep working longer, please consider these important steps:

  • Keep Saving. If you are not saving for retirement, or aren’t pushing yourself to save even more, you are putting your future security at risk. The best way to navigate the unknown is to hope for the best and plan for the worst. In this case, not being able to keep working longer is a “worst” case scenario. Plan for that by committing to save as much as possible today in your retirement accounts.
  • Keep Sharp. I know you’ve heard plenty about keeping your work skills up to date, but you still haven’t done much. If there’s no on-the-job training available, check for online courses; there are plenty of terrific web-based classes you can take. Or look into whether your local community college has useful courses in your field.
  • Keep Fit. The healthier you are, the less susceptible you may be to certain illnesses. There’s also the mind-body connection; I am a believer that when you feel physically strong it spills over into a frame of mind that can make you ever more valuable at work. Besides, I want you to be in the best shape possible for when you do retire, so you can enjoy yourself!

Tag Cloud

HDHP's are good for youpoint cost offset by savingsdo you need life insurancemultiple lendersfinancial concerninsurance mistake8 month safety netcontribution lower interest ratefinancial fearshealthy teethDurable Power of Attorney for Health Carefiduciaryrent vs buyworkaholiczero rate transfer dealsStaffords this year have a fixed 6.8% interest rateChanging Livescan you afford itfamily save at least $100 monthlyprescription tierlower mortgage interestIRA contribution gifted moneybest loan deal Personal Financetraditional vs roth 401(k)comparison shoppingsuitableget health insuranceclosing disclosureHoliday SeasonLoveplantax refund fraudprotect dependent LTCi ASAPsocial workback door Roth IRApremiumoverspend on giftsGraceescrowannual cost of living adjustmentrefundmeet monthly four steps to retirement savings focus on new truth balance transfer Sandy Hook Promisemortgage disclosurenegotiate points with bank or sellerFree Debt Eliminatorhigh down paymentpay down car loanForeclosureFinancial Advice2017 TaxesExhibition15-year refinance dealdoctors in networkteach importance of helping othersMotherdon't use allowance as bribeface your financial fearFederal PLUS loanloved ones dependent on incomeAARPis it kind?teens and moneyTelepicturesPay Off Debt Before RetirementRoth 401(k)Forbesraising interest ratesno life insurance financially irresponsibleritual scheduleHigh Credit ScoreLong Term Care Insurance Retirement Savingsaffordable premiumaccelerate dental workCiti Simplicity Card adjust allocations social securityWarner Bros Television Grouphome buying budget4 Must Have Documents secured carddepreciating asset big results Giftsjanuary billsincrease retirement contribution rateYoung Adult confident of solutionVeterinary Schoolbreakdown projected monthly housing costbetter termsGay CouplesEmployer Matched Contributionloan big picture employer offered life insuranceat worst still pay 75% benefittake actionhigh FICO scoreverify wellness screening and programsemployer funding HSAfile asapautomatic withdraw to savings Revocable TrustCivil Rightscompare provider pricingfocus on needsNew York Lifemortgage interest tax deductionstudent loan repaymentsuccesssecure creditSuze OrmanARMpurely financial standpointpaid vacationLTCFinancialHDHP'sterm insuranceonly refinance if it payshigher insurance deductiblelousy investmentlong-term care premiumsreferrals Heartlower rateNew american Dream dental insurance Financial Cliffwomen long term careInfluential Celebritystandard rateemergency fund buy homeloan is giftworst financial mistakeFederal Funds RateSuze Orman ScholarshipPost-Divorcegay marriage ban end Florida Swap Older Annuities or Life Insurance money vowsletter to suzeCPI-WAshley SpringerWilllife insurance name trust as beneficiaryFiscal Responsibilityraise insurance deductibleFinancial Solutions For Youcostly insurance mistake401(k) Contributionsmanage student loans3 step financial road mapfinancial independencederailed planautomatic paymentForbes Top 10universal college accessARM Cautionbuy down retirementwaive home inspection bidCollege of Veterinary Medicineprovider of financial supportnot gender specific home buying mistakes20% down payment10 year repayment plan loan necessitydebit cardpercentage men widowed 75-84sidelinedstudent3 savings buckets no private loansincrease emergency savings40% toward financial goalhealthy gumsschool Save Us MoneyWashingtonspring summer HDHP/HSAConventional loan PMIRevocable Living Trustengaged in finances8 month emergency fundincrease retirement savingsstudent loan repayment planCredit Card Interest Ratehome buying seasonFinancial Power of Attorneyroth iraone annual feeaffordabilityhigh credit score discountitemized deductiondon't blow tax refundrequired disclosuredon't defer interest paymentsCombo Insurance ProductsStudent Debt CrisisFinancial Gift Clifffinancial argumentspositiveearn more on savingsunder 18 financial giftdon't cover cosmetic dentistryCory Bookerone credit cardnew car2015 financial roadmap10% donate to charityspeak new goalrequire chore in exchange for allowanceAuto Savings mortgagedon't ignore open enrollmentpublic service career student loan repayment dangerous retirement plancnbc alarm clockmonthly dental insurance premiumEric Dodge don't do five year car loanno apologyreduce interest rate6 month waiting periodCNBChome budget after tax coststaycationovercome financial fearspay 100% cashmax employee matchhome related tax break bonus make saving a pleasurenon conventional routepay interest while in schooladvice for college graduatesFinancial Awarenessprofessional advisormonthly benefit value moneyGoodbyegrandparent IRA contribution couple finances740 credit scorecredit unionbuying a cardental discount plancost of capitalization calculatorTeachclosing feeshealthy youretain separate credit cardsorigination feesresponsibleMost Influential Celebrities List20 year level term not enough life insuranceget credit cardno negativitylow credit scoreSuze Orman spouse Kathy Travisage appropriate goalsconfidenthealthy retirement blood pressureStock Investmentshome loan credit score below 740 women live longerinsurance yearly reviewFundsschedule vacationretirment savingssame-sex marriageenjoy saving avoid burn outSuze is my biggest mentoropen enrollment review max benefit coveredstudent loan repayment estimatorMoney Marketchildren's bookraise deductibleschildren under 18initial tax break no splurge shop online guaranteed level term policykid borrow firstpay off debtloan no longer than 36monthsfile taxes quicklyAmy Lacyetget the most out of social security know before you oweLTC shoppingincreased auto insurance premiumstretch out haircut appointmentsresponsible with moneyphysical healthis it necessary?20 to 25 times annual incomepay more than minimumMust Have Documentsdebt freeretirement accountsreduce withholdingdon't buy wantsstay positiveSelfishterm life insurancecommunity collegemarriage inequalityJose RodriguezMass MutualAARP Social security calculatorsetup automatic savings withdrawbetter loan rateskids schedule paymentsno tax on withdrawlsthree year car loancut monthly cellular billFRAgrandchild summer job IRA contributionbest interest of investorcommitbad decisionsleave a legacyprotect and provide for minor child switch to spouse coverageis it necessaryverify retirement plan with HR or plan sponsor30 year mortgage How To Build CreditHSA tax savingsproperty tax3 bucket approachbecome member title insuranceadult childrenmental healthcalculate dependents annual income needsmoney-aware childhousing marketoverspend on nights outheartacheearn allowancecar loancredit cardhighest possible benefitgift grandchild IRA contributionNewtownspecial saving accountsmall changes anticipated salaryLong Term Care shoppingwomen outlive menignore 6 month grace period death benefit needs for familyOverspendingsave US Tax CodeBaby BoomersFederal Stafford loansummer job match income insurancerising home prices!00% tuition paidAccuQuote.comwomen longer life spanLegal GuardianPBS Speciallive below your meansmarriage financial responsibilityshorter payback periodcar buying mistakesapproved medical 100% tax-freedon't spend Bill and PennySpendingalways use all paid time offbest interest ratesGiftlong term goaliffy incomeno sneaking in feesfinancing car don't extend mortgage repay student loansFICO Scorebuying car 2016debttelevision hostcredit managementmax employer matched 401(k) contributioncostly legal near historic lowsAdequate Auto and Home Insurancecharges on credit cardsavings pleasurecontribute household expenses HDHP taxessave moneycreate new truthEmergency SavingsAmericans don't use all paid vacation timeis it true? consider roth 401(k)COLASuze Orman's Money Warskeep a scheduledear suzeGay RightsSelectQuote.comBankonly offered while employed low down paymentreal estate marketFinal Goodbyetax ID theftbudgetOne Wallet At A Timebad retirement planningbill paying prioritiescollege studentallowancehigher monthly paymentsame sex marriage band end Floridarolloverno fee transferwrite new goal20% equityInflation BenefitMarlo Thomascompare monthly expensesunsubsidized Stafford loanmobile appRetirement Incomedoctor no longer in networkCommunication Skills real estate mistakesMinor Children raising mortgage rates no waiting periodgift not loanalternative FICO scoreSuze approvedidentity theftFixed Rate Mortgageunexpected expensefederal student loan deferment Student Loanlet them have 50% controlHoliday ShoppingBeautyprotect loved ones dream schoolDeath Benefiteliminate credit card debtgraduationinterest on student loans3% debt transferred credit reportno late fee wives should be involved in retirement401KBankruptcypush yourself to save more for retirementlow-cost index mutual fundget over life insurance phobiaFederal ReserveInteresthome insurancecommissionsUniversity of Illinoishealthy aging switch to roth 401(k)long-term care 8 RulesEasy Life Insurance don't charge a pennypreexisting condition not covereddental savings planbetter loan dealsbuy home you can affordpercentage of women widowed 75-84be true to yourselfco-sign lower overall drug costPhyllis Shelton expert long-term careCredit scorecredit utilization rateidentity fraudhigh deductible health care planlife insurancecommunity bankhome ownershipno interestMortgage Credit Availability Indexfinancial aiddon't derail retirement savingsexercise reguarlyborrow each year, capitalization is going to pile up 50 over 50HDHP's are not badstandard deduction CommencementSandy Hook Elementary Schoolyours, mine & oursautomate student loan paymentsSatisfyingdangerous money seasonStudent Debtprotect your familystore credit cardsvalentines dayPrime Rate Rise 2015CD'slearn good financial choicesInfluentialsno private loanHolidaylow mileage discounthealthy retirement weightgift up to 14,0002015 record year car salesbe kind to yourselfpay credit debt ASAPUrbana-Champaignlong term careeight month living expense social security never insolventMoneyFinancial Educator2016 adjust withholdingborrowing plan age appropriate choreRichFinancial Systembe good exampleteach your child good money habitsadd teenpresident Obamapublic service loan forgiveness programcut monthly cable billpeace of mindUniversity of Floridaburn outSchool of Social Work15 year mortgagesavingsThe Suze Orman Showinterest capitalizationpaid in fullfraudulent returnSuze changed my lifeInvest for savings growthallowance taskincentives for health care wellness screeningemotional stakesstudent loan debtfull retirement ageLong Term Care premiumspermanent life insurancereplace permanent life insurance with termback-to-school budgetsocial security not going brokeHigh FICO Score = Better RateAlarm Clockcollege graduatemaintain standard of livingteensdo not pay allowance for good behavior20% down payment avoid feesFinancial Awareness Video Festival19 years cash flow problemETF'sMoney-Savingpaying for collegeholiday spendingpay high rate off firstFHA loan feesemergency fund savingsstrained relationshipPrime Rate Increasepowerfulquick closinglower premiumretirement planCredit Card Rate Increasepay down student loan debtrefinanceoverspend on dining outraise your deductibleshort term goal high premiumsjuggle multiple financial goalscar leasingWall Streetlowest cost fund optionno retirement funds for down paymentVital DocumentsFICO credit score credit card mortgagereduce monthly paymentclosing costs 2% of loanwould you decline a bonusLifestyleFICO at least 720death benefit 20 to 25 times annual incomeultimate compounding gift2016 adjust estimated taxfinancial goal phrasetoo expensive schoolmortgage broker

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel