Retirement
Top Way to Financially Help Adult Children
I have been hearing from so many of you who are worried about how your adult kids are faring, and will fare, in our current economy. Some of those kids have moved home. Some are struggling to make end
Can Your Roth IRA be a Backup Emergency Fund?
I know many of you are working on building your emergency savings fund, and that it will take time to reach that goal. I am thrilled you are committed to this essential foundation of financial
Portfolio Advice Many of You Need to Hear
Retirement should be a time to relax and live your life on your terms. But I know for many of you it can be stressful to figure out a strategy for how to invest and how much you can safely withdraw fr
Don't Rush to Take Social Security Sooner
As if we all didn’t have enough on our plate right now, I am seeing growing concern that Social Security is now more likely to go broke sooner.
The Case for Long Term Care Insurance
For years I have been a big believer in the value of long-term care insurance. Many of you will live into your 90s.
Moving Towards Financial Security
Even before this crisis upended our lives, building financial security was something many of you struggled with. The bills get paid, maybe a little gets saved, but you feel like you can never really g
Retirement Tips During a Crisis
Many of you have contacted me through the Ask Suze feature on my new free App asking all sorts of great questions about retirement saving and spending strategies in light of the current crisis.
A Bear Market Can Be a Smart Time to Do a Roth Conversion
There is a tax-smart retirement move that just became less expensive due to the fact that the bear market for stocks has reduced your portfolio values.
How to Navigate A Financial Crisis
The rapid meltdown in global investments as the economic severity of the coronavirus takes hold is indeed unsettling.
Getting a Tax Refund? Don’t Blow It.
Over the next few weeks plenty of you will receive a refund on your federal tax return, and for those of you in states that charge income tax, you may get money back from your state treasurer as well.
Step 1 to Make Your Money Last
I hear from so many of you who are at least 50 that you are worried you won’t be able to have a great retirement. And those of you who are retired are anxious if your money will last.
Let Me Help You Create the Ultimate Retirement
Worried about retirement? Well, you’ve got plenty of company. Retirement fears seem to be one thing we can all agree on.
Stop Living Life on Borrowed Money
I want you to make it your top priority once and for all to be smart and powerful in how you choose to use the money you have, as well as the money you do not have.
Rethinking Your Approach to Family Finances
Family has always been at the heart of the American Dream. We work, we strive for the sake of our family. We want our children to have endless opportunity,
Conquer Your Financial Fears: Make This The Year
Your money challenges are very personal. You may have a large credit card balance gnawing at you, while your best friend is awake at night worrying about being able to keep working through her 60s, an
Your 2020 Financial Road Map
The New Year has just started, and that’s the riskiest time of year as far as I am concerned.
When to Begin Receiving Your Social Security Benefits
One of the biggest retirement decisions you must make is settling on when you will start receiving your Social Security retirement benefit.
A Home is Wherever You Are
If you’re within 10 or 15 years of retiring I know that it’s likely you have every intention of staying put in your current home when you retire. “Aging in place” is a very popular goal.
Say No Out of Love, Rather than Yes Out of Fear
I know many of you are helping out your adult kids financially. I also know that many of you are worried you won’t be in great shape when it comes to retirement.
What Will You Do with your 2020 Raise?
A recent survey of employers says they expect the typical raise next year to be around 3%. I hope you are the rock star who lands an even bigger pay increase. But, 3% is good when you consider that th
Retirees: Make the Most of the Small 2020 Social Security Increase
In late October we will get the official announcement on the size of the inflation adjustment that will be made to Social Security retirement benefits in 2020. The increase is likely to be 1.6 percent
Is Your Family Putting Your Retirement at Risk?
Oh, the things we do for love! A recent survey reports that more than half of U.S. investors provide financial assistance, or personal care to adult children or other family members. The financial aid
Make Sure Your Loved Ones on Medicare Aren’t Making this Mistake
Once you turn 65 you are eligible for Medicare health insurance. As great as this program is, Medicare does not cover everything. One of its shortcomings is that dental coverage is not part of stand
I Make Too Much to Contribute to a Roth IRA. What Can I Do?
Welcome to week four of You Ask, I Tell. Tune into my podcast and you will often hear me recommending a Roth IRA. It is such a great way to save for retirement
Can I contribute to both a 401k and an IRA in the same year?
For those of you who haven’t yet tuned into my Women & Money podcast, you’re missing such a fantastic time. I am loving doing the show.
Are You Really Making the Grade in Managing Your Finances?
More than 50% of Americans gave themselves a personal finance grade of A or B in a recent survey. I sure hope you are making the grade, but in the same Equifax survey there were some disturbing facts.
How to Protect Yourself from the Financial Risk of Turning 50
A new study that looked at the employment and pay patterns for people once they turn 50 should be a wake-up call for anyone approaching or in their 50s. About half of the people in the study suffe
How to Make the Most of a Cash Windfall
Did you land a year-end bonus? Even better, a nice raise? Or, perhaps you’ve been working a side gig and have some extra income to put to work? Also, I know many of you will soon be receiving...
The Upside of Downsizing Today (Not Later)
For those of you nearing retirement, deciding where to live is a big consideration. Most of you intend to stay right where you are. I get it. The home you are in today is full of memories...
4 Numbers Key to a Secure Retirement
I am a big fan of taking the time to pause, take in a deep breath, and slow down. It helps to calm us, and more importantly to give us the ability to look at something anew...
How to Invest for the Long-Term: Keep it Simple
Well, after more than 10 years of a very strong bull market, I can’t say I am surprised at the recent decline in stocks. I understand it can be unsettling. And you may be thinking you need to...
The Huge Money Mistake Too Many Millennials Make
A recent survey of millennial's found that nearly 4 in 10 adults between the age of 22 and 35 believe that there is no big rush to start saving for retirement, and that they can focus on other go
Suze Orman's New Rules of Retirement
Personal finance expert Suze Orman has been dispensing tough-love guidance for years to people seeking financial security, so AARP asked the high-energy money
The Most Overlooked Retirement Strategy
Saving for retirement is job 1, 2, and 3 as far as I concerned. What you manage to save today obviously plays a big role in what you have to enjoy your tomorrows.
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**SOLD OUT**The time has never been more right for women to finally take control of their finances.
Your Kid’s Summer Job Can be an Amazing Financial Opportunity
If your child or grandchild is getting paid for a summer job, it is an amazing opportunity for you to teach two of the most powerful financial lessons.
Home in On Your Best Retirement Plan
More than eight in 10 Americans at least 65 years old own a home. And surveys report that not moving is the later-life American Dream: older homeowners report that they intend to “age in place” rather
The Talk (and Planning) Every Parent Owes Their Adult Kids
Nearly two thirds of participants in a recent survey said they think it is the job of an adult child to provide care for an aging parent. And about half of participants said that extends to the
A Late-Life Shock Women Can Avoid with Planning
A recent survey of more than 250 widows with a net worth of at least $1 million highlights how so many women set themselves up for later-life anxiety and frustration.
Home Economics: Renovate Carefully
Americans are on a home renovation binge. The remodeling experts at Harvard’s Joint Center for Housing Studies estimates that we will spend more than $350 billion on remodeling in the next 12 months
Your biggest retirement expense: What Medicare Doesn’t Cover
Once you turn 65 you are eligible to enroll in the Medicare health insurance system. It is fantastic program that charges a relatively small premium for broad services.
What’s Your Plan for Working Longer Before Retiring?
I am on the record that for anyone worried about if they will have enough money to live in retirement, planning to work longer can be a big help.
Long Term Care Insurance: Still Worth It, If You Have Your Eyes Wide Open
For years I have been a big believer in the value of long-term care insurance. Many of you will live into your 90s. At some point it is reasonable to think you may need help.
This Free Calculator Could be the Secret to Retirement Planning Success
How much you manage to save for retirement, and how you choose to invest your retirement savings play big roles in determining how comfortable your retirement will be. But once you are retired,
How to Protect Your Retirement From this Growing Risk
A recent poll reported that investor confidence is at the highest level since 2000, and nearly 70% of investors are optimistic about the stock market’s performance for next year.
The Social Security Norm That is Costing You Money
By now you know that I have long advised that it is smart for the highest wage earner in a household to wait as long as possible to begin claiming Social Security retirement benefits.
3 Retirement Moves to Make at Work That Will Pay off in 2018 and Beyond
Fall is the popular time for open enrollment at work, when employers lay out all the ins and outs of their benefit package for the coming year, and leave it to workers to decide if they want to change or update any of their benefit coverage.
Long-Term Care Planning--One Size Does Not Fit All
Shopping for long-term care insurance today is starting to feel like walking into the biggest shoe store you have ever seen and figuring out where to start
What Every Woman Needs to Get Schooled On.
When the American College of Financial Services recently quizzed retirement-aged people on the basics of how to make their money last, just 35 percent of men passed the test. As troubling as that is, only 18 percent of women passed.
A Divorce Settlement Mistake I Want All Women to Home in On.
Divorce at any age can be difficult. Even in the most amicable of situations there are major financial decisions to work through, and staying clear-eyed amid the emotional upheaval can be challenging.
Avoid These Two Big Retirement Risks When You Land a New Job
When you land a new job you are going to be totally focused on making a great first impression. But I also want you to make sure you take care of your financial future by steering clear of two all-too-common retirement mistakes.
How Seniors Can Take the Bite Out of Dental Costs.
I hope anyone nearing age 65 realizes that Medicare does not cover routine dental procedures. As recently reported in a terrific retirement blog, seniors pay more than $1,100 a year for dental work. But what is most troubling to me is that two years ago the nonprofit Kaiser Family Foundation reported that one in five Medicare enrollees said the high cost of dental care is a barrier to getting care. That’s dangerous, as not keeping up with dental care can impact your quality of life—if your teeth and gums don’t stay strong-and can lead to illnesses.
Funding Your Long Term Care Insurance
It would be easy to say “yes” to long-term care insurance if you didn’t have to come up with new money to pay for it, wouldn’t it? Well, there might just be a way to pull that off by repositioning money you already have.
Why I Hate Guaranteed Acceptance Whole Life Insurance
I was glued to the TV recently watching the news when an advertisement for Guaranteed Acceptance Life Insurance came on. Whoo boy, did my blood pressure rise. I am not a fan of this type of life insurance.
How Seniors Can Save Money In 2017
Well, as you have probably heard, the annual inflation adjustment Social Security recipients will get in 2017 will be 0.3%. That’s about $4 a month for the average retiree.
Why ETFs Are The Best Choice For Your Retirement Investments
You know I am a big believer that a Roth Individual Retirement Account (IRA) is the best way to save for retirement. And for my money, I think Exchange Traded Funds (ETFs) are an ideal way to invest the money in your IRA.
The Best Investment Move You Can Make Right Now
It’s been a great stretch for investors. Stocks have gained more than 250% in the bull market that stretches all the way back to 2009. I am always a big believer that dollar cost averaging-investing on a regular basis-is a great strategy for long-term investors. So don’t take what I am about to say as a reason to give up on stocks: Returns over the next seven to 10 years probably won’t be as good as what we’ve had the past seven years.
Social Security Sends Another Lesson On Why Delaying Is So Important
Before the end of October, Social Security will announce the annual Cost of Living Adjustment (COLA) retirement beneficiaries will get for 2017. Or rather, what they won’t get. Because of the way the COLA is calculated the inflation adjustment is expected to be around 0.2%. Sadly, 0.2% will be better than the 2016 COLA: Zero.
How to Deal with a Rate Increase on Your Long-Term Care Insurance Policy
Many of you are asking me what to do when you receive a rate increase on your long-term care insurance policy. You know my advice for years has been to not buy long-term care insurance unless you can afford a 50% rate increase in your lifetime. I never thought I would be discussing a 126% rate increase which is how much some Federal LTC Insurance Program (FLTCIP) policyholders are facing, with an average of 83%. The Federal program policyholders have to make a decision by September 30th so that’s why I’m writing this blog now.
How to Wring More From Your 401(K)
You may have heard or read recently about some high profile retirement plan sponsors being sued by plan participants for high fees in the plan. Financial service firms-yep, folks who run mutual funds-have been hit with lawsuits, as have the plans run by MIT, NYU and Yale.
The Stealth Retirement Move That Can Save You a Bundle
When it comes to planning for a secure retirement I bet you have the major strategies covered: -Invest in your 401(k) or 403(b) up to point of the match? Check -Save in a Roth IRA? Check -Aim to have your mortgage paid off before you retire? Check -Commit to getting plenty of exercise?
CONSUMER WARNING: CNN/SUZE ORMAN email Hoax
My dear Friends, If you receive an email that talks about me on CNN quoting something like “Brexit is Destroying the American Economy”, Please DELETE it. This is an internet scam from something they are calling Global Payday System. They are trying to steal your money. I Do NOT endorse this business. Please beware and report this as SPAM if you receive it.
That $30,000 Wedding Really Costs You $130,000 Or More.
The average cost of a wedding is now more than $30,000. As I have explained in How to Budget for a Wedding, spending even $3,000 on a wedding is a bad move if you have credit card debt, have yet to build a large emergency fund, or aren’t on pace with your retirement savings.
Are You Fluent in the Language of Wealth?
I spend a lot of time helping people work out a plan for overcoming a financial challenge. Quite often the bulk of my work is in getting them into the right frame of mind. Financial problems are so stressful it is completely reasonable to feel anxious or depressed. But the first step in working your way out of a financial fix is to convince yourself you control your future and you have the ability to make it a great future.
Are You Making This Dangerous Retirement Planning Mistake?
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.
A Retirement Planning Must for Women
You know I have long recommended that every household look into obtaining long-term care insurance (LTCi). Given our increasingly long life spans and the fast rising cost of health care, an LTCi policy can be the linchpin of a secure retirement. And it is doubly important for women to consider. According to the Society of Actuaries, a woman alive at age 65 has a one-in-three chance of still being alive at age 90. And if that 65-year-old woman happens to be in very good health the odds of being alive at 90 rise to more than 40%. In other words, there’s a good chance you could live a very long life.
Conquer Your Retirement Fears
I don’t know about you, but if I see or hear of one more survey about how panicked most Americans are about their retirement, I will scream. That we have a national fear of retirement preparedness is abundantly clear. What we need now are less surveys and more advice on how to conquer retirement fears. Here are my key steps to start down your road to retirement financial freedom.
The Danger of Getting a Pay Increase
As year-end approaches, I know that’s when plenty of you will be sitting down with your manager for a year-end review. I sure hope there’s a pay raise involved. Given how stingy raises have been since the Great Recession, I want to make sure that you don’t blow it. Literally.
Are You Hostage to a Self-Storage Money Pit?
It’s estimated that Americans spend more than $20 billion a year renting space in a self-storage facility. According to the Self Storage Association, the number of households renting out a storage facility has grown 65% over the past 20 years. It’s hard to drive more than a few miles in urban areas and not spy at least one self-storage business (and often more). The aggregate land mass for U.S. storage facilities spans a total of 78 square miles, or more than three times the size of Manhattan.
4 Ways New Mortgage Rules Can Save You a Ton of Money
Whether you are buying a home or refinancing an existing mortgage, new federally required disclosure documents make it easy-yes, I said easy-to be a super smart mortgage shopper.
Why Employer-Provided Life Insurance is Dangerous
One of the most dangerous mistakes you can make is to rely on the life insurance your employer offers up as benefit.
Open Enrollment Season: 4 MUST-DO's
Please don’t keep your health insurance on autopilot. I know it’s tempting just to ignore the annual “open enrollment” communications from your employer to review your choices, and just stick with the plan you have. That could be a costly mistake. Here are 4 reasons to spend some time reviewing your employer-provided health insurance choices:
Health Insurance: 3 Reasons You Should Pick the HSA Option
About half of large employers now offer a high-deductible health insurance plan (HDHP). I know the mere mention of “high deductible” might send your blood pressure skyward, but please listen to me. For many of you, a HDHP may be the smartest health insurance.
What You Need to Know About Social Security “Going Broke.”
You know that I think it is smart to delay taking Social Security as long as possible, so you can then receive the biggest possible Social Security payout. But I often hear from many of you that you are worried this doesn’t make sense, because you stand to lose out because Social Security is “going broke.” The going broke message is the favored phrase among politicians who are more interested in fear mongering than facts.
A Message for Husbands: Your Wife Should Drive the Retirement Planning
One of the most common things I hear from many couples is that the husband likes investing and planning, and thus wives are all too happy to let him handle the retirement strategizing. Big mistake. Not because I am doubting the skill and intentions of men. Rather, my concern is that it’s women who typically are the most at risk in terms of retirement security for a very simple fact: Women tend to outlive men.
The Biggest Retirement Planning Mistake
A recent report that studied the 401(k) savings habits of millions of workers found that one in four of you are not contributing enough to your account to qualify for your employer’s maximum match. The average annual amount of money left on the table is more than $1,300 a year. That is nuts.
Why You Should Seriously Consider a Roth 401(k)
You know I love, love, love Roth IRAs. One of the prime reasons being that in retirement you will not owe a penny of tax on your withdrawals. That’s quite different from a Traditional IRA where every penny will be taxed at your ordinary income tax rate.
How to Get the Most Out of Social Security
Your Social Security retirement benefit is one of the most valuable pieces of your retirement plan. Not only will it likely account for a large portion of your income when you retire, but it also has an incredible feature: your annual benefits increase with inflation. Your 401(k) and IRAs don’t come with such a great guaranteed inflation-protection feature.
Long-Term Care Insurance Update
I have said over and over again that as you enter your late 40's to 50's you should look into buying long-term care insurance. But looking and buying are two different things. You should only purchase LTC insurance if you know that you can easily afford the premium at the time of purchase and all the way until you are 81 (which is the average age of needing LTC).
The Four Steps to Retirement Saving
Saving for retirement is a no-brainer. But knowing the smartest ways to do that saving is anything but easy to figure out, given all the choices. Don’t worry, I’ve got you covered. Here’s exactly what you should do, in the order I list:
The Two Biggest Mistakes You Can Make When Buying a Car
If you lack the cash to buy a car free and clear, you really need to hear me out on the two worst financing moves you can make. What I am about to tell you can save you hundreds, if not thousands of dollars. And trust me, this is exactly what car dealers and financing companies don’t want you to know:
The Road Not Taken: How Losing $50,000 Became My Biggest Gain
Far from aspirations that would lead a reporter to refer to me as “a force in personal finance,” my career is the result of a hot tub dream gone bad.
Let’s Not Sell Young Retirement Savers Short
A recent paper from the influential Research Affiliates investment management firm (more than $140 billion in assets managed) takes the provocative stance that young adults saving for
What Baby Boomers Are Getting So Wrong About Retirement
Listen up my 60 something friends (and those of you heading to that milestone soon) we need to have a talk about your retirement planning.
What’s really causing your recurring debt?
Do you keep finding yourself with debt that just won't go away? Every time you pay off your credit card, do you feel compelled to run out and charge it back up again? If so, your problem may not be financial at all.
Suze Orman: Don’t put your retirement on a credit card
As the economy slowly recovers, Americans are struggling to get out of credit card debt they amassed during tougher financial days...Out of desperation to stay current, or to rid themselves of their debt, people are looking at their retirement accounts as a cash source. But Suze Orman says that's the biggest mistake you could make.
Noted Financial Adviser Suze Orman To Speak At Vet School Commencement
Personal finance guru Suze Orman has a message for college students debating whether to take out thousands of dollars in student loan debt to get a master's degree or professional degree: Make sure
Suze Orman Ranks on Forbes Most Influential Celebrity List!
Forbes magazine has released its list of Most Influential Celebrities of 2013. Suze makes the top 10!
Saving Money: Suze Orman’s Financial Advice For Baby Boomers
Long-term-care insurance provides a multigenerational benefit: The policyholder is covered, while her adult children are free to spend more of their income on their own kids. Here's what to consider when choosing LTC coverage...
Gay Americans pay more taxes for fewer rights
That nine states and the District of Columbia have legalized same-sex marriage is encouraging progress for those of us who believe that everyone deserves to have basic civil rights. But, even if every state in the country could pass a similar legislation, it would not be enough.
Suze Orman Was Right About Money Market Funds
In her last book, The Money Class, Orman urged readers to keep their emergency savings not in a money market fund, but in an interest-bearing checking account. Her reasoning:
