馃攳
How To Save For Retirement: Suze Orman Shares Her Best Money Advice | TODAY - YouTube
Channel: unknown
[0]
we're back with our special series
[1]
living longer today exploring ways to
[3]
live not only longer but better that's
[5]
right this morning we're focusing on
[6]
your finances and the new advice experts
[8]
are giving to make your money really
[10]
last
[11]
the good news Americans are living
[14]
longer what that means a new focus on
[17]
making your money last as you're
[19]
planning for your future don't
[21]
underestimate how long you're going to
[23]
live and fast about one of every four
[25]
sixty five year olds today will live
[27]
past ninety the old advice used to be
[30]
that as you're planning for retirement
[32]
expect to live into your 80s now the
[34]
expectation is that you'll have a good
[36]
chance of living into your 90s maybe
[38]
even celebrating your 100th birthday but
[41]
with longevity can come the added stress
[43]
to save more planning for the future has
[46]
become a lot more challenging and really
[48]
the onus is now on the individual more
[50]
than ever so how do we make sure we're
[54]
financially prepared for all those extra
[56]
years it's easy just call susie orman
[58]
she's a personal finance expert she
[59]
hosts Suze Orman's women and many
[61]
podcasts good morning that's great we're
[66]
living longer that's great but the bad
[67]
news is if we surveyed our today.com
[69]
audience they said 60% of them felt like
[72]
they don't have the amount of money that
[75]
they're saving right now that that it
[76]
really won't last them through their
[78]
retirement and if you really think about
[79]
it you guys most people barely have the
[82]
money to pay their bills today let alone
[85]
save in their minds for the future they
[89]
just feel that way and they have to
[91]
change that because as they are they're
[94]
going to spend more years in retirement
[95]
than they ever did working if you think
[98]
about it because most people think
[100]
they're gonna retire at 65 maybe they
[102]
work thirty years they're gonna live
[103]
tell Andra possibly owning a house like
[105]
for our generation Gen X was always in
[108]
the plan but for these Millennials I
[109]
mean they're open about the fact that
[110]
they think that they will never be able
[112]
to afford a house never mind
[114]
some sort of longevity or 1/k cars I
[117]
have to tell you that's not such a
[118]
horrible thing I don't think that the
[121]
key to your retirement is owning a home
[123]
I think the key to your retirement is
[126]
having enough money to pay whatever your
[128]
expenses happen to be so the key is to
[131]
get rid of as much expenses as you can
[133]
don't have debt if you do have a home
[135]
make sure that your mortgage is paid off
[137]
by the time you retire that would be my
[139]
number one tip to tell everybody they
[141]
have got to do if they do on a home
[143]
we're gonna get into that but we have
[144]
the three WS and the first is where
[146]
where is the best place to invest your
[148]
money so that if you do have 30 ish
[150]
years of retirement you're set yeah I've
[153]
said now for a long time when you just
[156]
forget the tax write-offs of your
[158]
pre-tax 401k or your IRA forget those
[162]
now and if you your corporation offers
[164]
it can you do a Roth 401k or a Roth IRA
[168]
which are after-tax contributions why
[171]
because you don't have to worry what the
[173]
tax brackets are going to be 20 30 and
[176]
40 years from now I personally think
[177]
they're gonna skyrocket over the years
[179]
so therefore what you see is what you
[181]
get in a Roth IRA or a Roth 401k again
[185]
it's pre-tax versus after tax but after
[189]
that it's tax deferred versus tax-free
[192]
and it's for your beneficiaries in a
[194]
pre-tax account they're gonna be total
[196]
taxes on it after tax they get a tax but
[198]
Sussie let's go back to debt for a
[200]
second for people who have student loans
[201]
they've got credit cards they've got
[203]
that mortgage how do you prioritize the
[205]
debt went what do you pay and when yeah
[207]
student loan debt is the most dangerous
[210]
debt you can have bar none because in
[212]
90% of the cases 99% it is not
[215]
dischargeable in bankruptcy so they have
[218]
the legal authority to garnish your
[219]
wages and to really then decrease your
[222]
income so students are out first
[224]
first that then if you have credit card
[226]
debt that needs to go because debt is
[228]
bondage you got to get out of that and
[230]
then you start working if you're going
[232]
to stay in your home for the rest of
[234]
your life get rid of your mortgage
[236]
payment so I want to follow up on that
[238]
because you said it still want to have a
[240]
mortgage a live mortgage still going by
[242]
the time you retire why because your
[244]
mortgage payment is your highest monthly
[248]
expense that you're gonna have a Bar
[249]
None yeah
[250]
so it's far easier to pay off your
[253]
mortgage than to save the money to
[255]
generate the income to pay off your
[257]
mortgage your goal and retirement is to
[259]
be totally debt-free 100% in retirement
[263]
if you don't have enough money decrease
[266]
your expenses
[267]
and then your money will go further
[268]
gotcha what about when when do you start
[271]
I know when we're born we should start
[273]
saving oh yeah between our bucks when
[274]
you're thirty yeah so here's the thing
[276]
people always think they have time time
[278]
is the most important ingredient in your
[281]
retirement recipe let's just say you
[283]
have 40 years you're young you have 40
[286]
years till you're gonna be 70 you put
[288]
$200 a month away into a Roth IRA or
[291]
Roth 401k my average market returns do
[294]
you know that you would have 1.1 million
[297]
dollars at 70 which I think should be
[299]
the new retirement age but you wait 10
[302]
years you're talking about having a
[304]
surplus of 200 bucks when you're 30 but
[305]
should you take that 200 apply it to one
[308]
is like you need to you need to be
[310]
saving especially in a 401k Karsen if
[313]
they match especially if they match your
[315]
contribution you put in a dollar they
[317]
give you 50 cents you cannot pass that
[319]
up and I don't care if you don't have
[320]
any money you can't pass up free money
[323]
but if you started putting just let's
[325]
say $200 a month away and you now only
[329]
have 30 years left versus 40 you'd only
[332]
have like $400,000 you just blew
[336]
$700,000 because you waited 10 years
[339]
there was only a twenty four thousand
[341]
dollar difference in those ten years but
[343]
the ten years the sooner you begin the
[346]
better but just a carson's point like if
[348]
I have 200 bucks to spare I can either
[351]
pay off my credit card debt or I can
[352]
start saving in a Roth IRA yeah what
[355]
would my choice your choice there would
[357]
be to pay off your credit card debt okay
[359]
because chances are if you don't have
[361]
much money you may be behind on your
[362]
credit card payments and your interest
[364]
rates are probably 15 16 18 percent so
[368]
that's a guaranteed return when you pay
[370]
off credit card debt that's at a high
[371]
interest rate you're guaranteeing
[373]
yourself a fantastic return okay the
[376]
last thing is what what what is the one
[378]
small thing you would tell our viewers
[380]
yeah here's what's really important
[382]
many people have advice for all of you
[386]
sometimes that advice is good for the
[388]
person giving the advice and sometimes
[390]
it's good for the person receiving it my
[393]
advice is this please don't do anything
[395]
that you don't understand it is better
[399]
to do nothing and to do some
[401]
Dean you do not understand because
[403]
sometimes you can do something and it
[406]
blows all your money and so if it
[409]
doesn't feel right to you you have to
[410]
trust yourself more than you trust
[413]
others it's your money and what happens
[416]
to your money is going to directly
[417]
affect the quality of your life not my
[419]
life not anybody else's life so if you
[422]
really want to be powerful in life you
[424]
have to be perfect good advice some
[426]
cases financially doing nothing is
[427]
better than making a choice I never
[432]
talked yourself into trusting anyone
[434]
you walk into a financial advisors
[436]
office and they feel like you know they
[438]
know what they're doing they must know
[439]
you don't know when you believe them
[441]
sometimes they give great advice and
[444]
sometimes they give advice Suze not so
[445]
but you're given pearls not just for
[447]
finances that's all that stops true in
[449]
anything right well when you think about
[451]
it Savannah your money and your life are
[453]
one who you are and what you have is one
[456]
it's you're the one who earns it you're
[459]
the one who invests it you're the one
[460]
who saves it and you're the ones go to
[462]
layer our trusted source everybody come
[467]
join me on my women and money pod Thank
[469]
You Sookie
[479]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage