The Ultimate Retirement Guide for 50+ by Suze Orman

Author:Suze Orman
Language: eng
Format: epub, azw3
Publisher: Hay House
Published: 2020-02-24T16:00:00+00:00

IT’S PERSONAL

Over the years I have been helping people with retirement planning, I’ve found that there is no one plan that is right for everyone. As strongly as I believe that waiting until you are 70 to claim Social Security is one of the smartest retirement income decisions you can make, I know some of you will insist on starting earlier. Many of you will be comfortable keeping 50% or so of your investment accounts in stocks. For others, having that much in stocks will set off stress alarms and likely cause you to make costly emotional moves in a bear market.

Just about the worst retirement outcome I can imagine is that you push yourself to make choices that you aren’t comfortable with, and then you spend your retirement years anxious and worried about money.

That is the opposite of why I wrote this book. The ultimate retirement is all about focusing on the people and the activities that bring you happiness and fulfillment. That is only possible if you free your mind from money worries.

The strategy you land on may incorporate everything I recommend in these pages, or you may make adjustments that work for you. You must make the right decision for you—taking ownership is a big step toward peace of mind. My job is to make sure you have the knowledge to make an informed decision that carefully considers the consequences of the choices you make.

If after considering all the options you feel a bit unsure about how to proceed, this is where a reputable financial advisor can be incredibly helpful. Financial planners specialize in understanding all the moving pieces and how they interact. A good advisor does more than crunch the numbers and tell you what to do. The good ones listen, and they understand what is easy for you to implement and what will make you fearful and anxious. A good plan will address both your money and your mind-set. Good financial planners know that the best plan is the one you will be comfortable sticking with. They will encourage you to consider the best financial strategies, and then adapt as needed to make sure you are comfortable with and committed to your plan.

To be clear, even the most fantastic certified financial planner or advisor isn’t a magician. For many of you, there may be important trade-offs to consider. Having a steady, reliable income stream that covers your living costs may involve rethinking staying in your current home or the payoff if you can keep working for a few more years. There are many ways you can get to a steady and reliable income. Having a pro work through all the moving parts and help you craft a plan can be a smart investment. In Chapter 8 I discuss how to find a financial advisor whom you can trust.

THE MOVES TO MAKE TO PAY YOURSELF IN RETIREMENT (AND NOT RUN OUT OF MONEY)

Know your expenses.

Calculate your reliable income sources.

Pay your fixed living expenses from guaranteed income.

Keep two years of living expenses in cash.

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