So Suze Orman Likes Whole Life Insurance Now?

[Cornelius]

Something else that gets me is when many people talk about when to retire many of the gurus tell people to wait as long as possible and figure on the 70's. In this show she told the lady to start enjoying full retirement at age 72.

Best laid plans yea sure but from a health stand point life has no guarantees and in general how much get up and go do most people have when they hit the 70's? Currently isn't life expectancy in general about age 75 for women and a few less for men?

 

[VolAgent]

Something else that gets me is when many people talk about when to retire many of the gurus tell people to wait as long as possible and figure on the 70's. In this show she told the lady to start enjoying full retirement at age 72.

Best laid plans yea sure but from a health stand point life has no guarantees and in general how much get up and go do most people have when they hit the 70's? Currently isn't life expectancy in general about age 75 for women and a few less for men?

It is a bit higher, and the life expectancy generally quoted is for a newborn. The older you are, the higher your life expectancy as you got through all those previous years without dying.

Realistically, you should save as if you need to retire in your 60s. But you should plan on working or never retiring. With longer life expectancies, poor performance in retirement accounts, higher medical costs and now long-term care costs, it is easier to run out of retirement savings than before. Also, many people rapidly decline once they stop working, being active kept them healthy.

Something to remember, you don't always have to work 60+ hrs a week or in a stressful job. You can always step down to something part-time or in a different field that interests you. By your 60s or 70s, you shouldn't be working to pay the bills, but to supplement and stretch your retirement income.

 

[LGilmore]

"By your 60s or 70s, you shouldn't be working to pay the bills, but to supplement and stretch your retirement income"


Unfortunately, I find the exact opposite out in the market. Far too many people retiring in the "Red". I mean it's good for insurance sales, but also disheartening to see so many people unprepared for life after work. We are a nation of spenders, whose concept of debt is so bad.

 

[Cornelius]

I've seen a few forced retirements due to health and I will say this none of them saw it coming. Something I did see first hand is being debt free when retirement hits makes a big difference.

 

[VolAgent]

"By your 60s or 70s, you shouldn't be working to pay the bills, but to supplement and stretch your retirement income"


Unfortunately, I find the exact opposite out in the market. Far too many people retiring in the "Red". I mean it's good for insurance sales, but also disheartening to see so many people unprepared for life after work. We are a nation of spenders, whose concept of debt is so bad.

Sadly you are right.

What is really is sad is that retirement isn't unexpected. Everyone knows it is there and most everyone plans to retire. Depending on the age at which you plan to retire, you had 60-70 years to see it coming. 30-50 of those as working years.

Buying a house with a 30 year mortgage in your 50s is probably not the wisest move out there.

 

[xrac]

Sadly you are right. What is really is sad is that retirement isn't unexpected. Everyone knows it is there and most everyone plans to retire. Depending on the age at which you plan to retire, you had 60-70 years to see it coming. 30-50 of those as working years. Buying a house with a 30 year mortgage in your 50s is probably not the wisest move out there.

Yes but it is done very often.

 

[VolAgent]

Yes but it is done very often.

You can't help someone who won't help themselves.