Suze Orman has written so many valuable books, articles, pamphlets and online content, it can be hard to know where to start. Here are the Suze Orman retirement books that you should proactively improve your financial future.
Betty Suze Orman is a popular financial advisor who has published numerous books about finances and money. You have probably read one of her famous orman retirement books . It is obvious from the popularity of those books that she does know a lot about money and how to earn it, save it, and spend it. Her other books focus on other parts of people’s lives other than finance too.
Many people dream about early retirement, but few actually pull it off. Financial expert and television personality Suze Orman is one of the exceptions. Orman retired in her 30s and still found time to help others achieve their money goals. Here you’ll find books that Orman has written, including one about how she achieved her astounding wealth and another detailing her journey so far.
Suze Orman is one of the speakers who has definitely made a name for herself. She is also one of the authors who has written numerous books on financial management and personal finance. Her popular works include The 9 Steps to Financial Freedom, The Courage to Be Rich, and The Road to Wealth.
About Suze Orman Retirement Books
Retirement today is more complex than ever before. It is most definitely not your parents’ retirement. You will have to make decisions that weren’t even part of the picture a generation ago. Without a clear-cut path to manage the money you’ve saved, you may feel like you’re all on your own.
Except you’re not–because Suze Orman has your back.
Suze is America’s most recognized personal finance expert for a reason. She’s been dispensing actionable advice for years to people seeking financial security. Now, in The Ultimate Retirement Guide for 50+, she gives you the no-nonsense advice and practical tools you need to plan wisely for your retirement in today’s ever-changing landscape. You’ll find new rules for downsizing, spending wisely, delaying Social Security benefits, and more–starting where you are right now.
Retirement doesn’t necessarily mean sixty-five anymore. Retirement now can mean fifty to fifty-five years of age, when you could be offered early retirement!
If you are fifty-five years of age or older in the year of your retirement, you can withdraw any or all of the money, whenever you wish, from your qualified retirement plan without any penalties whatsoever. This rule of “fifty-five and over” pertains only to money in employee qualified plans, not for any other retirement account, such as an IRA, an IRA rollover, or SEP/IRA.
If you are 55 or older and transfer your funds from your qualified plan into an IRA rollover, you will also transfer away the right to access these funds at convenience without penalty until you turn 59 1/2 unless you take substantially equal periodic payments.
If you are not or will not be fifty-five in the year of your retirement, the best way to avoid penalties, if you need to access those funds, is by rolling over your funds into an IRA rollover and taking substantially equal periodic payments.
If you are presented with an early retirement offer, the following guidelines will help you in deciding if you can retire.
Tip: If you are taking early retirement because your spouse or partner’s earnings cover your financial needs and you are dependent on those earnings, you should consider purchasing a “level term” life insurance policy on him or her to protect you in case anything happens to your spouse or partner if he or she is not already adequately insured. (You will need the policy only for the number of years your spouse or partner plans to work. If he or she will retire in ten years, take out a ten-year policy.)
Tip: Most early retirement health benefit offers will not include dental or optical care. If your company now covers these two and if early retirement is in the air, get all your dental and optical work completed beforehand.
Tip: At age 70 1/2 you are required to start withdrawing funds if you have not already done so.
Tip: If you and your spouse have set up a living trust (hold your assets in trust), make sure the primary beneficiary named on all your retirement accounts is the individual name of your spouse and not the trust. If you name the trust as the primary beneficiary, it will be subjected to the same rules as a nonspouse and the account will have to be wiped clean within five years. The trust should be named the contingent beneficiary only.
5 strategies to avoid going broke in retirement
- Take a hard look at your finances
Young couple sitting at table looking at bills
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If you haven’t already, Orman says it’s time to buckle down and take a deep look through your budget.
Compare what you’re spending to what you’re saving. Trim the fat where you can and cut back on any unnecessary spending so you can allocate more to your retirement savings column.
Do you own a home and are you planning to stay in it through retirement? Then Orman says you need to come up with a plan now to ensure you’ll have your mortgage fully paid off before you retire.
Not sure how? A mortgage refinance at today’s still historically low interest rates could save you hundreds of dollars a month and make it possible to get out from under your home loan sooner.
- Downsize your home
Custom built luxury house with nicely trimmed and landscaped front yard, lawn in a residential neighborhood. Vancouver Canada.
romakoma / Shutterstock
You may have plenty of sentimental reasons to want to stay in your current home, but if it’s more space than you need and you can make money off of it, you may want to consider selling now.
Not waiting until you have to sell the house makes sense, Orman says, because if you invest the profits now, you’ll accrue much more interest than if you waited another 10 or 15 years.
“I don’t want you to wait till you’re 60 or 70 to sell this home,” she says. “I want you to downsize right now, so that you can start saving more money right now.”
While some may hesitate to part with their family homes, a smaller space is easier to clean, cheaper to run, will cost you less in homeowners insurance and will be more accessible as you age.
- Beef up your emergency fund
Closeup of US dollars in paper clip on white background with note written EMERGENCY FUND
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Financial experts typically recommend you have an emergency fund of at least three to six months’ worth of living expenses, Orman actually recommends you make that two or three years.
Yes, three years’ worth of expenses in an emergency fund. Her reasoning is that if the market ever takes a downturn, you’re not going to want to be withdrawing from your retirement accounts until it bounces back.
With a substantial emergency fund you’ll be able to get by until it’s once again safe to take out funds from your retirement account. If you need a little help setting up your emergency fund, you might turn to one of today’s convenient online financial planners.
- Invest in a Roth IRA
Senior couple browsing the internet together
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To avoid paying tax when you take money out of your retirement account, Orman recommends you go for a Roth IRA account.
“Later on in life, you want to be able to take that money out tax-free,” she explains.
Because your contributions to a Roth account are made after tax, you won’t have to deal with deductions when you withdraw. Traditional IRAs, on the other hand, aren’t taxed when you make contributions, so you end up paying later.
Most banks and brokerage firms offer these accounts. And if you’re not keen on making the big investment decisions yourself, you could open an IRA through a robo-advisor that will manage your retirement account for you.
One popular robo-advisor will even help you grow your savings by investing your “spare change” from everyday purchases.
- Update your investment portfolio
Young man faces older couple, sitting in office, discussing business
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Taking a “set it and forget it” approach to your investment portfolio rarely pays off. You have to regularly revisit your portfolio and make sure it’s still in line with your financial goals and timelines.
Orman recommends either stocks or exchange-traded funds (ETFs) that pay dividends. So even if the market sees a downturn, your investments will still provide you some income.
“If you happen to hit a patch where the market starts to go down, you want these stocks to still provide income for you,” she says.
Check in with your financial adviser to ensure your balance of cash, stocks and bonds is right for your retirement goals. Try to keep your costs down by using an investing service that offers zero-commission trades.
You might consider diversifying your investments by going way beyond stocks, maybe by putting some money into farmland or investing in fine art.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.