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How To Save For Retirement: Suze Orman Shares Her Best Money Advice | TODAY

>>> AND WE’RE BACK WITH OUR >>> AND WE’RE BACK WITH OUR SPECIAL SERIES LIVING LONGER SPECIAL SERIES LIVING LONGER TODAY, EXPLORING WAYS TO LIVER TODAY, EXPLORING WAYS TO LIVER NOT ONLY LONGER BUT BETTER. NOT ONLY LONGER BUT BETTER. >> THIS MORNING WE’RE FOCUSING >> THIS MORNING WE’RE FOCUSING ON YOUR FINANCES AND THE NEW ON YOUR FINANCES AND THE NEW ADVICE EXPERTS ARE GIVING TO ADVICE EXPERTS ARE GIVING TO MAKE YOUR MONEY REALLY LAST. MAKE YOUR MONEY REALLY LAST. >> THE GOOD NEWS AMERICANS ARE >> THE GOOD NEWS AMERICANS ARE LIVING LONGER, WHAT THAT MEANS, LIVING LONGER, WHAT THAT MEANS, A NEW FOCUS ON MAKING YOUR MONEY A NEW FOCUS ON MAKING YOUR MONEY LAST. LAST. >> AS YOU’RE PLANNING FOR YOUR >> AS YOU’RE PLANNING FOR YOUR FUTURE, DON’T UNDERESTIMATE HOW FUTURE, DON’T UNDERESTIMATE HOW LONG YOU’RE GOING TO LIVE. LONG YOU’RE GOING TO LIVE. >> IN FACT, ABOUT ONE OUT OF >> IN FACT, ABOUT ONE OUT OF EVERY FOUR 65-YEAR-OLDS TODAY EVERY FOUR 65-YEAR-OLDS TODAY WILL LIVE PAST 90.

WILL LIVE PAST 90. >> THE OLD ADVICE USED TO BE >> THE OLD ADVICE USED TO BE THAT AS YOU’RE PLANNING FOR THAT AS YOU’RE PLANNING FOR RETIREMENT EXPECT TO LIVE INTO RETIREMENT EXPECT TO LIVE INTO YOUR 80s. YOUR 80s. NOW THE EXPECTATION IS THAT NOW THE EXPECTATION IS THAT YOU’LL HAVE A GOOD CHANCE OF YOU’LL HAVE A GOOD CHANCE OF LIVING INTO YOUR 90s, MAYBE EVEN LIVING INTO YOUR 90s, MAYBE EVEN CELEBRATING YOUR 100th BIRTHDAY. CELEBRATING YOUR 100th BIRTHDAY. >> WITH LONGEVITY CAN COME THE >> WITH LONGEVITY CAN COME THE ADDED STRESS TO SAVE MORE.

ADDED STRESS TO SAVE MORE. >> PLANNING FOR THE FUTURE HAS >> PLANNING FOR THE FUTURE HAS BECOME A LOT MORE CHALLENGING BECOME A LOT MORE CHALLENGING AND REALLY THE ONUS IS NOW ON AND REALLY THE ONUS IS NOW ON THE INDIVIDUAL MORE THAN EVER. THE INDIVIDUAL MORE THAN EVER. >> SO HOW DO WE MAKE SURE WE’RE >> SO HOW DO WE MAKE SURE WE’RE FINANCIALLY PREPARED FOR ALL FINANCIALLY PREPARED FOR ALL THOSE EXTRA YEARS? THOSE EXTRA YEARS? IT’S EASY. IT’S EASY. JUST CALL SUZE ORMAN, A PERSONAL JUST CALL SUZE ORMAN, A PERSONAL FINANCE EXPERT. FINANCE EXPERT. SHE HOSTS SUZE ORMAN’S WOMEN AND SHE HOSTS SUZE ORMAN’S WOMEN AND MANY PODCASTS. MANY PODCASTS. >> WE’RE LIVING LONGER. >> WE’RE LIVING LONGER. THAT’S GREAT, BUT THE BAD NEWS THAT’S GREAT, BUT THE BAD NEWS IS, WE SURVEYED OUR TODAY.COM IS, WE SURVEYED OUR TODAY.COM AUDIENCE.

AUDIENCE. THEY SAID 60% OF THEM FELT LIKE THEY SAID 60% OF THEM FELT LIKE THEY DON’T HAVE THE AMOUNT OF THEY DON’T HAVE THE AMOUNT OF MONEY THAT THEY’RE SAVING RIGHT MONEY THAT THEY’RE SAVING RIGHT NOW THAT, THAT IT WON’T LAST NOW THAT, THAT IT WON’T LAST THEM THROUGH THEIR RETIREMENT. THEM THROUGH THEIR RETIREMENT. >> IF YOU REALLY THINK ABOUT IT, >> IF YOU REALLY THINK ABOUT IT, YOU GUYS, MOST PEOPLE BARELY YOU GUYS, MOST PEOPLE BARELY HAVE THE MONEY TO PAY THEIR HAVE THE MONEY TO PAY THEIR BILLS TODAY LET ALONE SAVE IN BILLS TODAY LET ALONE SAVE IN THEIR MINDS FOR THE FUTURE.

THEIR MINDS FOR THE FUTURE. >> PEOPLE FEEL LIKE THEY CAN’T >> PEOPLE FEEL LIKE THEY CAN’T SAVE. SAVE. >> THEY JUST FEEL THAT WAY, AND >> THEY JUST FEEL THAT WAY, AND THEY HAVE TO CHANGE THAT BECAUSE THEY HAVE TO CHANGE THAT BECAUSE THEY ARE GOING TO SPEND MORE THEY ARE GOING TO SPEND MORE YEARS IN RETIREMENT THAN THEY YEARS IN RETIREMENT THAN THEY EVER DID WORKING IF YOU THINK EVER DID WORKING IF YOU THINK ABOUT IT BECAUSE MOST PEOPLE ABOUT IT BECAUSE MOST PEOPLE THINK THEY’RE GOING TO RETIRE AT THINK THEY’RE GOING TO RETIRE AT 65, MAYBE THEY WORK 30 YEARS, 65, MAYBE THEY WORK 30 YEARS, THEY’RE GOING TO LIVE TO 100 THEY’RE GOING TO LIVE TO 100 POSSIBLY.

POSSIBLY. >> OENGWNING A HOUSE WAS ALWAYS >> OENGWNING A HOUSE WAS ALWAYS THE PLAN, BUT FOR THESE THE PLAN, BUT FOR THESE MILLENNIALS, THEY’RE OPEN ABOUT MILLENNIALS, THEY’RE OPEN ABOUT THE FACT THEY THINK THEY’LL THE FACT THEY THINK THEY’LL NEVER BE ABLE TO AFFORD A HOUSE, NEVER BE ABLE TO AFFORD A HOUSE, NEVER MIND SOME LONGEVITY OR NEVER MIND SOME LONGEVITY OR 401(k).

401(k). >> THAT’S NOT SUCH A HORRIBLE >> THAT’S NOT SUCH A HORRIBLE THING. THING. I DON’T THINK THAT THE KEY TO I DON’T THINK THAT THE KEY TO YOUR RETIREMENT IS OWNING A YOUR RETIREMENT IS OWNING A HOME. HOME. I THINK THE KEY TO YOUR I THINK THE KEY TO YOUR RETIREMENT IS HAVING ENOUGH RETIREMENT IS HAVING ENOUGH MONEY TO PAY WHATEVER YOUR MONEY TO PAY WHATEVER YOUR EXPENSES HAPPEN TO BE SO THE KEY EXPENSES HAPPEN TO BE SO THE KEY IS TO GET RID OF AS MUCH IS TO GET RID OF AS MUCH EXPENSES AS YOU CAN, DON’T HAVE EXPENSES AS YOU CAN, DON’T HAVE DEBT.

DEBT. IF YOU DO HAVE A HOME, MAKE SURE IF YOU DO HAVE A HOME, MAKE SURE YOUR MORTGAGE IS PAID OFF BY THE YOUR MORTGAGE IS PAID OFF BY THE TIME YOU RETIRE. TIME YOU RETIRE. THAT WOULD BE MY NUMBER ONE TIP THAT WOULD BE MY NUMBER ONE TIP TO TELL EVERYBODY THEY HAVE GOT TO TELL EVERYBODY THEY HAVE GOT TO DO IF THEY DO OWN A HOME. TO DO IF THEY DO OWN A HOME. >> WE’RE GOING TO GET INTO THAT. >> WE’RE GOING TO GET INTO THAT. WE HAVE THE THREE W’S. WE HAVE THE THREE W’S. THE FIRST IS WHERE. THE FIRST IS WHERE. WHERE IS THE BEST PLACE TO WHERE IS THE BEST PLACE TO INVEST YOUR MONEY SO IF YOU DO INVEST YOUR MONEY SO IF YOU DO HAVE 30ISH YEARS OF RETIREMENT HAVE 30ISH YEARS OF RETIREMENT YOU’RE SET? YOU’RE SET? >> I’VE SAID FOR A LONG TIME, >> I’VE SAID FOR A LONG TIME, JUST FORGET THE TAX WRITE OFFS JUST FORGET THE TAX WRITE OFFS OF YOUR PRETAX 401(k) OR IRA.

OF YOUR PRETAX 401(k) OR IRA. FORGET THOSE NOW, AND IF YOUR FORGET THOSE NOW, AND IF YOUR CORPORATION OFFERS IT, CAN YOU CORPORATION OFFERS IT, CAN YOU CO CO DO A ROTH 401(k) OR A ROTH IRA DO A ROTH 401(k) OR A ROTH IRA WHICH ARE AFTER TAX WHICH ARE AFTER TAX CONTRIBUTIONS. CONTRIBUTIONS. WHY? WHY? YOU DON’T HAVE TO WORRY WHAT THE YOU DON’T HAVE TO WORRY WHAT THE TAX BRACKETS ARE GOING TO BE 20, TAX BRACKETS ARE GOING TO BE 20, 30, AND 40 YEARS FROM NOW.

30, AND 40 YEARS FROM NOW. I PERSONALLY THINK THEY’RE GOING I PERSONALLY THINK THEY’RE GOING TO SKYROCKET OVER THE YEARS, SO TO SKYROCKET OVER THE YEARS, SO THEREFORE WHAT YOU SEE IS WHAT THEREFORE WHAT YOU SEE IS WHAT YOU GET IN A ROTH IRA OR A ROTH YOU GET IN A ROTH IRA OR A ROTH 401(k). 401(k). AGAIN, IT’S PRETAX VERSUS AFTER AGAIN, IT’S PRETAX VERSUS AFTER TAX, BUT AFTER THAT IT’S TAX TAX, BUT AFTER THAT IT’S TAX DEFERRED VERSUS TAX FREE. DEFERRED VERSUS TAX FREE. IT’S FOR YOUR BENEFICIARIES IN A IT’S FOR YOUR BENEFICIARIES IN A PRETAX ACCOUNT THEY’RE GOING TO PRETAX ACCOUNT THEY’RE GOING TO PAY TOTAL TAXES ON IT. PAY TOTAL TAXES ON IT. >> LET’S GO BACK TO DEBT FOR A >> LET’S GO BACK TO DEBT FOR A SECOND.

SECOND. FOR PEOPLE WHO HAVE STUDENT FOR PEOPLE WHO HAVE STUDENT LOANS, THEY’VE GOT CREDIT CARDS, LOANS, THEY’VE GOT CREDIT CARDS, THEY’VE GOT THAT MORTGAGE. THEY’VE GOT THAT MORTGAGE. HOW DO YOU PRIORITIZE THE DEBT? HOW DO YOU PRIORITIZE THE DEBT? WHAT DO YOU PAY AND WHEN? WHAT DO YOU PAY AND WHEN? >> STUDENT LOAN DEBT IS THE MOST >> STUDENT LOAN DEBT IS THE MOST DANGEROUS DEBT YOU CAN HAVE BAR DANGEROUS DEBT YOU CAN HAVE BAR NONE BECAUSE IN 90% OF THE NONE BECAUSE IN 90% OF THE CASES, 99%, IT IS NOT CASES, 99%, IT IS NOT DISCHARGEABLE IN BANKRUPTCY. DISCHARGEABLE IN BANKRUPTCY. SO THEY HAVE THE LEGAL AUTHORITY SO THEY HAVE THE LEGAL AUTHORITY TO GARNISH YOUR WAGES AND TO TO GARNISH YOUR WAGES AND TO REALLY THEN DECREASE YOUR INCOME REALLY THEN DECREASE YOUR INCOME SO STUDENT LOAN — SO STUDENT LOAN — >> TAKE CARE OF THAT FIRST.

>> TAKE CARE OF THAT FIRST. >> FIRST THAT. >> FIRST THAT. THEN IF YOU HAVE CREDIT CARD THEN IF YOU HAVE CREDIT CARD DEBT THAT NEEDS TO GO BECAUSE DEBT THAT NEEDS TO GO BECAUSE DEBT IS BONDAGE. DEBT IS BONDAGE. YOU GOT TO GET OUT OF THAT. YOU GOT TO GET OUT OF THAT. AND THEN YOU START WORKING, IF AND THEN YOU START WORKING, IF YOU’RE GOING TO STAY IN YOUR YOU’RE GOING TO STAY IN YOUR HOME FOR THE REST OF YOUR LIFE, HOME FOR THE REST OF YOUR LIFE, GET RID OF YOUR MORTGAGE GET RID OF YOUR MORTGAGE PAYMENT. PAYMENT. >> I WANT TO FOLLOW UP ON THAT.

>> I WANT TO FOLLOW UP ON THAT. YOU DON’T WANT TO HAVE A YOU DON’T WANT TO HAVE A MORTGAGE, A LIVE MORTGAGE STILL MORTGAGE, A LIVE MORTGAGE STILL GOING BY THE TIME YOU RETIRE. GOING BY THE TIME YOU RETIRE. WHY? WHY? >> BECAUSE YOUR MORTGAGE PAYMENT >> BECAUSE YOUR MORTGAGE PAYMENT IS YOUR HIGHEST MONTHLY EXPENSE IS YOUR HIGHEST MONTHLY EXPENSE THAT YOU’RE GOING TO HAVE BAR THAT YOU’RE GOING TO HAVE BAR NONE. NONE. >> WHEN YOU RETIRE. >> WHEN YOU RETIRE. >> IT’S FAR EASIER TO PAY OFF >> IT’S FAR EASIER TO PAY OFF YOUR MORTGAGE THAN TO SAVER THE YOUR MORTGAGE THAN TO SAVER THE MONEY TO GENERATE THE INCOME TO MONEY TO GENERATE THE INCOME TO PAY OFF YOUR MORTGAGE. PAY OFF YOUR MORTGAGE. YOUR GOAL IN RETIREMENT IS TO BE YOUR GOAL IN RETIREMENT IS TO BE TOTALLY DEBT FREE 100% IN TOTALLY DEBT FREE 100% IN RETIREMENT.

RETIREMENT. IF YOU DON’T HAVE ENOUGH MONEY, IF YOU DON’T HAVE ENOUGH MONEY, DECREASE YOUR EXPENSES, AND THEN DECREASE YOUR EXPENSES, AND THEN YOUR MONEY WILL GO FURTHER. YOUR MONEY WILL GO FURTHER. >> GOT YOU. >> GOT YOU. >> WHAT ABOUT WHEN, WHEN DO YOU >> WHAT ABOUT WHEN, WHEN DO YOU START? START? I KNOW, WHEN WE’RE BORN WE I KNOW, WHEN WE’RE BORN WE SHOULD START SAVING.

SHOULD START SAVING. >> YOU HAVE THE 200 BUCKS WHEN >> YOU HAVE THE 200 BUCKS WHEN YOU’RE 30. YOU’RE 30. >> PEOPLE ALWAYS THINK THEY HAVE >> PEOPLE ALWAYS THINK THEY HAVE TIME, TIME IS THE MOST IMPORTANT TIME, TIME IS THE MOST IMPORTANT INGREDIENT IN YOUR RETIREMENT INGREDIENT IN YOUR RETIREMENT RECIPE. RECIPE. LET’S JUST SAY YOU HAVE 40 LET’S JUST SAY YOU HAVE 40 YEARS. YEARS. YOU’RE YOUNG. YOU’RE YOUNG. YOU HAVE 40 YEARS UNTIL YOU’RE YOU HAVE 40 YEARS UNTIL YOU’RE GOING TO BE 70. GOING TO BE 70. YOU PUT $200 A MONTH AWAY INTO A YOU PUT $200 A MONTH AWAY INTO A ROTH IRA OR ROTH 401(k). ROTH IRA OR ROTH 401(k). AVERAGE MARKET RETURNS, DO YOU AVERAGE MARKET RETURNS, DO YOU KNOW THAT YOU WOULD HAVE KNOW THAT YOU WOULD HAVE $1.1 MILLION AT 70, WHICH I $1.1 MILLION AT 70, WHICH I THINK SHOULD BE THE NEW THINK SHOULD BE THE NEW RETIREMENT AGE, BUT YOU WAIT TEN RETIREMENT AGE, BUT YOU WAIT TEN YEARS.

YEARS. >> YOU’RE TALKING ABOUT HAVING A >> YOU’RE TALKING ABOUT HAVING A SURPLUS OF 200 BUCK WHEN IS SURPLUS OF 200 BUCK WHEN IS YOU’RE 30. YOU’RE 30. SHOULD YOU TAKE THAT 200 AND SHOULD YOU TAKE THAT 200 AND APPLY IT TO ONE OF THESE OTHER APPLY IT TO ONE OF THESE OTHER THINGS. THINGS. >> YOU NEED TO BE SAVING >> YOU NEED TO BE SAVING ESPECIALLY IN A 401(k), ESPECIALLY IN A 401(k), ESPECIALLY IF THEY MATCH YOUR ESPECIALLY IF THEY MATCH YOUR CONTRIBUTION.

CONTRIBUTION. YOU PUT IN A DOLLAR, THEY GIVE YOU PUT IN A DOLLAR, THEY GIVE YOU $0.50. YOU $0.50. I DON’T CARE IF YOU HAVE ANY I DON’T CARE IF YOU HAVE ANY MONEY. MONEY. YOU CAN’T PASS UP FREE MONEY. YOU CAN’T PASS UP FREE MONEY. IF YOU STARTED PUTTING, JUST IF YOU STARTED PUTTING, JUST LET’S SAY $200 A MONTH AWAY, AND LET’S SAY $200 A MONTH AWAY, AND YOU NOW ONLY HAVE 30 YEARS LEFT YOU NOW ONLY HAVE 30 YEARS LEFT VERSUS 40, YOU’D ONLY HAVE LIKE VERSUS 40, YOU’D ONLY HAVE LIKE $400,000. $400,000. YOU JUST BLEW $700,000 BECAUSE YOU JUST BLEW $700,000 BECAUSE YOU WAITED TEN YEARS. YOU WAITED TEN YEARS. IT WAS ONLY A $24,000 DIFFERENCE IT WAS ONLY A $24,000 DIFFERENCE IN THOSE TEN YEARS.

IN THOSE TEN YEARS. BUT THE TEN YEARS, THE SOONER BUT THE TEN YEARS, THE SOONER YOU BEGIN, THE BETTER YOU’LL BE. YOU BEGIN, THE BETTER YOU’LL BE. >> JUST TO CARSON’S POINT. >> JUST TO CARSON’S POINT. IF I HAVE 200 BUCKS TO SPARE,KY IF I HAVE 200 BUCKS TO SPARE,KY CAN EITHER PAY OFF MY CREDIT CAN EITHER PAY OFF MY CREDIT CARD DEBT AND START SAVING IN A CARD DEBT AND START SAVING IN A ROTH IRA, WHAT WOULD MY CHOICE ROTH IRA, WHAT WOULD MY CHOICE BE? BE? >> YOUR CHOICE THERE IS TO PAY >> YOUR CHOICE THERE IS TO PAY OFF YOUR CREDIT CARD DEBT.

OFF YOUR CREDIT CARD DEBT. >> IF YOU DON’T HAVE MUCH MONEY >> IF YOU DON’T HAVE MUCH MONEY YOU MAY BE BEHIND ON YOUR CREDIT YOU MAY BE BEHIND ON YOUR CREDIT CARD PAYMENTS, AND YOUR INTEREST CARD PAYMENTS, AND YOUR INTEREST RATES ARE 15, 18%. RATES ARE 15, 18%. THAT’S A GUARANTEED RETURN. THAT’S A GUARANTEED RETURN. WHEN YOU PAY OFF YOUR CREDIT WHEN YOU PAY OFF YOUR CREDIT CARD DEBT, YOU’RE GUARANTEEING A CARD DEBT, YOU’RE GUARANTEEING A FANTASTIC RETURN. FANTASTIC RETURN. >> WHAT IS THE ONE SMALL THING >> WHAT IS THE ONE SMALL THING YOU WOULD TELL OUR VIEWERS YOU WOULD TELL OUR VIEWERS BEFORE WE GO? BEFORE WE GO? >> HERE’S WHAT’S REALLY >> HERE’S WHAT’S REALLY IMPORTANT. IMPORTANT. MANY PEOPLE HAVE ADVICE FOR ALL MANY PEOPLE HAVE ADVICE FOR ALL OF YOU.

OF YOU. SOMETIMES THAT ADVICE IS GOOD SOMETIMES THAT ADVICE IS GOOD FOR THE PERSON GIVING THE FOR THE PERSON GIVING THE ADVICE, AND SOMETIMES IT’S GOOD ADVICE, AND SOMETIMES IT’S GOOD FOR THE PERSON RECEIVING IT. FOR THE PERSON RECEIVING IT. MY ADVICE IS THIS, PLEASE DON’T MY ADVICE IS THIS, PLEASE DON’T DO ANYTHING THAT YOU DON’T DO ANYTHING THAT YOU DON’T UNDERSTAND. UNDERSTAND. IT IS BETTER TO DO NOTHING THAN IT IS BETTER TO DO NOTHING THAN TO DO SOMETHING YOU DO NOT TO DO SOMETHING YOU DO NOT UNDERSTAND BECAUSE SOMETIMES YOU UNDERSTAND BECAUSE SOMETIMES YOU CAN DO SOMETHING AND IT BLOWS CAN DO SOMETHING AND IT BLOWS ALL YOUR MONEY, AND SO IF IT ALL YOUR MONEY, AND SO IF IT DOESN’T FEEL RIGHT TO YOU, YOU DOESN’T FEEL RIGHT TO YOU, YOU HAVE TO TRUST YOURSELF MORE THAN HAVE TO TRUST YOURSELF MORE THAN YOU TRUST OTHERS.

YOU TRUST OTHERS. IT’S YOUR MONEY, AND WHAT IT’S YOUR MONEY, AND WHAT HAPPENS TO YOUR MONEY IS GOING HAPPENS TO YOUR MONEY IS GOING TO DIRECTLY AFFECT THE QUALITY TO DIRECTLY AFFECT THE QUALITY OF YOUR LIFE, NOT MY LIFE. OF YOUR LIFE, NOT MY LIFE. NOT ANYBODY ELSE’S LIFE, SO IF NOT ANYBODY ELSE’S LIFE, SO IF YOU REALLY WANT TO BE POWERFUL YOU REALLY WANT TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL OVER YOUR OWN MONEY. OVER YOUR OWN MONEY. >> THAT’S GOOD ADVICE. >> THAT’S GOOD ADVICE. IN SOME CASES FINANCIALLY DOING IN SOME CASES FINANCIALLY DOING NOTHING IS BETTER THAN MAKING A NOTHING IS BETTER THAN MAKING A CHOICE TO YOUR DETRIMENT. CHOICE TO YOUR DETRIMENT. >> NEVER TALK YOURSELF INTO >> NEVER TALK YOURSELF INTO TRUSTING ANYONE. TRUSTING ANYONE. YOU WALK INTO A FINANCIAL YOU WALK INTO A FINANCIAL ADVISER’S OFFICE AND THEY FEEL ADVISER’S OFFICE AND THEY FEEL LIKE THEY KNOW WHAT YOU’RE LIKE THEY KNOW WHAT YOU’RE DOING.

DOING. THEY MUST KNOW, YOU DON’T KNOW THEY MUST KNOW, YOU DON’T KNOW AND YOU BELIEVE THEM. AND YOU BELIEVE THEM. SOMETIMES THEY GIVE GREAT AED SOMETIMES THEY GIVE GREAT AED VICE AND SOMETIMES THEY GIVE VICE AND SOMETIMES THEY GIVE ADVICE THAT’S NOT SO MUCH. ADVICE THAT’S NOT SO MUCH. >> THAT STUFF’S TRUE IN >> THAT STUFF’S TRUE IN ANYTHING, RIGHT? ANYTHING, RIGHT? >> WHEN YOU THINK ABOUT IT, >> WHEN YOU THINK ABOUT IT, SAVANNAH, YOUR MONEY AND YOUR SAVANNAH, YOUR MONEY AND YOUR LIFE ARE ONE. LIFE ARE ONE. WHO YOU ARE AND WHAT YOU HAVE IS WHO YOU ARE AND WHAT YOU HAVE IS ONE.

ONE. IT’S YOU’RE THE ONE WHO EARNS IT’S YOU’RE THE ONE WHO EARNS IT. IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO’S GOING TO YOU’RE THE ONE WHO’S GOING TO LIVE. LIVE. >> WE’LL JUST GO TO YOU. >> WE’LL JUST GO TO YOU. YOU’RE OUR TRUSTED SOURCE. YOU’RE OUR TRUSTED SOURCE. >> COME ON, EVERYBODY, COME JOIN.

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How To Save For Retirement: Suze Orman Shares Her Best Money Advice | TODAY

>>> AND WE’RE BACK WITH OUR >>> AND WE’RE BACK WITH OUR SPECIAL SERIES LIVING LONGER SPECIAL SERIES LIVING LONGER TODAY, EXPLORING WAYS TO LIVER TODAY, EXPLORING WAYS TO LIVER NOT ONLY LONGER BUT BETTER. NOT ONLY LONGER BUT BETTER. >> THIS MORNING WE’RE FOCUSING >> THIS MORNING WE’RE FOCUSING ON YOUR FINANCES AND THE NEW ON YOUR FINANCES AND THE NEW ADVICE EXPERTS ARE GIVING TO ADVICE EXPERTS ARE GIVING TO MAKE YOUR MONEY REALLY LAST.

MAKE YOUR MONEY REALLY LAST. >> THE GOOD NEWS AMERICANS ARE >> THE GOOD NEWS AMERICANS ARE LIVING LONGER, WHAT THAT MEANS, LIVING LONGER, WHAT THAT MEANS, A NEW FOCUS ON MAKING YOUR MONEY A NEW FOCUS ON MAKING YOUR MONEY LAST. LAST. >> AS YOU’RE PLANNING FOR YOUR >> AS YOU’RE PLANNING FOR YOUR FUTURE, DON’T UNDERESTIMATE HOW FUTURE, DON’T UNDERESTIMATE HOW LONG YOU’RE GOING TO LIVE. LONG YOU’RE GOING TO LIVE. >> IN FACT, ABOUT ONE OUT OF >> IN FACT, ABOUT ONE OUT OF EVERY FOUR 65-YEAR-OLDS TODAY EVERY FOUR 65-YEAR-OLDS TODAY WILL LIVE PAST 90. WILL LIVE PAST 90. >> THE OLD ADVICE USED TO BE >> THE OLD ADVICE USED TO BE THAT AS YOU’RE PLANNING FOR THAT AS YOU’RE PLANNING FOR RETIREMENT EXPECT TO LIVE INTO RETIREMENT EXPECT TO LIVE INTO YOUR 80s.

YOUR 80s. NOW THE EXPECTATION IS THAT NOW THE EXPECTATION IS THAT YOU’LL HAVE A GOOD CHANCE OF YOU’LL HAVE A GOOD CHANCE OF LIVING INTO YOUR 90s, MAYBE EVEN LIVING INTO YOUR 90s, MAYBE EVEN CELEBRATING YOUR 100th BIRTHDAY. CELEBRATING YOUR 100th BIRTHDAY. >> WITH LONGEVITY CAN COME THE >> WITH LONGEVITY CAN COME THE ADDED STRESS TO SAVE MORE. ADDED STRESS TO SAVE MORE. >> PLANNING FOR THE FUTURE HAS >> PLANNING FOR THE FUTURE HAS BECOME A LOT MORE CHALLENGING BECOME A LOT MORE CHALLENGING AND REALLY THE ONUS IS NOW ON AND REALLY THE ONUS IS NOW ON THE INDIVIDUAL MORE THAN EVER.

THE INDIVIDUAL MORE THAN EVER. >> SO HOW DO WE MAKE SURE WE’RE >> SO HOW DO WE MAKE SURE WE’RE FINANCIALLY PREPARED FOR ALL FINANCIALLY PREPARED FOR ALL THOSE EXTRA YEARS? THOSE EXTRA YEARS? IT’S EASY. IT’S EASY. JUST CALL SUZE ORMAN, A PERSONAL JUST CALL SUZE ORMAN, A PERSONAL FINANCE EXPERT. FINANCE EXPERT. SHE HOSTS SUZE ORMAN’S WOMEN AND SHE HOSTS SUZE ORMAN’S WOMEN AND MANY PODCASTS. MANY PODCASTS. >> WE’RE LIVING LONGER. >> WE’RE LIVING LONGER. THAT’S GREAT, BUT THE BAD NEWS THAT’S GREAT, BUT THE BAD NEWS IS, WE SURVEYED OUR TODAY.COM IS, WE SURVEYED OUR TODAY.COM AUDIENCE. AUDIENCE. THEY SAID 60% OF THEM FELT LIKE THEY SAID 60% OF THEM FELT LIKE THEY DON’T HAVE THE AMOUNT OF THEY DON’T HAVE THE AMOUNT OF MONEY THAT THEY’RE SAVING RIGHT MONEY THAT THEY’RE SAVING RIGHT NOW THAT, THAT IT WON’T LAST NOW THAT, THAT IT WON’T LAST THEM THROUGH THEIR RETIREMENT.

THEM THROUGH THEIR RETIREMENT. >> IF YOU REALLY THINK ABOUT IT, >> IF YOU REALLY THINK ABOUT IT, YOU GUYS, MOST PEOPLE BARELY YOU GUYS, MOST PEOPLE BARELY HAVE THE MONEY TO PAY THEIR HAVE THE MONEY TO PAY THEIR BILLS TODAY LET ALONE SAVE IN BILLS TODAY LET ALONE SAVE IN THEIR MINDS FOR THE FUTURE. THEIR MINDS FOR THE FUTURE. >> PEOPLE FEEL LIKE THEY CAN’T >> PEOPLE FEEL LIKE THEY CAN’T SAVE. SAVE. >> THEY JUST FEEL THAT WAY, AND >> THEY JUST FEEL THAT WAY, AND THEY HAVE TO CHANGE THAT BECAUSE THEY HAVE TO CHANGE THAT BECAUSE THEY ARE GOING TO SPEND MORE THEY ARE GOING TO SPEND MORE YEARS IN RETIREMENT THAN THEY YEARS IN RETIREMENT THAN THEY EVER DID WORKING IF YOU THINK EVER DID WORKING IF YOU THINK ABOUT IT BECAUSE MOST PEOPLE ABOUT IT BECAUSE MOST PEOPLE THINK THEY’RE GOING TO RETIRE AT THINK THEY’RE GOING TO RETIRE AT 65, MAYBE THEY WORK 30 YEARS, 65, MAYBE THEY WORK 30 YEARS, THEY’RE GOING TO LIVE TO 100 THEY’RE GOING TO LIVE TO 100 POSSIBLY.

POSSIBLY. >> OENGWNING A HOUSE WAS ALWAYS >> OENGWNING A HOUSE WAS ALWAYS THE PLAN, BUT FOR THESE THE PLAN, BUT FOR THESE MILLENNIALS, THEY’RE OPEN ABOUT MILLENNIALS, THEY’RE OPEN ABOUT THE FACT THEY THINK THEY’LL THE FACT THEY THINK THEY’LL NEVER BE ABLE TO AFFORD A HOUSE, NEVER BE ABLE TO AFFORD A HOUSE, NEVER MIND SOME LONGEVITY OR NEVER MIND SOME LONGEVITY OR 401(k). 401(k). >> THAT’S NOT SUCH A HORRIBLE >> THAT’S NOT SUCH A HORRIBLE THING. THING. I DON’T THINK THAT THE KEY TO I DON’T THINK THAT THE KEY TO YOUR RETIREMENT IS OWNING A YOUR RETIREMENT IS OWNING A HOME.

HOME. I THINK THE KEY TO YOUR I THINK THE KEY TO YOUR RETIREMENT IS HAVING ENOUGH RETIREMENT IS HAVING ENOUGH MONEY TO PAY WHATEVER YOUR MONEY TO PAY WHATEVER YOUR EXPENSES HAPPEN TO BE SO THE KEY EXPENSES HAPPEN TO BE SO THE KEY IS TO GET RID OF AS MUCH IS TO GET RID OF AS MUCH EXPENSES AS YOU CAN, DON’T HAVE EXPENSES AS YOU CAN, DON’T HAVE DEBT. DEBT. IF YOU DO HAVE A HOME, MAKE SURE IF YOU DO HAVE A HOME, MAKE SURE YOUR MORTGAGE IS PAID OFF BY THE YOUR MORTGAGE IS PAID OFF BY THE TIME YOU RETIRE. TIME YOU RETIRE.

THAT WOULD BE MY NUMBER ONE TIP THAT WOULD BE MY NUMBER ONE TIP TO TELL EVERYBODY THEY HAVE GOT TO TELL EVERYBODY THEY HAVE GOT TO DO IF THEY DO OWN A HOME. TO DO IF THEY DO OWN A HOME. >> WE’RE GOING TO GET INTO THAT. >> WE’RE GOING TO GET INTO THAT. WE HAVE THE THREE W’S. WE HAVE THE THREE W’S. THE FIRST IS WHERE. THE FIRST IS WHERE. WHERE IS THE BEST PLACE TO WHERE IS THE BEST PLACE TO INVEST YOUR MONEY SO IF YOU DO INVEST YOUR MONEY SO IF YOU DO HAVE 30ISH YEARS OF RETIREMENT HAVE 30ISH YEARS OF RETIREMENT YOU’RE SET? YOU’RE SET? >> I’VE SAID FOR A LONG TIME, >> I’VE SAID FOR A LONG TIME, JUST FORGET THE TAX WRITE OFFS JUST FORGET THE TAX WRITE OFFS OF YOUR PRETAX 401(k) OR IRA. OF YOUR PRETAX 401(k) OR IRA. FORGET THOSE NOW, AND IF YOUR FORGET THOSE NOW, AND IF YOUR CORPORATION OFFERS IT, CAN YOU CORPORATION OFFERS IT, CAN YOU CO CO DO A ROTH 401(k) OR A ROTH IRA DO A ROTH 401(k) OR A ROTH IRA WHICH ARE AFTER TAX WHICH ARE AFTER TAX CONTRIBUTIONS.

CONTRIBUTIONS. WHY? WHY? YOU DON’T HAVE TO WORRY WHAT THE YOU DON’T HAVE TO WORRY WHAT THE TAX BRACKETS ARE GOING TO BE 20, TAX BRACKETS ARE GOING TO BE 20, 30, AND 40 YEARS FROM NOW. 30, AND 40 YEARS FROM NOW. I PERSONALLY THINK THEY’RE GOING I PERSONALLY THINK THEY’RE GOING TO SKYROCKET OVER THE YEARS, SO TO SKYROCKET OVER THE YEARS, SO THEREFORE WHAT YOU SEE IS WHAT THEREFORE WHAT YOU SEE IS WHAT YOU GET IN A ROTH IRA OR A ROTH YOU GET IN A ROTH IRA OR A ROTH 401(k). 401(k). AGAIN, IT’S PRETAX VERSUS AFTER AGAIN, IT’S PRETAX VERSUS AFTER TAX, BUT AFTER THAT IT’S TAX TAX, BUT AFTER THAT IT’S TAX DEFERRED VERSUS TAX FREE.

DEFERRED VERSUS TAX FREE. IT’S FOR YOUR BENEFICIARIES IN A IT’S FOR YOUR BENEFICIARIES IN A PRETAX ACCOUNT THEY’RE GOING TO PRETAX ACCOUNT THEY’RE GOING TO PAY TOTAL TAXES ON IT. PAY TOTAL TAXES ON IT. >> LET’S GO BACK TO DEBT FOR A >> LET’S GO BACK TO DEBT FOR A SECOND. SECOND. FOR PEOPLE WHO HAVE STUDENT FOR PEOPLE WHO HAVE STUDENT LOANS, THEY’VE GOT CREDIT CARDS, LOANS, THEY’VE GOT CREDIT CARDS, THEY’VE GOT THAT MORTGAGE.

THEY’VE GOT THAT MORTGAGE. HOW DO YOU PRIORITIZE THE DEBT? HOW DO YOU PRIORITIZE THE DEBT? WHAT DO YOU PAY AND WHEN? WHAT DO YOU PAY AND WHEN? >> STUDENT LOAN DEBT IS THE MOST >> STUDENT LOAN DEBT IS THE MOST DANGEROUS DEBT YOU CAN HAVE BAR DANGEROUS DEBT YOU CAN HAVE BAR NONE BECAUSE IN 90% OF THE NONE BECAUSE IN 90% OF THE CASES, 99%, IT IS NOT CASES, 99%, IT IS NOT DISCHARGEABLE IN BANKRUPTCY. DISCHARGEABLE IN BANKRUPTCY. SO THEY HAVE THE LEGAL AUTHORITY SO THEY HAVE THE LEGAL AUTHORITY TO GARNISH YOUR WAGES AND TO TO GARNISH YOUR WAGES AND TO REALLY THEN DECREASE YOUR INCOME REALLY THEN DECREASE YOUR INCOME SO STUDENT LOAN — SO STUDENT LOAN — >> TAKE CARE OF THAT FIRST. >> TAKE CARE OF THAT FIRST.

>> FIRST THAT. >> FIRST THAT. THEN IF YOU HAVE CREDIT CARD THEN IF YOU HAVE CREDIT CARD DEBT THAT NEEDS TO GO BECAUSE DEBT THAT NEEDS TO GO BECAUSE DEBT IS BONDAGE. DEBT IS BONDAGE. YOU GOT TO GET OUT OF THAT. YOU GOT TO GET OUT OF THAT. AND THEN YOU START WORKING, IF AND THEN YOU START WORKING, IF YOU’RE GOING TO STAY IN YOUR YOU’RE GOING TO STAY IN YOUR HOME FOR THE REST OF YOUR LIFE, HOME FOR THE REST OF YOUR LIFE, GET RID OF YOUR MORTGAGE GET RID OF YOUR MORTGAGE PAYMENT. PAYMENT. >> I WANT TO FOLLOW UP ON THAT. >> I WANT TO FOLLOW UP ON THAT. YOU DON’T WANT TO HAVE A YOU DON’T WANT TO HAVE A MORTGAGE, A LIVE MORTGAGE STILL MORTGAGE, A LIVE MORTGAGE STILL GOING BY THE TIME YOU RETIRE. GOING BY THE TIME YOU RETIRE. WHY? WHY? >> BECAUSE YOUR MORTGAGE PAYMENT >> BECAUSE YOUR MORTGAGE PAYMENT IS YOUR HIGHEST MONTHLY EXPENSE IS YOUR HIGHEST MONTHLY EXPENSE THAT YOU’RE GOING TO HAVE BAR THAT YOU’RE GOING TO HAVE BAR NONE.

NONE. >> WHEN YOU RETIRE. >> WHEN YOU RETIRE. >> IT’S FAR EASIER TO PAY OFF >> IT’S FAR EASIER TO PAY OFF YOUR MORTGAGE THAN TO SAVER THE YOUR MORTGAGE THAN TO SAVER THE MONEY TO GENERATE THE INCOME TO MONEY TO GENERATE THE INCOME TO PAY OFF YOUR MORTGAGE. PAY OFF YOUR MORTGAGE. YOUR GOAL IN RETIREMENT IS TO BE YOUR GOAL IN RETIREMENT IS TO BE TOTALLY DEBT FREE 100% IN TOTALLY DEBT FREE 100% IN RETIREMENT. RETIREMENT. IF YOU DON’T HAVE ENOUGH MONEY, IF YOU DON’T HAVE ENOUGH MONEY, DECREASE YOUR EXPENSES, AND THEN DECREASE YOUR EXPENSES, AND THEN YOUR MONEY WILL GO FURTHER.

YOUR MONEY WILL GO FURTHER. >> GOT YOU. >> GOT YOU. >> WHAT ABOUT WHEN, WHEN DO YOU >> WHAT ABOUT WHEN, WHEN DO YOU START? START? I KNOW, WHEN WE’RE BORN WE I KNOW, WHEN WE’RE BORN WE SHOULD START SAVING. SHOULD START SAVING. >> YOU HAVE THE 200 BUCKS WHEN >> YOU HAVE THE 200 BUCKS WHEN YOU’RE 30. YOU’RE 30. >> PEOPLE ALWAYS THINK THEY HAVE >> PEOPLE ALWAYS THINK THEY HAVE TIME, TIME IS THE MOST IMPORTANT TIME, TIME IS THE MOST IMPORTANT INGREDIENT IN YOUR RETIREMENT INGREDIENT IN YOUR RETIREMENT RECIPE.

RECIPE. LET’S JUST SAY YOU HAVE 40 LET’S JUST SAY YOU HAVE 40 YEARS. YEARS. YOU’RE YOUNG. YOU’RE YOUNG. YOU HAVE 40 YEARS UNTIL YOU’RE YOU HAVE 40 YEARS UNTIL YOU’RE GOING TO BE 70. GOING TO BE 70. YOU PUT $200 A MONTH AWAY INTO A YOU PUT $200 A MONTH AWAY INTO A ROTH IRA OR ROTH 401(k). ROTH IRA OR ROTH 401(k). AVERAGE MARKET RETURNS, DO YOU AVERAGE MARKET RETURNS, DO YOU KNOW THAT YOU WOULD HAVE KNOW THAT YOU WOULD HAVE $1.1 MILLION AT 70, WHICH I $1.1 MILLION AT 70, WHICH I THINK SHOULD BE THE NEW THINK SHOULD BE THE NEW RETIREMENT AGE, BUT YOU WAIT TEN RETIREMENT AGE, BUT YOU WAIT TEN YEARS. YEARS. >> YOU’RE TALKING ABOUT HAVING A >> YOU’RE TALKING ABOUT HAVING A SURPLUS OF 200 BUCK WHEN IS SURPLUS OF 200 BUCK WHEN IS YOU’RE 30. YOU’RE 30. SHOULD YOU TAKE THAT 200 AND SHOULD YOU TAKE THAT 200 AND APPLY IT TO ONE OF THESE OTHER APPLY IT TO ONE OF THESE OTHER THINGS.

THINGS. >> YOU NEED TO BE SAVING >> YOU NEED TO BE SAVING ESPECIALLY IN A 401(k), ESPECIALLY IN A 401(k), ESPECIALLY IF THEY MATCH YOUR ESPECIALLY IF THEY MATCH YOUR CONTRIBUTION. CONTRIBUTION. YOU PUT IN A DOLLAR, THEY GIVE YOU PUT IN A DOLLAR, THEY GIVE YOU $0.50. YOU $0.50. I DON’T CARE IF YOU HAVE ANY I DON’T CARE IF YOU HAVE ANY MONEY. MONEY. YOU CAN’T PASS UP FREE MONEY. YOU CAN’T PASS UP FREE MONEY.

IF YOU STARTED PUTTING, JUST IF YOU STARTED PUTTING, JUST LET’S SAY $200 A MONTH AWAY, AND LET’S SAY $200 A MONTH AWAY, AND YOU NOW ONLY HAVE 30 YEARS LEFT YOU NOW ONLY HAVE 30 YEARS LEFT VERSUS 40, YOU’D ONLY HAVE LIKE VERSUS 40, YOU’D ONLY HAVE LIKE $400,000. $400,000. YOU JUST BLEW $700,000 BECAUSE YOU JUST BLEW $700,000 BECAUSE YOU WAITED TEN YEARS. YOU WAITED TEN YEARS. IT WAS ONLY A $24,000 DIFFERENCE IT WAS ONLY A $24,000 DIFFERENCE IN THOSE TEN YEARS. IN THOSE TEN YEARS. BUT THE TEN YEARS, THE SOONER BUT THE TEN YEARS, THE SOONER YOU BEGIN, THE BETTER YOU’LL BE. YOU BEGIN, THE BETTER YOU’LL BE. >> JUST TO CARSON’S POINT. >> JUST TO CARSON’S POINT. IF I HAVE 200 BUCKS TO SPARE,KY IF I HAVE 200 BUCKS TO SPARE,KY CAN EITHER PAY OFF MY CREDIT CAN EITHER PAY OFF MY CREDIT CARD DEBT AND START SAVING IN A CARD DEBT AND START SAVING IN A ROTH IRA, WHAT WOULD MY CHOICE ROTH IRA, WHAT WOULD MY CHOICE BE? BE? >> YOUR CHOICE THERE IS TO PAY >> YOUR CHOICE THERE IS TO PAY OFF YOUR CREDIT CARD DEBT.

OFF YOUR CREDIT CARD DEBT. >> IF YOU DON’T HAVE MUCH MONEY >> IF YOU DON’T HAVE MUCH MONEY YOU MAY BE BEHIND ON YOUR CREDIT YOU MAY BE BEHIND ON YOUR CREDIT CARD PAYMENTS, AND YOUR INTEREST CARD PAYMENTS, AND YOUR INTEREST RATES ARE 15, 18%. RATES ARE 15, 18%. THAT’S A GUARANTEED RETURN. THAT’S A GUARANTEED RETURN. WHEN YOU PAY OFF YOUR CREDIT WHEN YOU PAY OFF YOUR CREDIT CARD DEBT, YOU’RE GUARANTEEING A CARD DEBT, YOU’RE GUARANTEEING A FANTASTIC RETURN. FANTASTIC RETURN. >> WHAT IS THE ONE SMALL THING >> WHAT IS THE ONE SMALL THING YOU WOULD TELL OUR VIEWERS YOU WOULD TELL OUR VIEWERS BEFORE WE GO? BEFORE WE GO? >> HERE’S WHAT’S REALLY >> HERE’S WHAT’S REALLY IMPORTANT. IMPORTANT. MANY PEOPLE HAVE ADVICE FOR ALL MANY PEOPLE HAVE ADVICE FOR ALL OF YOU. OF YOU. SOMETIMES THAT ADVICE IS GOOD SOMETIMES THAT ADVICE IS GOOD FOR THE PERSON GIVING THE FOR THE PERSON GIVING THE ADVICE, AND SOMETIMES IT’S GOOD ADVICE, AND SOMETIMES IT’S GOOD FOR THE PERSON RECEIVING IT.

FOR THE PERSON RECEIVING IT. MY ADVICE IS THIS, PLEASE DON’T MY ADVICE IS THIS, PLEASE DON’T DO ANYTHING THAT YOU DON’T DO ANYTHING THAT YOU DON’T UNDERSTAND. UNDERSTAND. IT IS BETTER TO DO NOTHING THAN IT IS BETTER TO DO NOTHING THAN TO DO SOMETHING YOU DO NOT TO DO SOMETHING YOU DO NOT UNDERSTAND BECAUSE SOMETIMES YOU UNDERSTAND BECAUSE SOMETIMES YOU CAN DO SOMETHING AND IT BLOWS CAN DO SOMETHING AND IT BLOWS ALL YOUR MONEY, AND SO IF IT ALL YOUR MONEY, AND SO IF IT DOESN’T FEEL RIGHT TO YOU, YOU DOESN’T FEEL RIGHT TO YOU, YOU HAVE TO TRUST YOURSELF MORE THAN HAVE TO TRUST YOURSELF MORE THAN YOU TRUST OTHERS. YOU TRUST OTHERS. IT’S YOUR MONEY, AND WHAT IT’S YOUR MONEY, AND WHAT HAPPENS TO YOUR MONEY IS GOING HAPPENS TO YOUR MONEY IS GOING TO DIRECTLY AFFECT THE QUALITY TO DIRECTLY AFFECT THE QUALITY OF YOUR LIFE, NOT MY LIFE.

OF YOUR LIFE, NOT MY LIFE. NOT ANYBODY ELSE’S LIFE, SO IF NOT ANYBODY ELSE’S LIFE, SO IF YOU REALLY WANT TO BE POWERFUL YOU REALLY WANT TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL OVER YOUR OWN MONEY. OVER YOUR OWN MONEY. >> THAT’S GOOD ADVICE. >> THAT’S GOOD ADVICE. IN SOME CASES FINANCIALLY DOING IN SOME CASES FINANCIALLY DOING NOTHING IS BETTER THAN MAKING A NOTHING IS BETTER THAN MAKING A CHOICE TO YOUR DETRIMENT. CHOICE TO YOUR DETRIMENT. >> NEVER TALK YOURSELF INTO >> NEVER TALK YOURSELF INTO TRUSTING ANYONE. TRUSTING ANYONE. YOU WALK INTO A FINANCIAL YOU WALK INTO A FINANCIAL ADVISER’S OFFICE AND THEY FEEL ADVISER’S OFFICE AND THEY FEEL LIKE THEY KNOW WHAT YOU’RE LIKE THEY KNOW WHAT YOU’RE DOING. DOING. THEY MUST KNOW, YOU DON’T KNOW THEY MUST KNOW, YOU DON’T KNOW AND YOU BELIEVE THEM. AND YOU BELIEVE THEM. SOMETIMES THEY GIVE GREAT AED SOMETIMES THEY GIVE GREAT AED VICE AND SOMETIMES THEY GIVE VICE AND SOMETIMES THEY GIVE ADVICE THAT’S NOT SO MUCH.

ADVICE THAT’S NOT SO MUCH. >> THAT STUFF’S TRUE IN >> THAT STUFF’S TRUE IN ANYTHING, RIGHT? ANYTHING, RIGHT? >> WHEN YOU THINK ABOUT IT, >> WHEN YOU THINK ABOUT IT, SAVANNAH, YOUR MONEY AND YOUR SAVANNAH, YOUR MONEY AND YOUR LIFE ARE ONE. LIFE ARE ONE. WHO YOU ARE AND WHAT YOU HAVE IS WHO YOU ARE AND WHAT YOU HAVE IS ONE. ONE. IT’S YOU’RE THE ONE WHO EARNS IT’S YOU’RE THE ONE WHO EARNS IT.

IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO’S GOING TO YOU’RE THE ONE WHO’S GOING TO LIVE. LIVE. >> WE’LL JUST GO TO YOU. >> WE’LL JUST GO TO YOU. YOU’RE OUR TRUSTED SOURCE. YOU’RE OUR TRUSTED SOURCE. >> COME ON, EVERYBODY, COME JOIN.

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How To Save For Retirement: Suze Orman Shares Her Best Money Advice | TODAY

>>> AND WE’RE BACK WITH OUR >>> AND WE’RE BACK WITH OUR SPECIAL SERIES LIVING LONGER SPECIAL SERIES LIVING LONGER TODAY, EXPLORING WAYS TO LIVER TODAY, EXPLORING WAYS TO LIVER NOT ONLY LONGER BUT BETTER. NOT ONLY LONGER BUT BETTER. >> THIS MORNING WE’RE FOCUSING >> THIS MORNING WE’RE FOCUSING ON YOUR FINANCES AND THE NEW ON YOUR FINANCES AND THE NEW ADVICE EXPERTS ARE GIVING TO ADVICE EXPERTS ARE GIVING TO MAKE YOUR MONEY REALLY LAST. MAKE YOUR MONEY REALLY LAST. >> THE GOOD NEWS AMERICANS ARE >> THE GOOD NEWS AMERICANS ARE LIVING LONGER, WHAT THAT MEANS, LIVING LONGER, WHAT THAT MEANS, A NEW FOCUS ON MAKING YOUR MONEY A NEW FOCUS ON MAKING YOUR MONEY LAST. LAST. >> AS YOU’RE PLANNING FOR YOUR >> AS YOU’RE PLANNING FOR YOUR FUTURE, DON’T UNDERESTIMATE HOW FUTURE, DON’T UNDERESTIMATE HOW LONG YOU’RE GOING TO LIVE. LONG YOU’RE GOING TO LIVE. >> IN FACT, ABOUT ONE OUT OF >> IN FACT, ABOUT ONE OUT OF EVERY FOUR 65-YEAR-OLDS TODAY EVERY FOUR 65-YEAR-OLDS TODAY WILL LIVE PAST 90.

WILL LIVE PAST 90. >> THE OLD ADVICE USED TO BE >> THE OLD ADVICE USED TO BE THAT AS YOU’RE PLANNING FOR THAT AS YOU’RE PLANNING FOR RETIREMENT EXPECT TO LIVE INTO RETIREMENT EXPECT TO LIVE INTO YOUR 80s. YOUR 80s. NOW THE EXPECTATION IS THAT NOW THE EXPECTATION IS THAT YOU’LL HAVE A GOOD CHANCE OF YOU’LL HAVE A GOOD CHANCE OF LIVING INTO YOUR 90s, MAYBE EVEN LIVING INTO YOUR 90s, MAYBE EVEN CELEBRATING YOUR 100th BIRTHDAY. CELEBRATING YOUR 100th BIRTHDAY. >> WITH LONGEVITY CAN COME THE >> WITH LONGEVITY CAN COME THE ADDED STRESS TO SAVE MORE. ADDED STRESS TO SAVE MORE. >> PLANNING FOR THE FUTURE HAS >> PLANNING FOR THE FUTURE HAS BECOME A LOT MORE CHALLENGING BECOME A LOT MORE CHALLENGING AND REALLY THE ONUS IS NOW ON AND REALLY THE ONUS IS NOW ON THE INDIVIDUAL MORE THAN EVER.

THE INDIVIDUAL MORE THAN EVER. >> SO HOW DO WE MAKE SURE WE’RE >> SO HOW DO WE MAKE SURE WE’RE FINANCIALLY PREPARED FOR ALL FINANCIALLY PREPARED FOR ALL THOSE EXTRA YEARS? THOSE EXTRA YEARS? IT’S EASY. IT’S EASY. JUST CALL SUZE ORMAN, A PERSONAL JUST CALL SUZE ORMAN, A PERSONAL FINANCE EXPERT. FINANCE EXPERT. SHE HOSTS SUZE ORMAN’S WOMEN AND SHE HOSTS SUZE ORMAN’S WOMEN AND MANY PODCASTS. MANY PODCASTS. >> WE’RE LIVING LONGER. >> WE’RE LIVING LONGER. THAT’S GREAT, BUT THE BAD NEWS THAT’S GREAT, BUT THE BAD NEWS IS, WE SURVEYED OUR TODAY.COM IS, WE SURVEYED OUR TODAY.COM AUDIENCE.

AUDIENCE. THEY SAID 60% OF THEM FELT LIKE THEY SAID 60% OF THEM FELT LIKE THEY DON’T HAVE THE AMOUNT OF THEY DON’T HAVE THE AMOUNT OF MONEY THAT THEY’RE SAVING RIGHT MONEY THAT THEY’RE SAVING RIGHT NOW THAT, THAT IT WON’T LAST NOW THAT, THAT IT WON’T LAST THEM THROUGH THEIR RETIREMENT. THEM THROUGH THEIR RETIREMENT. >> IF YOU REALLY THINK ABOUT IT, >> IF YOU REALLY THINK ABOUT IT, YOU GUYS, MOST PEOPLE BARELY YOU GUYS, MOST PEOPLE BARELY HAVE THE MONEY TO PAY THEIR HAVE THE MONEY TO PAY THEIR BILLS TODAY LET ALONE SAVE IN BILLS TODAY LET ALONE SAVE IN THEIR MINDS FOR THE FUTURE.

THEIR MINDS FOR THE FUTURE. >> PEOPLE FEEL LIKE THEY CAN’T >> PEOPLE FEEL LIKE THEY CAN’T SAVE. SAVE. >> THEY JUST FEEL THAT WAY, AND >> THEY JUST FEEL THAT WAY, AND THEY HAVE TO CHANGE THAT BECAUSE THEY HAVE TO CHANGE THAT BECAUSE THEY ARE GOING TO SPEND MORE THEY ARE GOING TO SPEND MORE YEARS IN RETIREMENT THAN THEY YEARS IN RETIREMENT THAN THEY EVER DID WORKING IF YOU THINK EVER DID WORKING IF YOU THINK ABOUT IT BECAUSE MOST PEOPLE ABOUT IT BECAUSE MOST PEOPLE THINK THEY’RE GOING TO RETIRE AT THINK THEY’RE GOING TO RETIRE AT 65, MAYBE THEY WORK 30 YEARS, 65, MAYBE THEY WORK 30 YEARS, THEY’RE GOING TO LIVE TO 100 THEY’RE GOING TO LIVE TO 100 POSSIBLY. POSSIBLY.

>> OENGWNING A HOUSE WAS ALWAYS >> OENGWNING A HOUSE WAS ALWAYS THE PLAN, BUT FOR THESE THE PLAN, BUT FOR THESE MILLENNIALS, THEY’RE OPEN ABOUT MILLENNIALS, THEY’RE OPEN ABOUT THE FACT THEY THINK THEY’LL THE FACT THEY THINK THEY’LL NEVER BE ABLE TO AFFORD A HOUSE, NEVER BE ABLE TO AFFORD A HOUSE, NEVER MIND SOME LONGEVITY OR NEVER MIND SOME LONGEVITY OR 401(k).

401(k). >> THAT’S NOT SUCH A HORRIBLE >> THAT’S NOT SUCH A HORRIBLE THING. THING. I DON’T THINK THAT THE KEY TO I DON’T THINK THAT THE KEY TO YOUR RETIREMENT IS OWNING A YOUR RETIREMENT IS OWNING A HOME. HOME. I THINK THE KEY TO YOUR I THINK THE KEY TO YOUR RETIREMENT IS HAVING ENOUGH RETIREMENT IS HAVING ENOUGH MONEY TO PAY WHATEVER YOUR MONEY TO PAY WHATEVER YOUR EXPENSES HAPPEN TO BE SO THE KEY EXPENSES HAPPEN TO BE SO THE KEY IS TO GET RID OF AS MUCH IS TO GET RID OF AS MUCH EXPENSES AS YOU CAN, DON’T HAVE EXPENSES AS YOU CAN, DON’T HAVE DEBT. DEBT. IF YOU DO HAVE A HOME, MAKE SURE IF YOU DO HAVE A HOME, MAKE SURE YOUR MORTGAGE IS PAID OFF BY THE YOUR MORTGAGE IS PAID OFF BY THE TIME YOU RETIRE. TIME YOU RETIRE. THAT WOULD BE MY NUMBER ONE TIP THAT WOULD BE MY NUMBER ONE TIP TO TELL EVERYBODY THEY HAVE GOT TO TELL EVERYBODY THEY HAVE GOT TO DO IF THEY DO OWN A HOME.

TO DO IF THEY DO OWN A HOME. >> WE’RE GOING TO GET INTO THAT. >> WE’RE GOING TO GET INTO THAT. WE HAVE THE THREE W’S. WE HAVE THE THREE W’S. THE FIRST IS WHERE. THE FIRST IS WHERE. WHERE IS THE BEST PLACE TO WHERE IS THE BEST PLACE TO INVEST YOUR MONEY SO IF YOU DO INVEST YOUR MONEY SO IF YOU DO HAVE 30ISH YEARS OF RETIREMENT HAVE 30ISH YEARS OF RETIREMENT YOU’RE SET? YOU’RE SET? >> I’VE SAID FOR A LONG TIME, >> I’VE SAID FOR A LONG TIME, JUST FORGET THE TAX WRITE OFFS JUST FORGET THE TAX WRITE OFFS OF YOUR PRETAX 401(k) OR IRA. OF YOUR PRETAX 401(k) OR IRA. FORGET THOSE NOW, AND IF YOUR FORGET THOSE NOW, AND IF YOUR CORPORATION OFFERS IT, CAN YOU CORPORATION OFFERS IT, CAN YOU CO CO DO A ROTH 401(k) OR A ROTH IRA DO A ROTH 401(k) OR A ROTH IRA WHICH ARE AFTER TAX WHICH ARE AFTER TAX CONTRIBUTIONS.

CONTRIBUTIONS. WHY? WHY? YOU DON’T HAVE TO WORRY WHAT THE YOU DON’T HAVE TO WORRY WHAT THE TAX BRACKETS ARE GOING TO BE 20, TAX BRACKETS ARE GOING TO BE 20, 30, AND 40 YEARS FROM NOW. 30, AND 40 YEARS FROM NOW. I PERSONALLY THINK THEY’RE GOING I PERSONALLY THINK THEY’RE GOING TO SKYROCKET OVER THE YEARS, SO TO SKYROCKET OVER THE YEARS, SO THEREFORE WHAT YOU SEE IS WHAT THEREFORE WHAT YOU SEE IS WHAT YOU GET IN A ROTH IRA OR A ROTH YOU GET IN A ROTH IRA OR A ROTH 401(k). 401(k). AGAIN, IT’S PRETAX VERSUS AFTER AGAIN, IT’S PRETAX VERSUS AFTER TAX, BUT AFTER THAT IT’S TAX TAX, BUT AFTER THAT IT’S TAX DEFERRED VERSUS TAX FREE. DEFERRED VERSUS TAX FREE. IT’S FOR YOUR BENEFICIARIES IN A IT’S FOR YOUR BENEFICIARIES IN A PRETAX ACCOUNT THEY’RE GOING TO PRETAX ACCOUNT THEY’RE GOING TO PAY TOTAL TAXES ON IT. PAY TOTAL TAXES ON IT.

>> LET’S GO BACK TO DEBT FOR A >> LET’S GO BACK TO DEBT FOR A SECOND. SECOND. FOR PEOPLE WHO HAVE STUDENT FOR PEOPLE WHO HAVE STUDENT LOANS, THEY’VE GOT CREDIT CARDS, LOANS, THEY’VE GOT CREDIT CARDS, THEY’VE GOT THAT MORTGAGE. THEY’VE GOT THAT MORTGAGE. HOW DO YOU PRIORITIZE THE DEBT? HOW DO YOU PRIORITIZE THE DEBT? WHAT DO YOU PAY AND WHEN? WHAT DO YOU PAY AND WHEN? >> STUDENT LOAN DEBT IS THE MOST >> STUDENT LOAN DEBT IS THE MOST DANGEROUS DEBT YOU CAN HAVE BAR DANGEROUS DEBT YOU CAN HAVE BAR NONE BECAUSE IN 90% OF THE NONE BECAUSE IN 90% OF THE CASES, 99%, IT IS NOT CASES, 99%, IT IS NOT DISCHARGEABLE IN BANKRUPTCY. DISCHARGEABLE IN BANKRUPTCY. SO THEY HAVE THE LEGAL AUTHORITY SO THEY HAVE THE LEGAL AUTHORITY TO GARNISH YOUR WAGES AND TO TO GARNISH YOUR WAGES AND TO REALLY THEN DECREASE YOUR INCOME REALLY THEN DECREASE YOUR INCOME SO STUDENT LOAN — SO STUDENT LOAN — >> TAKE CARE OF THAT FIRST.

>> TAKE CARE OF THAT FIRST. >> FIRST THAT. >> FIRST THAT. THEN IF YOU HAVE CREDIT CARD THEN IF YOU HAVE CREDIT CARD DEBT THAT NEEDS TO GO BECAUSE DEBT THAT NEEDS TO GO BECAUSE DEBT IS BONDAGE. DEBT IS BONDAGE. YOU GOT TO GET OUT OF THAT. YOU GOT TO GET OUT OF THAT. AND THEN YOU START WORKING, IF AND THEN YOU START WORKING, IF YOU’RE GOING TO STAY IN YOUR YOU’RE GOING TO STAY IN YOUR HOME FOR THE REST OF YOUR LIFE, HOME FOR THE REST OF YOUR LIFE, GET RID OF YOUR MORTGAGE GET RID OF YOUR MORTGAGE PAYMENT.

PAYMENT. >> I WANT TO FOLLOW UP ON THAT. >> I WANT TO FOLLOW UP ON THAT. YOU DON’T WANT TO HAVE A YOU DON’T WANT TO HAVE A MORTGAGE, A LIVE MORTGAGE STILL MORTGAGE, A LIVE MORTGAGE STILL GOING BY THE TIME YOU RETIRE. GOING BY THE TIME YOU RETIRE. WHY? WHY? >> BECAUSE YOUR MORTGAGE PAYMENT >> BECAUSE YOUR MORTGAGE PAYMENT IS YOUR HIGHEST MONTHLY EXPENSE IS YOUR HIGHEST MONTHLY EXPENSE THAT YOU’RE GOING TO HAVE BAR THAT YOU’RE GOING TO HAVE BAR NONE.

NONE. >> WHEN YOU RETIRE. >> WHEN YOU RETIRE. >> IT’S FAR EASIER TO PAY OFF >> IT’S FAR EASIER TO PAY OFF YOUR MORTGAGE THAN TO SAVER THE YOUR MORTGAGE THAN TO SAVER THE MONEY TO GENERATE THE INCOME TO MONEY TO GENERATE THE INCOME TO PAY OFF YOUR MORTGAGE. PAY OFF YOUR MORTGAGE. YOUR GOAL IN RETIREMENT IS TO BE YOUR GOAL IN RETIREMENT IS TO BE TOTALLY DEBT FREE 100% IN TOTALLY DEBT FREE 100% IN RETIREMENT. RETIREMENT. IF YOU DON’T HAVE ENOUGH MONEY, IF YOU DON’T HAVE ENOUGH MONEY, DECREASE YOUR EXPENSES, AND THEN DECREASE YOUR EXPENSES, AND THEN YOUR MONEY WILL GO FURTHER. YOUR MONEY WILL GO FURTHER. >> GOT YOU. >> GOT YOU. >> WHAT ABOUT WHEN, WHEN DO YOU >> WHAT ABOUT WHEN, WHEN DO YOU START? START? I KNOW, WHEN WE’RE BORN WE I KNOW, WHEN WE’RE BORN WE SHOULD START SAVING.

SHOULD START SAVING. >> YOU HAVE THE 200 BUCKS WHEN >> YOU HAVE THE 200 BUCKS WHEN YOU’RE 30. YOU’RE 30. >> PEOPLE ALWAYS THINK THEY HAVE >> PEOPLE ALWAYS THINK THEY HAVE TIME, TIME IS THE MOST IMPORTANT TIME, TIME IS THE MOST IMPORTANT INGREDIENT IN YOUR RETIREMENT INGREDIENT IN YOUR RETIREMENT RECIPE. RECIPE. LET’S JUST SAY YOU HAVE 40 LET’S JUST SAY YOU HAVE 40 YEARS. YEARS. YOU’RE YOUNG. YOU’RE YOUNG. YOU HAVE 40 YEARS UNTIL YOU’RE YOU HAVE 40 YEARS UNTIL YOU’RE GOING TO BE 70. GOING TO BE 70. YOU PUT $200 A MONTH AWAY INTO A YOU PUT $200 A MONTH AWAY INTO A ROTH IRA OR ROTH 401(k).

ROTH IRA OR ROTH 401(k). AVERAGE MARKET RETURNS, DO YOU AVERAGE MARKET RETURNS, DO YOU KNOW THAT YOU WOULD HAVE KNOW THAT YOU WOULD HAVE $1.1 MILLION AT 70, WHICH I $1.1 MILLION AT 70, WHICH I THINK SHOULD BE THE NEW THINK SHOULD BE THE NEW RETIREMENT AGE, BUT YOU WAIT TEN RETIREMENT AGE, BUT YOU WAIT TEN YEARS. YEARS. >> YOU’RE TALKING ABOUT HAVING A >> YOU’RE TALKING ABOUT HAVING A SURPLUS OF 200 BUCK WHEN IS SURPLUS OF 200 BUCK WHEN IS YOU’RE 30. YOU’RE 30. SHOULD YOU TAKE THAT 200 AND SHOULD YOU TAKE THAT 200 AND APPLY IT TO ONE OF THESE OTHER APPLY IT TO ONE OF THESE OTHER THINGS. THINGS. >> YOU NEED TO BE SAVING >> YOU NEED TO BE SAVING ESPECIALLY IN A 401(k), ESPECIALLY IN A 401(k), ESPECIALLY IF THEY MATCH YOUR ESPECIALLY IF THEY MATCH YOUR CONTRIBUTION. CONTRIBUTION. YOU PUT IN A DOLLAR, THEY GIVE YOU PUT IN A DOLLAR, THEY GIVE YOU $0.50. YOU $0.50. I DON’T CARE IF YOU HAVE ANY I DON’T CARE IF YOU HAVE ANY MONEY. MONEY. YOU CAN’T PASS UP FREE MONEY.

YOU CAN’T PASS UP FREE MONEY. IF YOU STARTED PUTTING, JUST IF YOU STARTED PUTTING, JUST LET’S SAY $200 A MONTH AWAY, AND LET’S SAY $200 A MONTH AWAY, AND YOU NOW ONLY HAVE 30 YEARS LEFT YOU NOW ONLY HAVE 30 YEARS LEFT VERSUS 40, YOU’D ONLY HAVE LIKE VERSUS 40, YOU’D ONLY HAVE LIKE $400,000. $400,000. YOU JUST BLEW $700,000 BECAUSE YOU JUST BLEW $700,000 BECAUSE YOU WAITED TEN YEARS. YOU WAITED TEN YEARS. IT WAS ONLY A $24,000 DIFFERENCE IT WAS ONLY A $24,000 DIFFERENCE IN THOSE TEN YEARS. IN THOSE TEN YEARS. BUT THE TEN YEARS, THE SOONER BUT THE TEN YEARS, THE SOONER YOU BEGIN, THE BETTER YOU’LL BE. YOU BEGIN, THE BETTER YOU’LL BE. >> JUST TO CARSON’S POINT. >> JUST TO CARSON’S POINT. IF I HAVE 200 BUCKS TO SPARE,KY IF I HAVE 200 BUCKS TO SPARE,KY CAN EITHER PAY OFF MY CREDIT CAN EITHER PAY OFF MY CREDIT CARD DEBT AND START SAVING IN A CARD DEBT AND START SAVING IN A ROTH IRA, WHAT WOULD MY CHOICE ROTH IRA, WHAT WOULD MY CHOICE BE? BE? >> YOUR CHOICE THERE IS TO PAY >> YOUR CHOICE THERE IS TO PAY OFF YOUR CREDIT CARD DEBT.

OFF YOUR CREDIT CARD DEBT. >> IF YOU DON’T HAVE MUCH MONEY >> IF YOU DON’T HAVE MUCH MONEY YOU MAY BE BEHIND ON YOUR CREDIT YOU MAY BE BEHIND ON YOUR CREDIT CARD PAYMENTS, AND YOUR INTEREST CARD PAYMENTS, AND YOUR INTEREST RATES ARE 15, 18%. RATES ARE 15, 18%. THAT’S A GUARANTEED RETURN. THAT’S A GUARANTEED RETURN. WHEN YOU PAY OFF YOUR CREDIT WHEN YOU PAY OFF YOUR CREDIT CARD DEBT, YOU’RE GUARANTEEING A CARD DEBT, YOU’RE GUARANTEEING A FANTASTIC RETURN. FANTASTIC RETURN. >> WHAT IS THE ONE SMALL THING >> WHAT IS THE ONE SMALL THING YOU WOULD TELL OUR VIEWERS YOU WOULD TELL OUR VIEWERS BEFORE WE GO? BEFORE WE GO? >> HERE’S WHAT’S REALLY >> HERE’S WHAT’S REALLY IMPORTANT. IMPORTANT. MANY PEOPLE HAVE ADVICE FOR ALL MANY PEOPLE HAVE ADVICE FOR ALL OF YOU. OF YOU. SOMETIMES THAT ADVICE IS GOOD SOMETIMES THAT ADVICE IS GOOD FOR THE PERSON GIVING THE FOR THE PERSON GIVING THE ADVICE, AND SOMETIMES IT’S GOOD ADVICE, AND SOMETIMES IT’S GOOD FOR THE PERSON RECEIVING IT.

FOR THE PERSON RECEIVING IT. MY ADVICE IS THIS, PLEASE DON’T MY ADVICE IS THIS, PLEASE DON’T DO ANYTHING THAT YOU DON’T DO ANYTHING THAT YOU DON’T UNDERSTAND. UNDERSTAND. IT IS BETTER TO DO NOTHING THAN IT IS BETTER TO DO NOTHING THAN TO DO SOMETHING YOU DO NOT TO DO SOMETHING YOU DO NOT UNDERSTAND BECAUSE SOMETIMES YOU UNDERSTAND BECAUSE SOMETIMES YOU CAN DO SOMETHING AND IT BLOWS CAN DO SOMETHING AND IT BLOWS ALL YOUR MONEY, AND SO IF IT ALL YOUR MONEY, AND SO IF IT DOESN’T FEEL RIGHT TO YOU, YOU DOESN’T FEEL RIGHT TO YOU, YOU HAVE TO TRUST YOURSELF MORE THAN HAVE TO TRUST YOURSELF MORE THAN YOU TRUST OTHERS.

YOU TRUST OTHERS. IT’S YOUR MONEY, AND WHAT IT’S YOUR MONEY, AND WHAT HAPPENS TO YOUR MONEY IS GOING HAPPENS TO YOUR MONEY IS GOING TO DIRECTLY AFFECT THE QUALITY TO DIRECTLY AFFECT THE QUALITY OF YOUR LIFE, NOT MY LIFE. OF YOUR LIFE, NOT MY LIFE. NOT ANYBODY ELSE’S LIFE, SO IF NOT ANYBODY ELSE’S LIFE, SO IF YOU REALLY WANT TO BE POWERFUL YOU REALLY WANT TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL OVER YOUR OWN MONEY.

OVER YOUR OWN MONEY. >> THAT’S GOOD ADVICE. >> THAT’S GOOD ADVICE. IN SOME CASES FINANCIALLY DOING IN SOME CASES FINANCIALLY DOING NOTHING IS BETTER THAN MAKING A NOTHING IS BETTER THAN MAKING A CHOICE TO YOUR DETRIMENT. CHOICE TO YOUR DETRIMENT. >> NEVER TALK YOURSELF INTO >> NEVER TALK YOURSELF INTO TRUSTING ANYONE. TRUSTING ANYONE. YOU WALK INTO A FINANCIAL YOU WALK INTO A FINANCIAL ADVISER’S OFFICE AND THEY FEEL ADVISER’S OFFICE AND THEY FEEL LIKE THEY KNOW WHAT YOU’RE LIKE THEY KNOW WHAT YOU’RE DOING. DOING. THEY MUST KNOW, YOU DON’T KNOW THEY MUST KNOW, YOU DON’T KNOW AND YOU BELIEVE THEM. AND YOU BELIEVE THEM. SOMETIMES THEY GIVE GREAT AED SOMETIMES THEY GIVE GREAT AED VICE AND SOMETIMES THEY GIVE VICE AND SOMETIMES THEY GIVE ADVICE THAT’S NOT SO MUCH. ADVICE THAT’S NOT SO MUCH.

>> THAT STUFF’S TRUE IN >> THAT STUFF’S TRUE IN ANYTHING, RIGHT? ANYTHING, RIGHT? >> WHEN YOU THINK ABOUT IT, >> WHEN YOU THINK ABOUT IT, SAVANNAH, YOUR MONEY AND YOUR SAVANNAH, YOUR MONEY AND YOUR LIFE ARE ONE. LIFE ARE ONE. WHO YOU ARE AND WHAT YOU HAVE IS WHO YOU ARE AND WHAT YOU HAVE IS ONE. ONE. IT’S YOU’RE THE ONE WHO EARNS IT’S YOU’RE THE ONE WHO EARNS IT.

IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO’S GOING TO YOU’RE THE ONE WHO’S GOING TO LIVE. LIVE. >> WE’LL JUST GO TO YOU. >> WE’LL JUST GO TO YOU. YOU’RE OUR TRUSTED SOURCE. YOU’RE OUR TRUSTED SOURCE. >> COME ON, EVERYBODY, COME JOIN.

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How To Save For Retirement: Suze Orman Shares Her Best Money Advice | TODAY

>>> AND WE’RE BACK WITH OUR >>> AND WE’RE BACK WITH OUR SPECIAL SERIES LIVING LONGER SPECIAL SERIES LIVING LONGER TODAY, EXPLORING WAYS TO LIVER TODAY, EXPLORING WAYS TO LIVER NOT ONLY LONGER BUT BETTER. NOT ONLY LONGER BUT BETTER. >> THIS MORNING WE’RE FOCUSING >> THIS MORNING WE’RE FOCUSING ON YOUR FINANCES AND THE NEW ON YOUR FINANCES AND THE NEW ADVICE EXPERTS ARE GIVING TO ADVICE EXPERTS ARE GIVING TO MAKE YOUR MONEY REALLY LAST. MAKE YOUR MONEY REALLY LAST. >> THE GOOD NEWS AMERICANS ARE >> THE GOOD NEWS AMERICANS ARE LIVING LONGER, WHAT THAT MEANS, LIVING LONGER, WHAT THAT MEANS, A NEW FOCUS ON MAKING YOUR MONEY A NEW FOCUS ON MAKING YOUR MONEY LAST.

LAST. >> AS YOU’RE PLANNING FOR YOUR >> AS YOU’RE PLANNING FOR YOUR FUTURE, DON’T UNDERESTIMATE HOW FUTURE, DON’T UNDERESTIMATE HOW LONG YOU’RE GOING TO LIVE. LONG YOU’RE GOING TO LIVE. >> IN FACT, ABOUT ONE OUT OF >> IN FACT, ABOUT ONE OUT OF EVERY FOUR 65-YEAR-OLDS TODAY EVERY FOUR 65-YEAR-OLDS TODAY WILL LIVE PAST 90. WILL LIVE PAST 90. >> THE OLD ADVICE USED TO BE >> THE OLD ADVICE USED TO BE THAT AS YOU’RE PLANNING FOR THAT AS YOU’RE PLANNING FOR RETIREMENT EXPECT TO LIVE INTO RETIREMENT EXPECT TO LIVE INTO YOUR 80s. YOUR 80s. NOW THE EXPECTATION IS THAT NOW THE EXPECTATION IS THAT YOU’LL HAVE A GOOD CHANCE OF YOU’LL HAVE A GOOD CHANCE OF LIVING INTO YOUR 90s, MAYBE EVEN LIVING INTO YOUR 90s, MAYBE EVEN CELEBRATING YOUR 100th BIRTHDAY.

CELEBRATING YOUR 100th BIRTHDAY. >> WITH LONGEVITY CAN COME THE >> WITH LONGEVITY CAN COME THE ADDED STRESS TO SAVE MORE. ADDED STRESS TO SAVE MORE. >> PLANNING FOR THE FUTURE HAS >> PLANNING FOR THE FUTURE HAS BECOME A LOT MORE CHALLENGING BECOME A LOT MORE CHALLENGING AND REALLY THE ONUS IS NOW ON AND REALLY THE ONUS IS NOW ON THE INDIVIDUAL MORE THAN EVER.

THE INDIVIDUAL MORE THAN EVER. >> SO HOW DO WE MAKE SURE WE’RE >> SO HOW DO WE MAKE SURE WE’RE FINANCIALLY PREPARED FOR ALL FINANCIALLY PREPARED FOR ALL THOSE EXTRA YEARS? THOSE EXTRA YEARS? IT’S EASY. IT’S EASY. JUST CALL SUZE ORMAN, A PERSONAL JUST CALL SUZE ORMAN, A PERSONAL FINANCE EXPERT. FINANCE EXPERT. SHE HOSTS SUZE ORMAN’S WOMEN AND SHE HOSTS SUZE ORMAN’S WOMEN AND MANY PODCASTS. MANY PODCASTS. >> WE’RE LIVING LONGER. >> WE’RE LIVING LONGER.

THAT’S GREAT, BUT THE BAD NEWS THAT’S GREAT, BUT THE BAD NEWS IS, WE SURVEYED OUR TODAY.COM IS, WE SURVEYED OUR TODAY.COM AUDIENCE. AUDIENCE. THEY SAID 60% OF THEM FELT LIKE THEY SAID 60% OF THEM FELT LIKE THEY DON’T HAVE THE AMOUNT OF THEY DON’T HAVE THE AMOUNT OF MONEY THAT THEY’RE SAVING RIGHT MONEY THAT THEY’RE SAVING RIGHT NOW THAT, THAT IT WON’T LAST NOW THAT, THAT IT WON’T LAST THEM THROUGH THEIR RETIREMENT. THEM THROUGH THEIR RETIREMENT. >> IF YOU REALLY THINK ABOUT IT, >> IF YOU REALLY THINK ABOUT IT, YOU GUYS, MOST PEOPLE BARELY YOU GUYS, MOST PEOPLE BARELY HAVE THE MONEY TO PAY THEIR HAVE THE MONEY TO PAY THEIR BILLS TODAY LET ALONE SAVE IN BILLS TODAY LET ALONE SAVE IN THEIR MINDS FOR THE FUTURE. THEIR MINDS FOR THE FUTURE. >> PEOPLE FEEL LIKE THEY CAN’T >> PEOPLE FEEL LIKE THEY CAN’T SAVE. SAVE. >> THEY JUST FEEL THAT WAY, AND >> THEY JUST FEEL THAT WAY, AND THEY HAVE TO CHANGE THAT BECAUSE THEY HAVE TO CHANGE THAT BECAUSE THEY ARE GOING TO SPEND MORE THEY ARE GOING TO SPEND MORE YEARS IN RETIREMENT THAN THEY YEARS IN RETIREMENT THAN THEY EVER DID WORKING IF YOU THINK EVER DID WORKING IF YOU THINK ABOUT IT BECAUSE MOST PEOPLE ABOUT IT BECAUSE MOST PEOPLE THINK THEY’RE GOING TO RETIRE AT THINK THEY’RE GOING TO RETIRE AT 65, MAYBE THEY WORK 30 YEARS, 65, MAYBE THEY WORK 30 YEARS, THEY’RE GOING TO LIVE TO 100 THEY’RE GOING TO LIVE TO 100 POSSIBLY.

POSSIBLY. >> OENGWNING A HOUSE WAS ALWAYS >> OENGWNING A HOUSE WAS ALWAYS THE PLAN, BUT FOR THESE THE PLAN, BUT FOR THESE MILLENNIALS, THEY’RE OPEN ABOUT MILLENNIALS, THEY’RE OPEN ABOUT THE FACT THEY THINK THEY’LL THE FACT THEY THINK THEY’LL NEVER BE ABLE TO AFFORD A HOUSE, NEVER BE ABLE TO AFFORD A HOUSE, NEVER MIND SOME LONGEVITY OR NEVER MIND SOME LONGEVITY OR 401(k). 401(k). >> THAT’S NOT SUCH A HORRIBLE >> THAT’S NOT SUCH A HORRIBLE THING. THING. I DON’T THINK THAT THE KEY TO I DON’T THINK THAT THE KEY TO YOUR RETIREMENT IS OWNING A YOUR RETIREMENT IS OWNING A HOME. HOME. I THINK THE KEY TO YOUR I THINK THE KEY TO YOUR RETIREMENT IS HAVING ENOUGH RETIREMENT IS HAVING ENOUGH MONEY TO PAY WHATEVER YOUR MONEY TO PAY WHATEVER YOUR EXPENSES HAPPEN TO BE SO THE KEY EXPENSES HAPPEN TO BE SO THE KEY IS TO GET RID OF AS MUCH IS TO GET RID OF AS MUCH EXPENSES AS YOU CAN, DON’T HAVE EXPENSES AS YOU CAN, DON’T HAVE DEBT.

DEBT. IF YOU DO HAVE A HOME, MAKE SURE IF YOU DO HAVE A HOME, MAKE SURE YOUR MORTGAGE IS PAID OFF BY THE YOUR MORTGAGE IS PAID OFF BY THE TIME YOU RETIRE. TIME YOU RETIRE. THAT WOULD BE MY NUMBER ONE TIP THAT WOULD BE MY NUMBER ONE TIP TO TELL EVERYBODY THEY HAVE GOT TO TELL EVERYBODY THEY HAVE GOT TO DO IF THEY DO OWN A HOME.

TO DO IF THEY DO OWN A HOME. >> WE’RE GOING TO GET INTO THAT. >> WE’RE GOING TO GET INTO THAT. WE HAVE THE THREE W’S. WE HAVE THE THREE W’S. THE FIRST IS WHERE. THE FIRST IS WHERE. WHERE IS THE BEST PLACE TO WHERE IS THE BEST PLACE TO INVEST YOUR MONEY SO IF YOU DO INVEST YOUR MONEY SO IF YOU DO HAVE 30ISH YEARS OF RETIREMENT HAVE 30ISH YEARS OF RETIREMENT YOU’RE SET? YOU’RE SET? >> I’VE SAID FOR A LONG TIME, >> I’VE SAID FOR A LONG TIME, JUST FORGET THE TAX WRITE OFFS JUST FORGET THE TAX WRITE OFFS OF YOUR PRETAX 401(k) OR IRA. OF YOUR PRETAX 401(k) OR IRA. FORGET THOSE NOW, AND IF YOUR FORGET THOSE NOW, AND IF YOUR CORPORATION OFFERS IT, CAN YOU CORPORATION OFFERS IT, CAN YOU CO CO DO A ROTH 401(k) OR A ROTH IRA DO A ROTH 401(k) OR A ROTH IRA WHICH ARE AFTER TAX WHICH ARE AFTER TAX CONTRIBUTIONS.

CONTRIBUTIONS. WHY? WHY? YOU DON’T HAVE TO WORRY WHAT THE YOU DON’T HAVE TO WORRY WHAT THE TAX BRACKETS ARE GOING TO BE 20, TAX BRACKETS ARE GOING TO BE 20, 30, AND 40 YEARS FROM NOW. 30, AND 40 YEARS FROM NOW. I PERSONALLY THINK THEY’RE GOING I PERSONALLY THINK THEY’RE GOING TO SKYROCKET OVER THE YEARS, SO TO SKYROCKET OVER THE YEARS, SO THEREFORE WHAT YOU SEE IS WHAT THEREFORE WHAT YOU SEE IS WHAT YOU GET IN A ROTH IRA OR A ROTH YOU GET IN A ROTH IRA OR A ROTH 401(k). 401(k). AGAIN, IT’S PRETAX VERSUS AFTER AGAIN, IT’S PRETAX VERSUS AFTER TAX, BUT AFTER THAT IT’S TAX TAX, BUT AFTER THAT IT’S TAX DEFERRED VERSUS TAX FREE. DEFERRED VERSUS TAX FREE. IT’S FOR YOUR BENEFICIARIES IN A IT’S FOR YOUR BENEFICIARIES IN A PRETAX ACCOUNT THEY’RE GOING TO PRETAX ACCOUNT THEY’RE GOING TO PAY TOTAL TAXES ON IT.

PAY TOTAL TAXES ON IT. >> LET’S GO BACK TO DEBT FOR A >> LET’S GO BACK TO DEBT FOR A SECOND. SECOND. FOR PEOPLE WHO HAVE STUDENT FOR PEOPLE WHO HAVE STUDENT LOANS, THEY’VE GOT CREDIT CARDS, LOANS, THEY’VE GOT CREDIT CARDS, THEY’VE GOT THAT MORTGAGE. THEY’VE GOT THAT MORTGAGE. HOW DO YOU PRIORITIZE THE DEBT? HOW DO YOU PRIORITIZE THE DEBT? WHAT DO YOU PAY AND WHEN? WHAT DO YOU PAY AND WHEN? >> STUDENT LOAN DEBT IS THE MOST >> STUDENT LOAN DEBT IS THE MOST DANGEROUS DEBT YOU CAN HAVE BAR DANGEROUS DEBT YOU CAN HAVE BAR NONE BECAUSE IN 90% OF THE NONE BECAUSE IN 90% OF THE CASES, 99%, IT IS NOT CASES, 99%, IT IS NOT DISCHARGEABLE IN BANKRUPTCY. DISCHARGEABLE IN BANKRUPTCY. SO THEY HAVE THE LEGAL AUTHORITY SO THEY HAVE THE LEGAL AUTHORITY TO GARNISH YOUR WAGES AND TO TO GARNISH YOUR WAGES AND TO REALLY THEN DECREASE YOUR INCOME REALLY THEN DECREASE YOUR INCOME SO STUDENT LOAN — SO STUDENT LOAN — >> TAKE CARE OF THAT FIRST.

>> TAKE CARE OF THAT FIRST. >> FIRST THAT. >> FIRST THAT. THEN IF YOU HAVE CREDIT CARD THEN IF YOU HAVE CREDIT CARD DEBT THAT NEEDS TO GO BECAUSE DEBT THAT NEEDS TO GO BECAUSE DEBT IS BONDAGE. DEBT IS BONDAGE. YOU GOT TO GET OUT OF THAT. YOU GOT TO GET OUT OF THAT. AND THEN YOU START WORKING, IF AND THEN YOU START WORKING, IF YOU’RE GOING TO STAY IN YOUR YOU’RE GOING TO STAY IN YOUR HOME FOR THE REST OF YOUR LIFE, HOME FOR THE REST OF YOUR LIFE, GET RID OF YOUR MORTGAGE GET RID OF YOUR MORTGAGE PAYMENT. PAYMENT. >> I WANT TO FOLLOW UP ON THAT. >> I WANT TO FOLLOW UP ON THAT. YOU DON’T WANT TO HAVE A YOU DON’T WANT TO HAVE A MORTGAGE, A LIVE MORTGAGE STILL MORTGAGE, A LIVE MORTGAGE STILL GOING BY THE TIME YOU RETIRE. GOING BY THE TIME YOU RETIRE. WHY? WHY? >> BECAUSE YOUR MORTGAGE PAYMENT >> BECAUSE YOUR MORTGAGE PAYMENT IS YOUR HIGHEST MONTHLY EXPENSE IS YOUR HIGHEST MONTHLY EXPENSE THAT YOU’RE GOING TO HAVE BAR THAT YOU’RE GOING TO HAVE BAR NONE.

NONE. >> WHEN YOU RETIRE. >> WHEN YOU RETIRE. >> IT’S FAR EASIER TO PAY OFF >> IT’S FAR EASIER TO PAY OFF YOUR MORTGAGE THAN TO SAVER THE YOUR MORTGAGE THAN TO SAVER THE MONEY TO GENERATE THE INCOME TO MONEY TO GENERATE THE INCOME TO PAY OFF YOUR MORTGAGE. PAY OFF YOUR MORTGAGE. YOUR GOAL IN RETIREMENT IS TO BE YOUR GOAL IN RETIREMENT IS TO BE TOTALLY DEBT FREE 100% IN TOTALLY DEBT FREE 100% IN RETIREMENT. RETIREMENT. IF YOU DON’T HAVE ENOUGH MONEY, IF YOU DON’T HAVE ENOUGH MONEY, DECREASE YOUR EXPENSES, AND THEN DECREASE YOUR EXPENSES, AND THEN YOUR MONEY WILL GO FURTHER. YOUR MONEY WILL GO FURTHER. >> GOT YOU. >> GOT YOU. >> WHAT ABOUT WHEN, WHEN DO YOU >> WHAT ABOUT WHEN, WHEN DO YOU START? START? I KNOW, WHEN WE’RE BORN WE I KNOW, WHEN WE’RE BORN WE SHOULD START SAVING. SHOULD START SAVING. >> YOU HAVE THE 200 BUCKS WHEN >> YOU HAVE THE 200 BUCKS WHEN YOU’RE 30. YOU’RE 30. >> PEOPLE ALWAYS THINK THEY HAVE >> PEOPLE ALWAYS THINK THEY HAVE TIME, TIME IS THE MOST IMPORTANT TIME, TIME IS THE MOST IMPORTANT INGREDIENT IN YOUR RETIREMENT INGREDIENT IN YOUR RETIREMENT RECIPE.

RECIPE. LET’S JUST SAY YOU HAVE 40 LET’S JUST SAY YOU HAVE 40 YEARS. YEARS. YOU’RE YOUNG. YOU’RE YOUNG. YOU HAVE 40 YEARS UNTIL YOU’RE YOU HAVE 40 YEARS UNTIL YOU’RE GOING TO BE 70. GOING TO BE 70. YOU PUT $200 A MONTH AWAY INTO A YOU PUT $200 A MONTH AWAY INTO A ROTH IRA OR ROTH 401(k). ROTH IRA OR ROTH 401(k). AVERAGE MARKET RETURNS, DO YOU AVERAGE MARKET RETURNS, DO YOU KNOW THAT YOU WOULD HAVE KNOW THAT YOU WOULD HAVE $1.1 MILLION AT 70, WHICH I $1.1 MILLION AT 70, WHICH I THINK SHOULD BE THE NEW THINK SHOULD BE THE NEW RETIREMENT AGE, BUT YOU WAIT TEN RETIREMENT AGE, BUT YOU WAIT TEN YEARS.

YEARS. >> YOU’RE TALKING ABOUT HAVING A >> YOU’RE TALKING ABOUT HAVING A SURPLUS OF 200 BUCK WHEN IS SURPLUS OF 200 BUCK WHEN IS YOU’RE 30. YOU’RE 30. SHOULD YOU TAKE THAT 200 AND SHOULD YOU TAKE THAT 200 AND APPLY IT TO ONE OF THESE OTHER APPLY IT TO ONE OF THESE OTHER THINGS. THINGS. >> YOU NEED TO BE SAVING >> YOU NEED TO BE SAVING ESPECIALLY IN A 401(k), ESPECIALLY IN A 401(k), ESPECIALLY IF THEY MATCH YOUR ESPECIALLY IF THEY MATCH YOUR CONTRIBUTION. CONTRIBUTION. YOU PUT IN A DOLLAR, THEY GIVE YOU PUT IN A DOLLAR, THEY GIVE YOU $0.50. YOU $0.50. I DON’T CARE IF YOU HAVE ANY I DON’T CARE IF YOU HAVE ANY MONEY. MONEY. YOU CAN’T PASS UP FREE MONEY. YOU CAN’T PASS UP FREE MONEY. IF YOU STARTED PUTTING, JUST IF YOU STARTED PUTTING, JUST LET’S SAY $200 A MONTH AWAY, AND LET’S SAY $200 A MONTH AWAY, AND YOU NOW ONLY HAVE 30 YEARS LEFT YOU NOW ONLY HAVE 30 YEARS LEFT VERSUS 40, YOU’D ONLY HAVE LIKE VERSUS 40, YOU’D ONLY HAVE LIKE $400,000.

$400,000. YOU JUST BLEW $700,000 BECAUSE YOU JUST BLEW $700,000 BECAUSE YOU WAITED TEN YEARS. YOU WAITED TEN YEARS. IT WAS ONLY A $24,000 DIFFERENCE IT WAS ONLY A $24,000 DIFFERENCE IN THOSE TEN YEARS. IN THOSE TEN YEARS. BUT THE TEN YEARS, THE SOONER BUT THE TEN YEARS, THE SOONER YOU BEGIN, THE BETTER YOU’LL BE. YOU BEGIN, THE BETTER YOU’LL BE. >> JUST TO CARSON’S POINT. >> JUST TO CARSON’S POINT. IF I HAVE 200 BUCKS TO SPARE,KY IF I HAVE 200 BUCKS TO SPARE,KY CAN EITHER PAY OFF MY CREDIT CAN EITHER PAY OFF MY CREDIT CARD DEBT AND START SAVING IN A CARD DEBT AND START SAVING IN A ROTH IRA, WHAT WOULD MY CHOICE ROTH IRA, WHAT WOULD MY CHOICE BE? BE? >> YOUR CHOICE THERE IS TO PAY >> YOUR CHOICE THERE IS TO PAY OFF YOUR CREDIT CARD DEBT.

OFF YOUR CREDIT CARD DEBT. >> IF YOU DON’T HAVE MUCH MONEY >> IF YOU DON’T HAVE MUCH MONEY YOU MAY BE BEHIND ON YOUR CREDIT YOU MAY BE BEHIND ON YOUR CREDIT CARD PAYMENTS, AND YOUR INTEREST CARD PAYMENTS, AND YOUR INTEREST RATES ARE 15, 18%. RATES ARE 15, 18%. THAT’S A GUARANTEED RETURN. THAT’S A GUARANTEED RETURN. WHEN YOU PAY OFF YOUR CREDIT WHEN YOU PAY OFF YOUR CREDIT CARD DEBT, YOU’RE GUARANTEEING A CARD DEBT, YOU’RE GUARANTEEING A FANTASTIC RETURN. FANTASTIC RETURN. >> WHAT IS THE ONE SMALL THING >> WHAT IS THE ONE SMALL THING YOU WOULD TELL OUR VIEWERS YOU WOULD TELL OUR VIEWERS BEFORE WE GO? BEFORE WE GO? >> HERE’S WHAT’S REALLY >> HERE’S WHAT’S REALLY IMPORTANT. IMPORTANT. MANY PEOPLE HAVE ADVICE FOR ALL MANY PEOPLE HAVE ADVICE FOR ALL OF YOU.

OF YOU. SOMETIMES THAT ADVICE IS GOOD SOMETIMES THAT ADVICE IS GOOD FOR THE PERSON GIVING THE FOR THE PERSON GIVING THE ADVICE, AND SOMETIMES IT’S GOOD ADVICE, AND SOMETIMES IT’S GOOD FOR THE PERSON RECEIVING IT. FOR THE PERSON RECEIVING IT. MY ADVICE IS THIS, PLEASE DON’T MY ADVICE IS THIS, PLEASE DON’T DO ANYTHING THAT YOU DON’T DO ANYTHING THAT YOU DON’T UNDERSTAND. UNDERSTAND. IT IS BETTER TO DO NOTHING THAN IT IS BETTER TO DO NOTHING THAN TO DO SOMETHING YOU DO NOT TO DO SOMETHING YOU DO NOT UNDERSTAND BECAUSE SOMETIMES YOU UNDERSTAND BECAUSE SOMETIMES YOU CAN DO SOMETHING AND IT BLOWS CAN DO SOMETHING AND IT BLOWS ALL YOUR MONEY, AND SO IF IT ALL YOUR MONEY, AND SO IF IT DOESN’T FEEL RIGHT TO YOU, YOU DOESN’T FEEL RIGHT TO YOU, YOU HAVE TO TRUST YOURSELF MORE THAN HAVE TO TRUST YOURSELF MORE THAN YOU TRUST OTHERS.

YOU TRUST OTHERS. IT’S YOUR MONEY, AND WHAT IT’S YOUR MONEY, AND WHAT HAPPENS TO YOUR MONEY IS GOING HAPPENS TO YOUR MONEY IS GOING TO DIRECTLY AFFECT THE QUALITY TO DIRECTLY AFFECT THE QUALITY OF YOUR LIFE, NOT MY LIFE. OF YOUR LIFE, NOT MY LIFE. NOT ANYBODY ELSE’S LIFE, SO IF NOT ANYBODY ELSE’S LIFE, SO IF YOU REALLY WANT TO BE POWERFUL YOU REALLY WANT TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL IN LIFE, YOU HAVE TO BE POWERFUL OVER YOUR OWN MONEY.

OVER YOUR OWN MONEY. >> THAT’S GOOD ADVICE. >> THAT’S GOOD ADVICE. IN SOME CASES FINANCIALLY DOING IN SOME CASES FINANCIALLY DOING NOTHING IS BETTER THAN MAKING A NOTHING IS BETTER THAN MAKING A CHOICE TO YOUR DETRIMENT. CHOICE TO YOUR DETRIMENT. >> NEVER TALK YOURSELF INTO >> NEVER TALK YOURSELF INTO TRUSTING ANYONE. TRUSTING ANYONE. YOU WALK INTO A FINANCIAL YOU WALK INTO A FINANCIAL ADVISER’S OFFICE AND THEY FEEL ADVISER’S OFFICE AND THEY FEEL LIKE THEY KNOW WHAT YOU’RE LIKE THEY KNOW WHAT YOU’RE DOING. DOING. THEY MUST KNOW, YOU DON’T KNOW THEY MUST KNOW, YOU DON’T KNOW AND YOU BELIEVE THEM.

AND YOU BELIEVE THEM. SOMETIMES THEY GIVE GREAT AED SOMETIMES THEY GIVE GREAT AED VICE AND SOMETIMES THEY GIVE VICE AND SOMETIMES THEY GIVE ADVICE THAT’S NOT SO MUCH. ADVICE THAT’S NOT SO MUCH. >> THAT STUFF’S TRUE IN >> THAT STUFF’S TRUE IN ANYTHING, RIGHT? ANYTHING, RIGHT? >> WHEN YOU THINK ABOUT IT, >> WHEN YOU THINK ABOUT IT, SAVANNAH, YOUR MONEY AND YOUR SAVANNAH, YOUR MONEY AND YOUR LIFE ARE ONE. LIFE ARE ONE. WHO YOU ARE AND WHAT YOU HAVE IS WHO YOU ARE AND WHAT YOU HAVE IS ONE. ONE. IT’S YOU’RE THE ONE WHO EARNS IT’S YOU’RE THE ONE WHO EARNS IT. IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO INVESTS IT. YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO SAVES IT, AND YOU’RE THE ONE WHO’S GOING TO YOU’RE THE ONE WHO’S GOING TO LIVE. LIVE. >> WE’LL JUST GO TO YOU.

>> WE’LL JUST GO TO YOU. YOU’RE OUR TRUSTED SOURCE. YOU’RE OUR TRUSTED SOURCE. >> COME ON, EVERYBODY, COME JOIN.

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Women trail men in retirement savings, experts say

3
As even more females damage As even more ladies break
obstacles in the work environment … As more women break
obstacles in the work environment … there is still one area they barriers in the work environment … there is still one location they
autumn far behind. Saving there is still one location they
autumn far behind. Conserving
for retired life. For loss much behind. Saving
for retirement. For
Favorably 50 plus, Heather for retirement. For
Positively 50 plus, Heather
Simonsen spoke to an expert Positively 50 plus, Heather
Simonsen talked with a professional
on how to link the gap. Simonsen talked with an expert
on how to bridge the gap.
:13 -:15 FAST 1:23 -1:35 on how to bridge the space.
:13 -:15 FAST 1:23 -1:35.
Life has lots of shocks …:13 -:15 QUICK 1:23 -1:35.
Life has plenty of surprises … Amanda, “” I unexpectedly felt like, Life is complete of surprises … Amanda, “” I suddenly really felt like,.
‘ Oh, I simply discovered my voice.'”” Amanda, “” I all of a sudden felt like,.
‘ Oh, I simply found my voice.'””.
Like Amanda Lambert’s ‘Oh, I simply located my voice.'””.
Like Amanda Lambert’s.
freelance writing career that Like Amanda Lambert’s.
freelance creating profession that.
thrived later on in life.

freelance writing job that.
developed later on in life. When it comes to blossomed later in life. When it comes to.
retired life cost savings, she has no But when it pertains to.
retired life financial savings, she has no.
shocks. Lambert, “” My retirement cost savings, she has no.
surprises. Lambert, “” My.
parents were really great shocks. Lambert, “” My.
parents were truly good.
mentors to us youngsters since moms and dads were truly great.
coaches to us children since.
they were extremely conservative advisors to us youngsters since.
they were really traditional.
with their money.”” they were really conventional.
with their cash.””.
Amanda found out the value of with their cash.””.
Amanda found out the value of.
conserving, and also living within her Amanda discovered the value of.
saving, and living within her.
methods. Amanda, “” In each conserving, and living within her.
methods. Amanda, “” In each.
cubby was a white envelope on means. Amanda, “” In each.
cubby was a white envelope on.
the front was created, cubby was a white envelope on.
the front was created,.
‘ Groceries, home entertainment, the front was written,.
‘ Groceries, home entertainment,.
gas,’ as well as there was cash in ‘Grocery stores, enjoyment,.
gas,’ as well as there was money in.
each of those.”” Amanda, “” But gas,’ and also there was cash money in.
each of those.”” Amanda, “” But.
it worked, once the cash money was each of those.”” Amanda, “”.
it worked, once the cash money was.
gone, that was it.”” it functioned, once the money was.
gone, that was it.””.
Amanda, “” That just stuck with gone, that was it.””.
Amanda, “” That just remained with.
me.”” Thriftiness repaid- Amanda, “” That just remained with.
me.”” Thriftiness paid off-.
with zero financial obligation, Amanda now me.”” Thriftiness repaid-.
with no financial debt, Amanda currently.
saves her pension repayments with zero financial obligation, Amanda now.
conserves her pension repayments.
monthly.

However conserves her pension settlements.
each month. .
statistically, she’s a monthly. However.
statistically, she’s an.
outlier. Heather “” Women save statistically, she’s an.
outlier. Heather “” Female save.
only 50 to 70 percent of what outlier. Heather “” Female save.
only 50 to 70 percent of what.
males are conserving, however we live only 50 to 70 percent of what.
men are conserving, however we live.
much longer, and also according to AARP guys are conserving, yet we live.
longer, and according to AARP.
we’re 80 percent much more in longer, as well as according to AARP.
we’re 80 percent a lot more in.
retired life.”” AARP, we’re 80 percent a lot more in.
retired life.”” AARP,.
Communication Director, “” We retired life.”” AARP,.
Communication Director, “” We.
have a substantial retired life for Communication Director, “” We.
have a big retirement for.
women that we just don’t chat have a big retired life for.
ladies that we just don’t speak.
nation.”” Mary Liz Burns females that we simply do not talk.
country.”” Mary Liz Burns.
with AARP claims that females are country.”” Mary Liz Burns.
with AARP says that females are.
mingled. Mary Liz Burns, with AARP states that ladies are.
“We’ve listened to a great deal of these.
type of old fashioned messages “” We have actually heard a whole lot of these.
type of old made messages.
either talked or unspoken, type of old made messages.
either spoken or overlooked,.
that are poor with money, or either talked or unmentioned,.
that misbehave with money, or.
we’re we don’t understand what to do that are negative with money, or.
we’re we don’t recognize what to do.
with The secret, Burns it’s never ever we’re we don’t understand what to do.
with The trick, Burns it’s never.
far too late to save for with The key, Burns it’s never ever.
also late to conserve for.
advises: take the 2 percent far too late to conserve for.
suggests: take the 2 percent.
obstacle.

Mary Liz, “” Just suggests: take the 2 percent.
difficulty. Mary Liz, “” Simply.
save 2% of your revenue for difficulty. Mary Liz, “” Simply.
save 2% of your earnings for.
retired life or if you are save 2% of your income for.
retirement or if you are.
beginning currently to conserve attempt retirement or if you are.
beginning currently to save try.
to bump it up 1 or 2 beginning currently to save try.
to bump it up 1 or 2.
percentage factors, every to bump it up one or two.
portion points, every.
little bit, anytime it percent points, every.
little bit, anytime it.
is whatever it is, it’s going little bit, anytime it.
is whatever it is, it’s going.
to make a difference.”” is whatever it is, it’s going.
to make a difference.””.
Next off, talk with your employer to make a difference.””.
Next off, talk with your employer.
regarding 401 matching strategies, as well as Following, talk to your employer.
regarding 401 matching plans, and.
others ways to contribute.

about 401 matching strategies, and also.
others ways to add.
“” If you obtain a bonus, or a others methods to contribute.
“” If you get a bonus, or a.
windfall anytime you can put “” If you get an incentive, or a.
windfall anytime you can place.
added dollars in.”” windfall anytime you can put.
additional dollars in.””.
As well as stick to your retirement extra dollars in.””.
And also stick with your retired life.
cost savings prepare regardless of what. And stick to your retired life.
financial savings intend regardless of what. Amanda, “” You have to have financial savings plan whatever. Amanda, “” You have to have.
belief that those little bits Amanda, “” You have to have.
faith that those bits.
will build up gradually as well as then faith that those little bits.
will certainly build up with time and after that.
they do.”” Amanda is will certainly build up gradually as well as after that.
they do.”” Amanda is.
confident she’s prepared for they do.”” Amanda is.
positive she’s gotten ready for.
the unanticipated.

Leaving positive she’s planned for.
the unanticipated. Leaving.
the surprises for her writing, the unexpected. Leaving.
the shocks for her writing,.
Amanda, “” I think that’s a the shocks for her writing,.
Amanda, “” I think that’s a.
important thing.”” and also Amanda, “” I assume that’s a.
important point.”” as well as.
staying with worths she learned valuable point.”” and.
staying with worths she discovered.
at an early stage. For Favorably adhering to worths she found out.
early on. For Positively.
50+, Heather Simonsen KSL 5 at an early stage. For Favorably.
50+, Heather Simonsen KSL 5.
Information. 50+, Heather Simonsen KSL 5.
Information. We have a lot more valuable tips We have more helpful pointers.
about saving for retirement, We have much more helpful pointers.
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Visit. Go to.
KSLTV.com. KSLTV.com.

For fall far behind. Saving
When it comes to progressed later on in life. When it comes to.
“We’ve heard a great deal of these.

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