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Suze Orman Says You Need $5 million To Retire — Which Is Nonsense

FYI: ( In the Linkster opinion Suze's nothing more than one giant infomertial, hawking her financial tapes and books on PBS, QVC, and HSN.)

Author and personal-finance guru Suze Orman ruffled a lot of feathers in a recent podcast, saying that people need $5 million — maybe even $10 million — in order to retire.

Orman was responding to a question about the “financial independence, retire early,” or “FIRE,” movement, a growing online trend in which people in their 30s or younger just stop working.

‘You need at least $5 million, or $6 million. Really, you might need $10 million.’

Eddie Cantor- If You Knew Susie:


  • edited March 2019
    If that is true hardly anyone may retire. It really depends on the lifestyle you might want to pursue and where you want to live.
  • The Linkster might have to go back into stocks to retire?
  • Saw her long time ago during a PBS donation drive when she seemed reasonable. Think the frame got to her and her views today are out of line with the average Americans.
  • "Saw her long time ago during a PBS donation drive." Likewise, and I never did care for her. Nevertheless, the question that she was answering postulated retiring "in your 30's". Assuming no significant inheritance, no further employment, no accumulation of savings, investments, or Social Security for the 45 year period of 35 to 80, I don't find her "$5 million" response to be terribly off the mark, unless you anticipate becoming a homeless "street person" at some point.
  • Probably need 3 or 4 these days
  • Picking a number like this is ridiculous, and she knows it. There are way too many variables when it comes to retirement finances, no matter what the age. Yes, some people will be lucky and never have to worry. But most of us are not in that elite group (including Suze Sells-A-Lot). Debt servicing is perhaps the biggest issue to resolve BEFORE off the mortgage and all consumer debt. This gives you a much better handle on cash flow needs. Social Security benefits, any pensions, potential income from 401k, IRAs, and other savings can help reduce the need for a huge nest egg. A competent fee-only planner can ask the right questions, answer your questions, and show you how all of this looks, the good and the bad.
  • edited March 2019
    Orman is responding to a question about 20 and 30 year olds "RETIRING"! I think she is probably right on the money with that statement since they will be foregoing 30-40 years worth of paychecks from a job. Just a poorly written article. The article is "nonsense".
    Orman was responding to a question about the “financial independence, retire early,” or “FIRE,” movement, a growing online trend in which people in their 30s or younger just stop working.

    ‘You need at least $5 million, or $6 million. Really, you might need $10 million.’
  • have been retired for several years and have a home (no mortgage)</no earned income and only an investment account and nothing close to 5 million. I am 85 now.
  • The POINT was retiring in your mid-thirty's with no further earned income. That's a long way from 85 minus "several years". If you had retired with no income when you were 35 how exactly would you now have a home with no mortgage?
  • edited March 2019
    ...oh darn. I was expecting to see a pig flying outside my window

    Now I don't think I need to opine what I think about people like Suze Orman. However, regardless of the dollar amounts she is quoting, I can't find fault with what she is saying at all.

    Yeah, that's right. If it takes $5M, most people wouldn't be able to retire. Most people shouldn't retire unless they have that kind of money. Your Truly is never going to retire unless he is forced into it by employer or his own personal circumstance. It's not about money can't buy you happiness. It's about I'm going to freakin' try to do whatever I can to see if my kids can buy my grandkids into Harvard. I'm not ashamed to say I'm not going to hold it against either my kids or grandkids as long as they do it legally. You know why? Once someone freakin' gets into Harvard, then their progeny never has to do it again.

    I stopped making plans for retirement. That Europe trip, nah...I don't even want to go anymore. You tell me I'll give you $1M and a month off I'll say, thank you for that $1M and I'll work the month, and you better make sure I earn salary for that month.

    I'm really like a robot right now. As long as my battery holds charge, I'll keep working. I don't need a vacation (or maybe it's because I return more tired from vacation than before I left for vacation). I don't need to re-charge my batteries. I've given myself a psychological lobotomy so I don't have to worry about getting depressed. More importantly, I've finally found a way - literally 3 or 4 weeks back - to not give a FF about anyone, to feel insulted, or humiliated, or threatened, or anything. I just do what I have to do and not just for as long as I need to, but forever.

    Suze Orman, I'll tell you when I have $5M dollars. Don't you die before I get there. Not because I can tell you I can retire. No. To tell YOU to retire.
  • Not sure why people are responding based on a title without understanding what she said. @VintageFreak, are you 30 years old? If not she is not speaking to or about you.
  • Who is Suze Orman anyway?
  • You'll get through life just fine without worrying about Orman. Trust me on that.
  • edited March 2019
    Her real audience is people who are completely lost at or overwhelmed by basic tasks - financing their lives, overwhelmed by debt, can't decide whether to rent or buy, etc. - and she's actually not bad with that audience. (I'm not saying all those folks are idiots or anything like it ... the hollowing out of the middle class for much of the past four decades will do that to people.)

    But if that's not you, she's got nuthin' for ya.
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