This retirement mistake could silently drain your savings.
Transcript:
SUZE ORMAN: The one thing you could do is to make sure that when you do retire, if you own a home, your home is owned outright. You don’t have any debt whatsoever. You have absolutely downsized so that your expenses are as least as they could possibly be. Because the less that your outgo has to be, the less money you need to generate income to pay that outgo. So the one thing you can do every single day is get rid of your debt, increase your savings, make sure you’re putting it all in a Roth retirement account. Do not do a traditional retirement account and just keep on saving, saving, saving. But you really have to be projecting what inflation will do with your money, how you’re going to spend it. And you have to really get a grip on that. Money is for you in retirement, unless you have a serious amount of money. It’s not about giving it to the kids or the grandkids. It’s about making sure you are absolutely OK. And also you have plans for long term care. And as you get older, who’s going to take care of you? Who’s going to pay the bills? How’s it going to work? And you all have to have a living revocable trust. A will, an advance directive and a durable power of attorney for health care.
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