Oct 22, 2017
One of the most popular segments on my CNBC show was "How Am I Doing?" Viewers would call in and tell me everything about their finances and wait for me to judge whether their retirement plan made the grade. Typically the central question was if they could retire in their early 60s.
Let's just say I gave out a lot more D's and F's than A's.
If I resurrected "How Am I Doing?" today, I'd be handing out plenty of failing grades to anyone who thinks they will be able to retire before they turn 70.Yes, you heard me right: 70 is the new retirement age—not a month or year before.
Don't "Oh, Suze" me just yet. Please hear me out.
Look, I totally get that if you are reading MONEY you're probably a diligent saver. But it's always dangerous to assume you're better off than you really are. You likely have plenty saved up to breeze through 15 years or so of retirement. But, people, if you stop working in your 60s, your retirement stash might need to support you for 30 years, not 15.I want to be very clear: I am not talking about a small outlier subset of people who stand to live an unusually long life. Healthy people in their 60s today have about a 50% chance of living into their 90s. Can you honestly tell me you're 100% sure you will not run out of money if you start spending down your retirement funds in your 60s and end up living into your 90s?