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Suze Orman Money Matters

Suze Orman, Money Matters

Fund Your Retirement with a One-Two Punch

by Suze Orman

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Posted on Friday, July 13, 2007, 12:00AM

A few weeks ago, I heard a financial adviser on TV say that one of the biggest mistakes you can make is suspending your 401(k) contributions after you qualify for the company match.

I think that's really bad advice, and I want to make sure you understand why.

Max Out, and Then What?

In 2007, you can invest up to $15,500 in a 401(k) plan; if you're 50 or older, the max is $20,500. In addition to your contributions, most plans also offer an employer matching contribution tied to your salary. One typical formula is for an employer to match 50 percent of your contributions up to a max of 6 percent of your salary.

It's an absolute no-brainer that everyone should contribute enough to their 401(k) to get the maximum employer match. But then a question arises: Does it make sense to keep contributing to the 401(k) after you've maxed out on your employer's contribution?

My answer depends on your personal financial situation. Here's my strategy.

Making More Out of Less

If your FICO credit score is below 620, your priority after getting the full company 401(k) match is to pay down your debt so you can boost your credit score. That low score costs you way too much in higher interest rates on credit cards and car and home loans, as well as on your car insurance premium. A low score could also mean that a landlord won't rent to you, and can even keep you from landing a job you want.

If you limit your 401(k) contributions to just enough to get the maximum company match, you'll have more money in your paycheck even after taxes. You can use that to increase your credit card payments.

But if you have a strong FICO score, aren't paying high interest on any credit card debt, and already have an emergency cash fund in place, your next step after getting the maximum company match on your 401(k) should be to fund a Roth IRA.

Why a Roth?

This year, individuals with modified adjusted gross incomes below $99,000, and married couples filing a joint return with income below $156,000, can invest the full $4,000 in a Roth. Contributions are reduced for individuals with incomes between $99,000 and $114,000, as well as married couples with incomes between $156,000 and $166,000. (You can contribute $5,000 if you're at least 50 years old.)

You want to switch over and fully fund a Roth after achieving your employer match on a 401(k) because of your future tax bill. If you follow the standard rules, withdrawals from your Roth will be 100 percent tax free in retirement. Withdrawals from your 401(k) will be taxed at your ordinary income tax rate. Currently, that can be as high as 35 percent, not including state tax.

Unless you're currently in a very high tax bracket and are sure you'll be in a very low one in retirement, odds are that you'll do better with the Roth because of the tax treatment.

Stashing Away for Your Mortgage

I could make your eyeballs spin with the math involved, but I'll provide a scenario I think many of you can relate to instead.

The primary reason you save for retirement, obviously, is so you can cover your living costs when you're no longer working. One of the biggest retirement expenses is a mortgage, and with so many people trading up or refinancing later in life, it's going to be increasingly common for retirees to still be paying off a house into their 70s and beyond.

For example, let's say at age 50 you bought or refinanced a home with a $300,000, 30-year fixed rate mortgage at 6.5 percent. That works out to monthly payments of $1,896, or $22,752 a year. At age 65 you decide -- or are forced -- to retire, so there's no more income. You want to stay in the house you love, but are worried about the 15 years of payments left on the mortgage.

By my calculations, you would need a 401(k) stash in the vicinity of $500,000 to be able to cover the house payments without eating into your principal. I'm assuming that this $500,000 earns a conservative 5 percent a year, which comes to $25,000 a year. That $25,000 will be enough to cover the mortgage assuming your income tax rate in retirement is just 15 percent; if you're in the 25 percent bracket, you'll be a little bit short after netting out the tax owed on your withdrawals.

If you anticipate that your tax rate will be higher than 25 percent, you would obviously need to save more to cover your mortgage once you retire. For example, if you expect to be in the current top income tax bracket of 35 percent, you'd need about $700,000 in your 401(k) to generate enough income to cover your mortgage.

Who Needs a Tax Break?

I have a better idea. After 15 years, your mortgage balance will be about $217,000. To pay it off in full you would need a 401(k) balance of about $335,000 to net the $217,000 after taxes. (Withdraw $335,000 in one year and chances are you'll be stuck in the 35 percent tax bracket.)

If you had at least $217,000 in a Roth IRA instead, you would be in great shape, because that $217,000 could be withdrawn tax-free. If you ask me, saving $217,000 is a lot easier than saving $500,000, or even $335,000.

Sure, people will argue that if you opt for a Roth rather than max out on your 401(k), you lose out on the fact that 401(k) contributions reduce your taxable income and Roth contributions come out of after-tax income (i.e., they provide no tax break). But this presumes that you'll diligently invest the extra tax savings from a 401(k). If you're that disciplined then you deserve the retirement-savings prize, but my experience is that most people end up spending their tax savings rather than investing them.

A Retirement Funding Knockout

I even advise those of you who have the option of participating in a Roth 401(k) at work to invest to the point of a company match first, then concentrate on funding a Roth IRA. Even though the Roth 401(k) is a great choice -- and more and more employers will be offering it in the coming years -- I still like the Roth IRA because of the extra flexibility it gives you.

With a Roth IRA, you can always withdraw your contributions at any time without any taxes or penalties; that's not the case with your 401(k). I'm not suggesting you ever raid your retirement savings, but it's an extra security blanket to know that your Roth IRA contributions can double as an emergency cash fund.

A Roth is a better estate planning tool, too. The IRS requires that everyone begin taking required minimum distributions from their 401(k) accounts (as well as traditional IRAs) no later than the year you turn 70-1/2. Even if you don't need the income, the IRS does -- the purpose of this rule is to make sure the government finally gets to collect some income tax from your account. But there's no required withdrawal with a Roth IRA: You can leave 100 percent of it invested to pass along to your beneficiaries.

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88 Comments

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  • DavidK - Saturday, July 28, 2007, 12:50PM ET  Report Abuse

    • Overall: 3/5

    I learned a lot from the article - but probably more from the comments. They have, in total, opened my eyes to some additional ideas and concepts to work with. I too, have made too much for a Roth, but this year I should be able to control our AGI to qualify - and that can be accomplished by managing my 401K contributions. We also max out our traditional IRA's - there's a potential break coming in the near future for rolling the traditional into a Roth, but that will be up to the folks on the Hill. Another option to consider for those that have maxed out all the tax free and tax deferred options is to work with tax managed ETF's in a taxable account. They carry a bit of a higher fee than a traditonal ETF, but the manager works to minimize if not eliminate taxable disbursements. Another strategy - though should be obvious - in a taxable account is to minimize short term gains to the greatest extent possible, and take the long term gain. Some have mentioned real estate - but primarily in the context of their own home. Income real estate can offer significant tax advantages, accumulation of equity, and if properly managed, a completely tax free capital gain - but you have to live in your rental as a principal residence for 2 years. Might want to consider a rental property in the area you want to retire in - live in it for 2 years, and harvest the equity tax free. Most of all though, I truly appreciate the comment forum - a lot of truly great ideas are in these comments - and worthy of investigation. I think we all need to remember that each of us have individual needs, and we all can benefit from each other in attaining our goals. Cheers to all...

  • Joe - Tuesday, July 24, 2007, 1:01PM ET  Report Abuse

    • Overall: 3/5

    To easily fund your retirement each year, you need to be budgeting and tracking your budget. Here is a FREE online budget tracking application to help you do this: http://www.checkthebudget.com

  • Blubous - Monday, July 23, 2007, 1:49AM ET  Report Abuse

    • Overall: 2/5

    So many of the readers exhibit far more wisdom than Suze portrays in her advice. I too would like to know where I should focus my investments since my wife and I combined make more than the allowable Roth IRA contribution amount, even if it is grossly genericized by her. That topic probably falls in the realm of "talk to your financial planner". He tells me max out on my 401(k) since there is little else you can do with the money and the ROI has been historically fantastic for our fund choices. I probably shouldn't even get into the fantastic benefit I've been reaping by selling covered calls in my IRA.

  • BradM - Friday, July 20, 2007, 3:01PM ET  Report Abuse

    • Overall: 3/5

    I see this advice often - put money in a Roth IRA. They always mention the income limits, but no one ever says what to do if you exceed those limits like my wife and me. Just once, I'd like someone to write an article geared towards a couple that each max out their 401-K but make too much money for a Roth IRA.

  • Arthur - Friday, July 20, 2007, 10:33AM ET  Report Abuse

    • Overall: 1/5

    Milkybar Kid nailed it. The Roth IRA is a government tax code. The Government can change the rules any time and the current law is due to sunset in 2010. The Roth does have it's advantages and is probably the second best place to put money into your financial world. Funding your 401(k) beyond the match is bad advice from any financial planner and those of who have financial planners that advise you in that manner are setting you up to pay much, much higher taxes in the future and are probably the persons that set up the qualified plan with your employers. Paying off your mortgage early, or additional payment to pay it off early is foolish at best in most cases; retirement or not. The ABILITY to pay off your mortgage at any time is a much better strategy which entails separating equity from your mortgage. Paying off your mortgage essentially kills your only tax deduction and locks up money where you can't get at it. (Suze also fails to incorporate the tax deduction/savings into her calculations.) Suze is right to address mortgages but does not address having the ability to pay it off vs. doing it. In her example, her 65 year old should refi while he/she is still working and take the equity out and put into a very safe, separate account that has a ROR. Those dollars are liquid, can be used to fund the new mortgage payment, still retain the mortgage interest deduction, and be used in dire emergencies. The worst place to store money is in your mortgage. Suze, the main reason to save for retirement is not just to cover your living expenses; that is just surviving. People want to raise their standard of living when they retire, not wallow around surviving. You spend much more money when you retire than you do when you are working because retirement is essentially vacation. Bottom line - Do not pay ahead on your 30 year fixed mortgage; do not fund your 401k beyond the match; use the Roth IRA as long as the rules remain as they are today; and, fund a traditional whole life policy offered by a mutual company. It is THE most powerful financial tool that exists. The living benefits are phenomenal and should be the starting point for all retirement plans.

  • Yahoo! Finance User - Thursday, July 19, 2007, 9:18PM ET  Report Abuse

    • Overall: 2/5

    If you take a 401K loan you are not exactly taxed twice, though it may seem that way. You are paying the loan back with taxed money, which WOULD HAVE BEEN TAXED ANYWAY whether or not you used it to pay the loan back. Secondly, the 401K money is taxed when you take it out for retirement which would happen regardless of whether you took a loan earlier. Still, it is probably not a good idea to take a loan from a 401K because of the loss of earnings you would have had on the money had it remained in the 401K. I have taken two 60 day loans from my 401K in the past, as you are allowed to do this, without penalty, under the IRS law. The money was put back in both cases before the deadline, and it made sense for me at the time since I had large commission checks coming, a month after taking the loans. Look up 60 day IRA or 401K loan on the internet and you will find a lot on it. Also I do max out my 401K and Roth each year, which is a stretch for me but I live frugally (but not overly so) so that I can. I have a 30yr mortgage at 5.85% and I would never pay it off early at that rate. The average gain of the stock market is 11% over the long haul, so paying off my mortgage makes no sense for me. I am disciplined enough to save, but if you are not disciplined and tend to squander your money when you should be investing for retirement, then paying down your low interest rate mortgage would be a good idea. I used to be a financial advisor, with a series 7, and I do understand investing quite well. I gave that career up to join the Peace Corps years ago, but I have studied investing ever since and learned a lot from my financial experiences. Currently I work in a business sales profession. One day I will retire with enough to live off the interest from my investments, and the mortgage will be another expense, like food, clothing, gas, etc that I manage with the interest I earn off my investments. I will retire once I reach the point where I can withdraw 4% of my money each year, without depleting the principle balance. Oh, one last thing, Suze never mentions the 72(t) early withdrawal rule for 401Ks which allows you to withdraw your money BEFORE ate 59 1/2. How come? Under this law, you don't have to wait to that age to aviod penalties. Shouldn't she encourage people to become financially independent ASAP?? She caters to the stupid, which I guess is appropriate since a lot of people are. But I wish she would cover more advanced topics for those of us trying to retire early the FASTEST and SMARTEST way possible. Some of us don't need to pay off our mortgages early if we are responsible enough to invest our money wisely.

  • Yahoo! Finance User - Thursday, July 19, 2007, 12:02PM ET  Report Abuse

    • Overall: 2/5

    Suze, you are only half right, you slammed the other professional, now I will slam you. I have over 25 years in the financial services industy. Your asumtions mis the target. A. just because some has a FICO of 620 does not mean that they have debt, they may be totaly debt free, Suze. I hate it when you continue to tell people to only contribute to the company match. A Roth only allows $4000-$5000 contributions. So, if you are only puting in $5000 into the 401 K because that meets the "Suze" criteria and $4000 into the Roth people are shortchanging themselfs thinking because "Suze" said this is all we need to put in than we are fine. Suze, you are giving people a false sense of security with your questionable advice. People need to save until it hurts, there are no do overs as I write in my books. After you retire you can't go back and put more money in. Suze, you are short changing people. A Roth is a great plan and a Roth 401K is a great plan, but stop telling people to limit how much they put into their 401k. Put beyond the company match until it hurts. Then fund a Roth. I scream every time I watch you on TV the advice you give is at times very damaging. Get some financial certification, then do some work in the field counseling real people face to face.

  • Tom - Thursday, July 19, 2007, 10:45AM ET  Report Abuse

    • Overall: 5/5

    Excellent advice.

  • cheryl - Thursday, July 19, 2007, 1:09AM ET  Report Abuse

    • Overall: 5/5

    I am 52 and was in dire need of this information! Thank You!

  • RealLife - Wednesday, July 18, 2007, 5:59PM ET  Report Abuse

    • Overall: 2/5

    I'm with the guy today at 4:30....Company bought out by foreign group, shut us down, had to live off my life insurance and 401K (which socked me with major fees/taxes for early withdrawal) for almost 2 years. Hmmm....now that I'm working again, shall I pay my rent, buy food, buy gas for the car or invest in a 401K that may or may not make money????

  • Mike C - Wednesday, July 18, 2007, 4:56PM ET  Report Abuse

    • Overall: 3/5

    One other consideration is when deciding to retire early. Unlike your company retirement plans, all the money invested in a Roth IRA can be used to bridge your early retirement until your normal 401K payments begin - or to pay for health care premiums until you reach Medicare age. Other monies locked into other retirement vehicles have too many restrictions which could impact your choice of when to retire.......

  • Yahoo! Finance User - Wednesday, July 18, 2007, 4:30PM ET  Report Abuse

    • Overall: 3/5

    good advice, suze, but again you are preaching to the choir. us, unwashed, live from paycheck to paycheck. none of your articles are for us. my company sent our jobs to Ireland first, then India starting in 2005. we made between 20 and 25 dollars an hour. we got packages. i banked mine, but one friend's cancer returned and he couldn't work. now he's living off his 401k. i have a tiny income from freelance work while my writing career takes off. of course no healthcare. who can afford that? i have been on a list for two years to get state insurance at $30 a month. if I could pay $300, i'd get it now. my mom passed the year we got canned and i thank the lord she is not here to see this. it would have been a horror show. i was chief breadwinner and caregiver. this is the real world, suze. not the piss away money, self-indulgent boomers ( a group to which I belong, being 50) who do not know how to age gracefully or tell themselves or their precious progeny , "no" to the latest gadget. that's why that group is in hock up to their eyeballs. for immediate gratification and keeping up with the Joneses. boomers are the most spoiled in the nation.

  • Average Joe - Wednesday, July 18, 2007, 4:29PM ET  Report Abuse

    • Overall: 5/5

    Excellent article making some very good points. This is a short article on the internet and is directed to the masses and is meant to make some basic points and be thought provoking enough to make you want to check with a financial advisor or do further research on your own. It is NOT meant to address every situation and is NOT meant to provide ALL details concerning Roth IRA's as the article would then take hours to read rather then a couple of minutes. For those of you that rated this poorly because it didn't fit your specific situation (self employed, about to retire, making more then 150k, etc., etc) - You are NOT the masses. She did not exclude you because she doesn't like you, your situation simply don't fit the demographic for which the article that was written. For those of you who rated it poorly because you didn't think she provided enough detail .... again the column was intentionally brief because it was directed to the masses. If it was a 10 page article that provided all details that took 1/2 hour to read, very few people would have taken the time to read it. Now it's up to you to take the excellent points that she made and do some additional research. Bottom line is this ... a lot of you had some real unrealistic expectations on what you thought this article should cover.

  • Yahoo! Finance User - Wednesday, July 18, 2007, 4:22PM ET  Report Abuse

    • Overall: 2/5

    WRONG WRONG WRONG. Paying off the mortgage is probably the worst thing to do. When you are bored, open excel and calculate the amount of money you will lose by over paying your mortgage vs investing the overpayment in an index 500 fund. Using her numbers, by not paying off your mortgage and saving the "overpayment" you will have about $485,000 in CASH...this could pay off your mortgage!! in year 15, or you could keep the money on continue to pay the mortgage monthly and the let the principal grow so in year thirty you will have about 600K and a house paid off....not too shabby.

  • Deborah - Wednesday, July 18, 2007, 3:47PM ET  Report Abuse

    • Overall: 2/5

    Very good for people who are not self-employed, but how about addressing that at some future point? What one should do if you own a small business???

  • the Great One - Wednesday, July 18, 2007, 3:47PM ET  Report Abuse

    • Overall: 2/5

    Typical Suze Ormond- not getting to the heart of the matter. Folks, what determines how much to save in a 401k is HOW MUCH YOU NEED TO RETIRE. I am a financial planner of 15 years; most people i work with (clients with household income from 75K to 150K ) need about $2 million-$3 million. For most of these households, it means saving between 10-14% of their gross income for retirement. My advice is to save most in the 401k, and use the Roth to suppliment. Suze always brings in the mortgage question, but unless you are 5-10 years from retirement, stretch that payment out and start socking that money away for the long haul. People, you might work for 35 years but with longevity, might be retired for another 30. Its going to take a TON of capital--make those retirement contributions robust and years form now, you'll be glad you did.

  • Jacob O - Wednesday, July 18, 2007, 3:32PM ET  Report Abuse

    • Overall: 3/5

    bononista...what the hell are you talking about. Just because your income is too high to contribute to a Roth IRA doesn't mean you cannot contribute to 401(k)'s, Simple IRA's, solo 401(k)'s, or any other employer retirement plan. You could contribute to a tax deferred annuity, (don't even think about bashing annuities...if you do, you just don't know), or what about a contributing the max allowed to a non deductible IRA for the next 3 years, and converting it to Roth Status in 2010. Screw tax accounts and CPA's...talk to a financial advisor, and if they don't know, talk to me. Suze, your first half way decent article EVER! good job

  • CLT - Wednesday, July 18, 2007, 3:16PM ET  Report Abuse

    • Overall: 1/5

    What everyone FAILS to tell people is this: If your combined household income after taxes is more than $150K, you can NOT fund (contribute to) a ROTH. And, you are LIMITED as to what amount you CAN fund based on your combined household income. I've had a ROTH since 1999. For the three years I have not been allowed by the Federal Government (apparently) to contribute ANY Money to my ROTH. So before you even open a ROTH - talk to your tax person. My ROTH is sitting in limbo because apparently if you have a combined household income some law maker out there thinks you're made of money. I'm doomed to work into my 70's and 80's or until dead. Thank You Federal Restrictions - thank you very much.

  • Paul - Wednesday, July 18, 2007, 3:16PM ET  Report Abuse

    • Overall: 4/5

    Hello Suze Orman, In your article, you state: "For example, let's say at age 50 you bought or refinanced a home.... At age 65 you decide -- or are forced -- to retire.....By my calculations, you would need a 401(k) stash in the vicinity of $500,000 to be able to cover the house payments without eating into your principal......For example, if you expect to be in the current top income tax bracket of 35 percent, you'd need about $700,000 in your 401(k) to generate enough income to cover your mortgage." My question is this. Is this $700k is today's dollars? Shouldn't you address the 15 years of inflation that will ocuur in this example? Thanks.

  • Yahoo! Finance User - Wednesday, July 18, 2007, 3:13PM ET  Report Abuse

    • Overall: 5/5

    Excellennt advise. I myself is contributing at maximun in 401K account, up to $20,500 (over 50). I like the idea of paying off my mortgage from a ROTH IRA when I am ready to retire (In about 10 yrs.), with no tax! Or I wonder if it is better to make extra monthly payment towards the mortgage and pay it off over the same period. Never the less,, ROTH account can be withdrawn for variety of reasons

  • Yahoo! Finance User - Wednesday, July 18, 2007, 3:10PM ET  Report Abuse

    • Overall: 5/5

    Exactly what I have been telling my 25 year old daughter. It is a great strategy when starting a basic retirement portfolio. As time goes on the portfolio will become more complex and specific but she will never look back at this investement strategy as a loser. Of that I am confident.

  • BankerManOutWest - Wednesday, July 18, 2007, 3:10PM ET  Report Abuse

    • Overall: 3/5

    I think the author made some very good points, and for the most part is good advice. But the author left out that most companies now offer roth 401k's. So you can still max out your contribution there. Unless your company has very limited investment options, you should be content. Now if you desire a wider array of investment options or simply have already maxed out your 401, then go for the IRA. But either way, if your doing either one, your ahead of most out there.

  • Kara - Wednesday, July 18, 2007, 3:07PM ET  Report Abuse

    • Overall: 2/5

    Once again, Orman spews the same thing over and over. Yes, it's good advice, but NOT for those of us ineligible to contribute to a Roth IRA. I wish she'd stop writing the same darn thing every time. Wake me up when she has something new to say.

  • Jason - Wednesday, July 18, 2007, 3:07PM ET  Report Abuse

    • Overall: 5/5

    amazing. actually good advice. funding a roth ira is a no-brainer. there are basically no disadvantages to a roth-ira, and if you do the math, you are way ahead paying taxes now on the contributions, as opposed to paying taxes later on the contributions and all accrued gains. A 401k and regular IRA are like an annuity for Uncle Sam, once you retire, you keep paying taxes every year on your withdrawals. A Roth cuts them out of the equation. A Roth 401k is even better if your employer offers it. They are new as of 2006, so a lot don't yet.

  • mark - Wednesday, July 18, 2007, 2:54PM ET  Report Abuse

    • Overall: 4/5

    I think this article is very beneficial, as I just finished this discussion with my financial advisor last week. He explained the same justifactions as where given in the above article. At 22 years old, information like this is extremely valuable.

  • tony - Wednesday, July 18, 2007, 2:47PM ET  Report Abuse

    • Overall: 3/5

    Wouldn't it be better after maxing out on the company match to allocate the 4k to ones principal mortgage note instead of stashing the cash in an IRA? 300K note at 6% with a 1 time annual payment of 4k would save you nearly 124k and also reduce your note time by 9 yrs. This is an actual savings not subject to market conditions and would certainly help one reduce his/her monthly expenses if a refi down the road were necessary. A home is note an asset until YOU, not the mortgage company, own it. I think getting rid of the debt and not doing an addition because the neighbors are and using equity in on dire situations is the best way to plan over and above the 401k/roth school of thought.

  • R - Wednesday, July 18, 2007, 2:41PM ET  Report Abuse

    • Overall: 4/5

    The article was good but she didn't mention if you can replace Roth IRA funds that you have taken out for an emergency. Like if your company shuts down and you have to search for a new job. Can you use the Roth IRA money and then put it back in when you are working again? The article would have been five stars with this information.

  • PeipeiYahoo - Wednesday, July 18, 2007, 2:38PM ET  Report Abuse

    • Overall: 2/5

    In general, I agree with the concepts of 401k vs Roth IRA vs Paying off Mortgage. But, in reality, there are cases that mortage rate is much lower than some 401k/Roth IRA return; retirement tax rate is much lower than current tax rate, then, a minimum amount of mortgage for tax reduction and more contribution to 401k/Roth IRA won't hurt.

  • ChantayS - Wednesday, July 18, 2007, 2:31PM ET  Report Abuse

    • Overall: 5/5

    The person who said Suze Orman advice is horrible does not know what he is talking about and if he he truly studying law he needs to change his major, because he will be horrible as a lawyer.

  • Joel - Wednesday, July 18, 2007, 2:28PM ET  Report Abuse

    • Overall: 2/5

    way to general advice...how does one "know" what taxes are going to be at retirement...that is 20 years down the road for me...if she could tell me who will be in the white house that would make my decision much easier.

Showing comments 6-35 of 88<< PreviousNext >>
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