As the holiday season recedes into the past and Americans look forward to 2025 and beyond, many people will begin to focus on their finances.
Personal finance author Suze Orman hopes people have not spent too much money during the festive break. She also shares thoughts about one surprising gift that is still left to give.
As people turn their attention from short-term money matters to long-term challenges such as saving for retirement, it’s important to note a few of the major priorities they ought to have in mind.
For example, while people are still employed, it’s important that they save and invest a significant portion of their income in an employer-sponsored 401(k) or an Individual Retirement Account (IRA) ā or even better, in both.
Social Security monthly payments are a good, steady source of income during retirement, but they should be viewed as only a part of one’s finances after they retire.
Related: Suze Orman shares warning on housing costs for retirees
Choosing whether to move to a new living arrangement or stay in one’s home is another important consideration. That decision is as much personal as it financial. For example, many people hope to retire near their relatives.Ā
If they are already living in the location they desire, then they need to take a close look at their finances to decide whether to downsize to a smaller home nearby or whether to remain where they are.
Coverage for health care expenses is, of course, a vital need during one’s retirement years. This involves enrolling in Medicare (which people can do at age 65) and knowing how its components work.Ā
Premiums, deductibles, copayments, costs for prescription drugs, vision and hearing are all pieces of the Medicare puzzle.Ā
With all these future considerations in mind, Orman takes a post-holiday moment to explain the one present left for people to give.
A retired couple is seen holding hands and walking on a beach. Personal finance personality Suze Orman explains a key point about retirement and generosity.
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Suze Orman bluntly explains one surprising holiday gift
The personal finance bestselling author and media personality says that as we head into the new year, she wants people to give themselves a gift.Ā
She describes it as “the gift of true generosity.”Ā Ā
Orman says many people have the admirable personal quality of giving a lot a lot to others ā including gifts, time, family responsibilities, job obligations and volunteering in their communities.
But she says gifting true generosity involves a gift that is as generous to the one giving as it is to the one receiving it.
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“It is easy to tell ourselves that all giving is good because it is for the benefit of someone else,” Orman wrote. “But thatās only half the story. True generosity means that giving must not drain you in the process.”
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Suze Orman encourages focusing on savings and retirement
Orman emphasizes the fact she is not advocating selfishness. She is simply advising people to care for themselves as well as others.
“Saying no out of love rather than saying yes out of fear is how you focus on building your emergency savings and retirement accounts,” Orman wrote. “Giving a little bit less time to others to have a little bit more time for you is vital self-care.”
Orman explains that committing to the practice of true generosity has a positive effect on the person who is taking care of themselves.
“Thatās what you deserve!” she wrote. “And for the record, a happier, stronger, and more confident you (is) going to be in better shape to help all those in your life ā personal and professional.”
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