After 36 years of nursing, Lisa is ready to trade her scrubs for shelter pets.
The 57-year-old widow, who recently sold her home to cut expenses, hopes her $828,000 in savings will be enough to retire and pursue a lifelong dream: working part-time with animals. she called Suzy OrmanYouTube show for advice and maybe a little validation. What she gets is a sharp dose of Susie-like reality.
Orman asked Lisa to rate her financial situation. Lisa is hopeful but realistic, giving herself a B+. Suzy gave her a C-.
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Lisa’s financial situation is not terrible. In fact, they look solid on paper:
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$311,000 in retirement account
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$87,000 in emergency savings
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$430,000 investment
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No mortgage, no consumer debt
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Take-home salary $3,000 per month
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Monthly expenses $2,707
But Orman is quick to point out that while Lisa’s numbers have now increased, they don’t take into account the changes that are coming. Leaving a full-time job means losing your employer-provided health insurance. Working a part-time job—especially one involving animals—can be fulfilling, but it doesn’t bring any benefits.
That’s where Suze’s $4,000 monthly benchmark comes in. By her calculations, Lisa’s assets could safely generate only about $2,000 per month after taxes. Combined with modest part-time income (about $20,000 per year or $1,250 per month), Lisa is still $750 short of her goal.
Lisa mentioned in her filing that she would consider moving to Oregon and possibly live with her sister to reduce expenses. Even so, Orman calculated the monthly shortfall to be $165.
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Suzy Orman doesn’t just deliver a scathing score, she charts a path to improvement. Her advice:
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Continue to work full-time until age 60 to maintain employer-sponsored health insurance and avoid withdrawing savings prematurely.
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She is considering moving to Oregon, which would lower her monthly expenses and allow her to live with her sister.
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At age 60, began receiving Social Security survivor benefits from her late husband, approximately $700 per month.
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Working a part-time job earning no more than $15,720 per year, an income limit that would allow her survivor benefits to remain intact without penalty.
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At age 67, switch to collecting your own full Social Security benefits and give up survivor benefits. On top of that, Orman estimates she will make about $4,100 a month after taxes, which would be sustainable retirement income.
