The Suze Orman Show Season 1 Episode 24 401(k) Mistake

The Suze Orman Show season 1, episode 24, titled "401(k) Mistake," is an informative and eye-opening episode about the common errors people make when setting up their 401(k) retirement savings plans.

Suze Orman, a financial expert and best-selling author, dives deep into the world of retirement planning, sharing her wealth of knowledge and offering invaluable advice to viewers. Throughout the episode, Suze addresses several important topics related to 401(k) plans, including how much to contribute, how to choose the right plan, and mistakes to avoid.

One key takeaway from this episode is the importance of starting to save for retirement early. Suze emphasizes that the earlier you begin contributing to your 401(k), the more time your money has to grow and compound. To illustrate this point, Suze runs through a series of hypothetical scenarios, demonstrating the impact that even a few years can have on your retirement savings.

Another important topic covered in this episode is how to choose the right 401(k) plan. Suze stresses the importance of doing your research and choosing a plan that offers low fees and good investment options. She also highlights the importance of considering your risk tolerance when selecting investments for your plan.

Throughout the episode, Suze also provides practical tips on how to avoid common 401(k) mistakes. For example, she warns viewers against taking loans from their 401(k) plans, as this can incur steep penalties and fees. She also cautions against cashing out a 401(k) when changing jobs, as this can result in taxes and early withdrawal penalties.

In addition to sharing her financial expertise, Suze also offers relatable and actionable advice to viewers through live calls and emails. In one segment, a caller asks Suze whether she should use her savings to pay off debt or contribute more to her 401(k). Suze advises her to prioritize paying off high-interest debt first, as the interest charges can negate any gains from a 401(k).

Overall, the Suze Orman Show season 1, episode 24, is an informative and engaging episode that offers valuable advice on how to avoid common mistakes when setting up a 401(k). Suze Orman's approachable style and wealth of knowledge make this episode a must-watch for anyone looking to take control of their retirement planning.