In a January 2026 podcast, Orman focused on how fear can undermine financial decisions, particularly for people in or near retirement.
Market declines may feel theoretical when you are 25 or 35 and have decades to recover. They feel more personal at 60, 65, 70, 80 or 90, Orman says, when you may be living on a fixed income and relying on your portfolio to last for the rest of your life.
In fact, if you have over $100,000 in savings, it may be worth getting advice from a pro. SmartAsset offers a free service that matches you to a vetted, fiduciary advisor bound to act in your best interests in less than five minutes.
Older investors have less room for mistakes
Someone approaching or living in retirement may be watching volatile stocks, falling interest rates and rising health care costs at the same time. That can make every decision feel permanent.
The concern is understandable. Orman generally says money invested in stocks should not be needed for at least five to 10 years because markets may take time to recover from a major decline.
Problems begin when reasonable concern turns into panic. Investors may sell after prices have fallen, move everything into cash or abandon a diversified portfolio because the latest headlines make them feel unsafe.
Fear changes how people handle money
Orman says fear can produce three different financial states. When people feel calm, they are better able to understand risk, follow their plans and accept normal market volatility. They may continue making regular investments instead of trying to predict every rise and fall.
In what Orman calls the fear state, investors feel an urgent need to act. They may watch financial news continuously, demand that everything be sold or make a major change without considering the long-term consequences.
Others shut down. They stop opening account statements, avoid asking questions and neglect important tasks. A retiree could even miss a required minimum distribution (RMD) and face a penalty, although several RMD strategies can make those withdrawals easier to manage.
Neither reaction means someone is incapable of handling money, Orman says. Fear can interfere with judgment before logic has a chance to take over.
3 steps before touching your money
Orman recommends doing three things before making a financial decision while frightened.
First, pause and breathe. She suggests inhaling through the nose, taking a small second breath and then exhaling slowly through the mouth. Repeat the exercise three times before considering a transaction.
Next, ask whether you will need the money within three to five years. When the answer is no, short-term volatility may not require an immediate response.
Finally, ask what the next appropriate step is. Do not attempt to solve five or 10 potential problems at once. The next step could be reviewing the plan, checking when the money will be needed or speaking with someone you trust.
What Orman actually thinks about advisors
Orman addressed a common assumption about her. “A lot of you think I hate financial advisors,” she said. She does not. What she said is, “If you have a great financial advisor, they are worth their weight in gold,” provided the advisor puts the client’s interests first.
For clients older than 60, she offers a practical test. You should trust your advisor enough to call them when you are frightened, admit that you feel overwhelmed and ask the same question more than once.
A good advisor should not rush, shame or pressure you. The advisor should remain calm, explain the plan and help prevent fear from driving an impulsive decision.
That does not mean every person using the title “financial advisor” deserves your trust. Before handing over an IRA or portfolio, ask these 10 questions, including whether the advisor acts as a fiduciary at all times, how they are compensated and what you will pay in total.
Ready to take the next step and get advice from an advisor legally required to put your interests first? If you have $100,000 or more, get matched for free in under five minutes.
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