I’m 60 with Little Saved For Retirement and I’m Concerned
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- Опубликовано: 12 сен 2021
- I’m 60 with Little Saved For Retirement and I’m Concerned
Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
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My husband wants to retire at 60, were 50. I told him, before we can retire. The house needs to be paid off. It was paid off early this year. Now we're working more in our retirement accounts
Heading down this lane, i really need financial assistance
you need make a drastic change towards your financial decisions, you can go down that lane bud.
sure, I started out with a financial advisor " Becky Lou Gordon ". Her honest approach gives me complete ownership and control of my positions, and her rates are incredibly affordable given my ROI. However, do your due diligence before contacting a financial advisor.
@EdwinBoettcher stop
Perfect timing.
He needs to pile all his money into investments at this point. They didn’t plan well for retirement. “Working forever” is not a good plan.
this needs to be said more often. Health goes downhill fast past 60. If you can and your job is chill its not bad to do but most people will have some issue or too demanding of a job to work "forever"
True and also sell his house and downsize.
That's true. I see alot of people in their 60s, they look tried and misable when working at my job retail store. I'm preparing for now and future that's my goal, I hear alot of sad and good stories round me. So, I'm keeping the good stories to inspire me to save more and be free as well in peace.
Yeah I agree! I dont think 15% is going to do it fast enough. Who wants to work until they are 70?!
@@mannyjeanpierre4062 Meh. I plan on working till I drop, but only 2 to 3 days a week. I'm in great shape and plan on being so till the end. I'm only in my late 30s and I see plenty of fit senior citizens in the gym. Life doesn't have to stop at 60.
Retirement is wonderful if you have two essentials - much to live on and much to live for. Invest wisely and get good returns.
thank you, can you give a pointer the best investment now ? i am thinking of getting stocks or cryto
The key to making money in stocks is not to get scared out of them. An important key to investing is to remember that stocks are not lottery tickets.get a financial assistant
I currently work with Tamara Diane Hagan a financial expert i met in a seminar
I recently watched Tamara Diane Hagan on TV , such a great speaker . but have you made any profit whatsoever working with her ?
I have been able to make maximum profits off my trade with $40,000 and I have amassed about $190,000 in net profit In 4 weeks
Dave is such a bonehead sometimes, he didn’t really listen to what the guy said. The guy is in an absolute mess, he is completely house rich money poor. It would be very stupid for him to dump more money into an asset that he is never going to liquidate. Dumb dumb dumb. This old boy is going to be eating a lot of cereal in his paid off house during retirement.
Naw, it'll Alpo, and the cookbook to go with it.
Dave frequently seems more interested in hearing the sound of his own voice then actually addressing the specific question asked or picking up additional information from explanations given. These folks are in their sixties and he is telling them to continue putting extra money towards the house payment so they can get that paid off. The caller said they put an extra $200 a week towards their mortgage, that is an additional $800 a month that should be going into the 401k. I also think it's odd that Dave never asked them how much they had in their retirement accounts, the caller just said it was nothing to brag about. Does that mean $50,000? Does it mean $500,000?
15% is NOT enough Dave. I love your stuff generally but it isn't a one size fits all. This guy should be saving 30-40% of his income for retirement at this point. I really wish that he would change his view on this.
He did say that! I heard. Put 15% into retirement; and pay off mgt. Then built up that nest egg even more - ie more than 15% Caller said he had no debt. Dave said:
baby step 4 15% retirement
baby step 6 pay off mgt
baby step 7 build up nest egg - max out IRA & 401k
you have 5-10 years. Caller never said his income or what he does.
You’re probably right. But this guy hasn’t saved much. What are the odds that he actually saves 30-40 percent of his income for 10 years. When he hasn’t saved anything so far. You heard him, he plans on working his whole life. It’s sad. This would be a nightmare scenario for me
I agree. Doing a 30 year re-fi at 60 means they'll die with a mortgage. Pump up that 401k because they're going to need cash to live not equity in a home. Their investment returns will blow away the interest rate they're paying. If they want to do both they need to downsize their home to get rid of the mortgage. It sucks but that's what happens when you wait 40 years to plan.
He never say ‘15%’, he always say ‘15% minimum’
90 percent
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>>>
Considering that I am only three years away from retirement, it becomes challenging for me to solely concentrate on the long-term perspective. Despite having invested in reputable companies and having a significant amount of funds allocated, my profits have been stagnant. This situation raises the question: Does the current recession and unstable market offer any calculated risk opportunities for generating profits?
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,
They can sell the house and find something for $150,000 and invest the rest. It might mean a condo or a modular home but the stress goes away and they will be fine. Didn’t say how much money they have coming in but I bet it’s a whole lot more than what I bring in and I’m doing fine because I have no debt.
Exactly what I was thinking.
The median home price is $350,000 and he said the market has exploded in his area. I don’t think it’s reasonable to expect him to find a $150,000 home.
This is why you should focus on investing, not paying down a mortgage, especially at at a 1.875% interest rate.
I've noticed its a boomer mindset thing. They value having a paid off house much more than having investments
@@pey7777 It's all about risk management. In retirement, you should be debt free. I know I wouldn't retire owing money, no matter the interest rate. If the market were to turn sideways and you still have the mortgage and a portfolio that is greatly reduced... Not a good place to be in retirement. Then you have to pull from that reduced portfolio to live (and pay for a mortgage)?
Depends. Just paid off my house at 48 (from investing) and now I’m throwing that payment every month into retirement for the next 10 years worry free. You can do both at the same time ya know
Overheard in a bull market...
@@ponolovefarms3926 My point is that I've noticed many people from the previous generation tend to view having a paid off house as the "key" to financial success. Look at the caller - he has nothing saved for retirement and barely even talked about investments. His whole view of investments and retirement is through his house, and now he's 60 and playing massive catch up to even have a chance to retire with some dignity. The fact is that the earlier you start investing in the stock market, the longer your money has time to compound and grow. $1 invested at age 20 will become over $88 by age 65. If you wait until age 30, that $1 will only become $23. If you wait until age 40, that $1 will only become $7. It's great that you paid off your house in your late 40s, but I hope you understand the opportunity cost of having done so
It’s sad that people can reach 60 before really thinking about retirement
worrying about retirement at 60, just a bit late SMH. Putting money in 401k when you start your first job is the best financial situation that anyone can get into as nothing replaces the time value of money.
Life got in the way for this couple.
yes, this is what happens when you have no goals or direction in life and just go along for the ride or YOLO it out. Before you realize it you're 60 and have nothing to your name.
In my birthing class, a mixed group in terms of race, age, income level - there was pressure to buy Volvo wagons.
"For safety." Volvo even sponsored a video about car & car seat safety that we had to watch.
I drove clunker Chevy. Good brakes, newish tires. Speed limit driver, sober at all times.
Plenty safe. Money saved for nice house.
No Volvo....no biggie.
Life? More like immaturity. He’s 60 and only has 25k for retirement. That’s so bad. You should have that at 30.
@@matt.108
You have no clue what has happened in his life. What hardships.
@@matt.108 Why so judgemental Matt?
If I were him, I would max out my 401 and IRA. And also pay the catchup into them.
Better call Saul
He would relish that advice.
Time flies by so fast!!
I'm struggling in this market. Stocks that I have held for months and made profits from are not behaving the way I'm used to so I’m quite indecisive on how to tackle this market, any advice would be grateful.
@MariaA.Holmes That sounds great and what signal do you invest with?
@MariaA.Holmes That's awesome and please how do I connect with this broker lady?
@MariaA.Holmes I'm currently on her webpage now, her reviews are very impressive and I left a message for her. thanks, a lot.
To give you a response that's not a scam, it's generally not advised to hold specific, single stocks as a regular investor for the exact reason you mentioned. Your money should be in either mutual funds (If you follow Dave) or index funds (If you follow most other advisors) which will work overall with the market. My personal favorite is a target date retirement fund which is specifically meant for the year you want to retire- that way you don't have to think about it anymore.
This guy is on the fast track to a horrible retirement.
He think he's on the track for NO RETIREMNT. Listen at 2:03
Dave: "Are y'all still workin'?"
Caller: "Oh yeah. I don't think I'll ever retire."
But there will come a day where his physical and/or mental health prevents him from working and then it certainly could turn into a horrible retirement.
@@BrianW211 - Had no real reply when guy stated that.
How do you work for 40 years and have a net worth of less than 300k
A lot of people are in even worse shape than that.
Because people buy a new car every year and toys. Then wonder why they're broke.
@@mriphone1000 play stupid games, win stupid prizes I guess
@@mriphone1000 they would have no problem affording that if they would make better career choices.
@liammcleod159 come back in 40 years-no, 20-and let us know how your life worked out. It does not always go as planned. It's so easy to be cocky when your young----you have no idea what life can do.
So many people wait to think about retirement until its just around the corner. I'm 26 and my peers look at me like I've gone crazy because I am investing in retirement. "But its ages away" or "You might not even live that long"
Yeah maybe I'll die before then, the money will go to my husband and/or kids. So it won't be wasted and at least I'll be prepared for when I retire!
Exactly!!
Wise beyond your years. I’ve found the same mentality with my friends as well, they stare at me like a deer in headlights.
All your peers are going to be future callers of shows like these. They'll be 60 and still paying debt with nothing in their retirement funds.
@@dachicagoan8185 sad but true
At 26 thats very smart. You will NEVER regret saving for your or your families future. Good luck to you.
To start off your week just when you think you’ve had it the worst😅
I don't know who needs to hear this but stop saving all your money. Invest some of it if you want financial freedom.
Invest in Bitcoin, gold, silver, buy stock, forex market. Anything! Just invest and save yourself.
@mandy Louren .What if you don't know how to trade on any of these?
@@richarddavid9790 I mean, I see your point. Some people have the money and are willing to invest but the problem is where to
@@stanleygodson779 Sir this is 2021
People who aren't even traders makes money from the stock, crypto and forex markets.
These are platform where you can invest and they trade your money. Then pay you profit either weekly or monthly. That's investing
My crypto mento, Mr George Brian runs an investment platform. I paid $3000 just last week and today he paid me $8,000.
@@jamesshanee That cool
They should have been concerned about this 10-20 years ago...
35 yrs. ago...
@@rethinkcps2116 even better. I was trying to give them some mercy. Even if they started 10 years ago, they wouldn’t have to be this concerned
Now he's concerned about retirement. My guess constantly speeding on eating out, the wife never worked or had a hobby job, constantly moving into new houses and never bothered to have a second job. Oh well he'll work until he drops.
I can't imagine waiting until I was that old to start worrying about retirement savings. I was FI by the time I was 58.
Those things are easy to afford and the wife working and working 2 jobs is not necessary if you make good career choices. I eat out all the time, my wife hasn’t worked in decades, we bought a $2,500,000 home, and I only worked one job and retired at 59 with upper 8 figures saved for retirement and a pension. I easily could’ve retired years earlier, but wanted to build a bigger inheritance for our kids. All of those things were important to me, so I chose to major in business administration and go into the business world. Too many people will just choose a career because they find it interesting without even bothering to research how much it pays and what benefits come with that career and if it will allow them to provide for their families. Any decent husband would give his wife the option to not work and take her out for a nice dinner at least once a week.
Sell the house, move to the midwest and pay cash for a cheaper house. That's my retirement plan :)
Get ready to get sick all the time with the freezing weather. Colds, pneumonia, etc.
@@alexfonseca2063 You’re right. My lungs don’t handle cold dry air very well.
You can stay in Arizona just move to a smaller town like Winslow that is just east of Flagstaff
Paying extra doesn't work mathematically at 1.875% which is less than the inflation rate. His best bet might be too sell to get that equity back, do another 30 loan and down size if possible. Should probably have a balanced 60/40 or 50/50 portfolio at his age.
Yes. He should pay minimum on house and invest the $200 a week in index. At the end of 10 years they will have 180k tax free in a Roth at 8 percent.
They also should downsize their house and live in a condo.
Why is this video on the everyday millionaire's channel?
This channel mainly focuses on retirement and twilight years
@@arga400 I thought it was topics related to being an Everyday Millionaire. This person clearly isn't.
To show you how not to become a millionaire.
For viewers to learn what not to do 😭
there should be an every day broke channel for these types of callers.
Time & compound interest are an jnvestors best friend, he's running a bit short on time
Im here fast! Love DR videos!!!
Umm, ok
This guy is a YOLO!
From what this guy want to do, wonder why he didn't just pull out some
money when he refinanced? At around 2% he could do better with most
investments. If he is worried about the market going down, get the
equity out, hide the money, sell it short when the market has him upside
down in the future, become an expat to a place where his money can go
much further.
"That's never going to happen." Huh, I know a couple people who had no mortgage who acquired them again at around 2% - 2.25%, just to invest. They are both multi-multi-millionaires. Smart rich people know how to use money to their advantage.
WTH? The US economy was doing pretty good throughout the 1980s-mid 2000s. I never understand how people who worked during that period have no retirement. Housing, education and healthcare was cheap back then. And he has a wife, so 2 wage earners! Sad.
Sell house, pay cash for a smaller home, you are older and don’t NEED a large home, may want but if it’s just them two.. I’d say go smaller 85-120k left? 19,500 a year in 401k or 403b, 6 k into Roth IRA. Be frugal with the rest. Plus whatever else you may have you can draw. Depending where they live should be good. Technically we could live in 2k a month when house is paid and still have spending money.
At a 1.8% mortgage rate why the heck would you pay that off with inflation at 7% to 10%??? Good way to stay broke. You effectively turning the 1.8% mortgage into a 7% to 10% loan rate. Insanity
So disorganized in his thoughts. Scared his house will drop in value so operating out of fear. After 60 years he still cant focus. Things won't end well for such a person no wonder Dave didn't want to be too detailed with advice.
This guy will have to work until he is dead.
That’s what most people in the world have to do.
Don’t give up;invest n pay off the house👍🏿👍🏿👍🏿👍🏿
Smart dude.
To me, sarcasm is running too rampant in soceity. Guess it's just me.
You can't get your hands on that equity without taking on more debt sir
Im worried about retirement now with my being 33 and wife 31. Combined we have about $40k in our 401ks. No student loans, car debt, or credit card debt. $151k left on our house
What’s your household income?
@@dw4525 80k a year
Not sure what advice I can offer, but I’m about the same age and income, and pay £27k a year into my pension.
Get your house paid off and save like a crazy person!
Such freedom with having a paid off home!
Invest as much as you can and keep investing even if the market crashes. In fact if it does crash and if you can afford it invest as much as you can! I'm 40 now and started working in 2003. Went through the great recession in 2008-2009 and saw my 401k lose half of its value. Didnt freak out since I knew it was money for my retirement and just kept investing into my company's 401k. Right now I have 6x my annual income saved and on the road to becoming a millionaire in about 10 years.
What's his income? Curious...
Should have been concerned 40 years ago.
This was such a weird call. They just refinanced. If they wanted to take equity out of the house, why didn't they cash out then? Also why are they paying $200 extra a week into their mortgage if they want to "tap into" their equity? I'm not saying they should but it just comes off as clueless to say on one hand how responsible they are for paying $800 extra on a mortgage then on the other hand say they want to tap into their $235K equity. If you need the money to invest, then don't apply it to the loan.
Agreed. This guy has no idea what he is doing.
@@staceyalbert2658 Yeah... but he kept up with the Joneses for 40 years! Doesn't that count for something? 🤣
He needs to take FPU ... about fifty times !!!
He has not the first inkling of what he's doing, completely financially illiterate. Reminds me of Neal Gabler's story. Sad.
Sell the house use the profits to buy a house for $230k..
What are people thinking?
Not a George fan. Please include his name in title so those who prefer to can skip his shows.
Thanks.
This guy is doing about 11 and a half things wrong with money. I don't even know where to start. Dave once again does the caller a massive disservice by not even listening. He said he puts 200 extra into the mortgage per week, not month.
Unless you payed a fee there was never a 1.85% mortgage rate. Hope they sold the house, payed the debt and invested the proceeds for retirement. Move somewhere cheap with cheap rent
1.85 interest rate? He should be putting everything he can in retirement
Move to Argentina. I live here I spend less that USD$ 150 ONE HUNDRED AND FIFTHY DOLLARS MONTHLY Argentina es muy barato 😊
I genuinely mean it when I express my stress and concern regarding the market crash and high inflation, particularly in relation to my retirement. I have been experiencing losses for quite some time, and while some may argue that crises can present opportunities, I am feeling overwhelmed. However, I understand that investing is a long-term endeavor, and it is crucial to maintain focus on the bigger picture and the long run.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $760k by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
how do I get in touch with this consultant that assist?
STEPHANIE KOPP MEEKS, that's whom i work with look her up and thank me later
Thanks for the info . Found her website and it really impressive
Dave never wants to talk about social security payments because he hates the government. But it IS a source of fixed income and it's highly unlikely that congress will ever be able to kill SSA. When I was in my fifties I decided owning my house was the most important thing to put my money in. Worst case, I can survive on very little for food, utilities, etc. So now I'm 69, car and house paid for, emergency fund for 12 months, and living off of social security and a small side gig. I've never been a big spender or materialistic and don't have kids draining my pocketbook for birthdays and holidays :) I'm quite content living on about $20K per year. It's all about the house baby!
Is this an appropriate topic for the Everyday Millionaire channel? Seems more appropriate for the Ramsey Show Highlights.
I just had a theory. The boomers have historically been terrible savers because social security looked solvent for many years and post Vietnam, we really never got bogged down in a war. The younger generations have grown up through the dot com recession, 9/11, iraq war, 08 financial and housing crisis, the Obama years, the robbery of social security and now covid socialism.
There has been little to cheer about for us which is why many of us are not only savers, but heavy investors
Footnote:
I couldn't imagine being 60, having 30 plus years of a head start and have nothing saved. It's mind blowing. The party is over and many older folks are gonna have to face reality.
Your house isn't an asset. It's a liability. Don't waste your time that you can never get back on low interest mortgage debt.
that's why his goal should have been to pay off his house as soon as he bought it. Instead of YOLOing and blowing his paycheck for 30-40 years.
@@dachicagoan8185 have fun throwing away compound interest while paying off a mortgage rate lower than inflation. Dave's baby steps will cost you hundreds of thousands of dollars.
@@aaront936 but the average person with the extra money (from not putting it towards the mortgage) will just blow that money on vacations and living the high life like the caller. They will not invest it.
@@dachicagoan8185 then don't be average.
What is wrong about this? He is fine
Downsize. Buy a small condo in cash for 150-200 max and invest the rest from the house sale.
He needs to make better career choices and work harder. At 60 years old, he should already be retired, but if he’s not retired, he should have worked his way high up the corporate ladder into upper management by now and should have no problem saving for retirement.
I don’t think this guy ever listened to Ramsey
Work and never retire. Your life has no passion to do anything else. No interests or hobbies? You can have that.
This video is on the wrong channel
I would save the 200 week
This guy reminds me of Neal Gabler's story of lifelong financial failure... sad. Get financially literate ASAP, folks.
You still need a place to live.
So forget about social security.
Where is Casey the Spammer? He just spam on Minority Mindset! 🤦♂️
Yeah Casey needs to launch whatever he's planning. If it's a RUclips channel, I'd say we spam the he'll out of it.
lol he is on every video about finance
5 to 10 years? Who wants to work at that age? Cmon Dave, you could do better than that.
Working till your 65-70 yikes
Dave everyone doesn't need a paid off house! Some people should be renting! You don't even know this guy's situation! Your a ine size fits all!
Here's the deal James; You're 60 years old with not much to show for it. Quit coming up with stupid ideas of your own that haven't worked for you and instead take Dave's advice.
This guy is full of bad ideas.
His retirement is going to be broke and short.
Equity line or reverse mortgage could help him
You boomers are killing us
How can this video have no views, four thumbs up and two comments? Ahhh, the wonders of RUclips.
Distributed computer systems are complex beasts
investing requires good experience and knowledge to carry out a good and successful trade, I have lost a lot trying to trade all by myself May I ask which investments are good??>>>>>
I understand your concerns, my friend. I recommend exploring passive index fund investing and expanding your knowledge in this area. Personally, I experienced both successes and challenges when initially seeking a reliable passive income......,
how do I get in touch with this consultant that assist??>>>>
STEPHANIE KOPP MEEKS, that's whom i work with look her
Thanks for these recommendations.....,,,