Can I Catch Up On Retirement At 50?

Can I Catch Up On Retirement At 50?

There’s the question she visits avram to ask what are the steps to catching up on saving for retirement at 50 years of age i feel the window to save as closing but also trying to remain hopeful and focus help well here’s the reality you know angie you’ve got to be aware of your dream and know what it is you’re chasing and why it matters to you and it is never

Too late if you wake up with air in your lungs you’ve got an opportunity but you have to have a plan you’ve got to get on a budget you got to get allergic to debt and now right now sell some stuff look at taking on a second job if you have to but you have to delete the unnecessary in your life so you can grab what’s valuable and you may have to look at downgrading

Lifestyle and you do those things that i’m going to tell you’re gonna grab back control get over to ramsey plus get plugged into a community so you’re not doing it alone but you feel connected and that’s how you do it dave yeah that’s exactly right the window is closing yeah mathematically and yet the shortest distance between where you are and wealth is still

The baby steps it’s still get your emergency fund in place and get rid of your debts which gives you the cash flow to pour into your retirement and and you know increasing that and getting it up to 15% if you save fifteen percent of your income from age 50 to age 65 and you have an average income you’ll be able to retire mm-hmm and i suspect you might make more

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Than that and you might work longer than that through that period of time it wouldn’t be unusual for someone in their 50s average income entails also taking into account what people that are 22 years old make right and so typically a 50 year old has an opera has had an opportunity to grow their career and i don’t know what you do angie but i’m just gonna make a

Reasonable statistical assumption that you have an above-average income well it’s time it’s possible i mean that’s the thing that i want people to hear out there dave because i still get this question a lot is it too late can i still do it well i know you can the bigger question is will you yeah i mean you got to treat it like the house is burning down yeah you

I mean this it’s urgent yeah you will do and i think you panic and skips no no no no not at all no i just you just have an extra urgency to work the steps because the quicker you get out of debt the quicker you have your income in your control to build wealth with mm-hmm and so just turn up the heat on that baby right and be allergic to excuses now dave i had a

Coach he was about 150 years old that’s that’s not true cuz that make him biblical but he was old and crotchety he probably wasn’t biblical at all but he told us something that as as players out there he said don’t make excuses make plays and i say that in this because even in the period of kovat 19 right now people can use that as an excuse not to stay focused

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On the plan and it’s really important not to do that for yourself because that’s how you end up losing a year or two or three because we’re gonna say i’m gonna wait until this or i’m gonna wait until that no no no be urgent right where you are right now and don’t make excuses for stupid yeah that dogged intensity dogged determination that pushes through in spite

Of the obstacles is the one that crosses the finish line go and bust the tape and that’s you you can do this answer

Transcribed from video
Can I Catch Up On Retirement At 50? By The Ramsey Show – Highlights