Im 51 with Little Saved For Retirement, What Should I Do?

I’m 51 with Little Saved For Retirement, What Should I Do?

Jeff is in cincinnati hi jeff how are you hi dave how are you i’m good good how can i help dave um i’m 51 years old um i work in a dying industry and we are going to our plants going to shut down and at the latest it’s going to stay open is 2027 but it could shut sooner than that i’m debt-free but i don’t have a lot uh saved for retirement um just wondering

What i should do so that i can retire decent okay well uh you’re probably going to be working more than five more years if you have zero save for retirement right but but i mean um i i make a good living i gross about 165 000 a year okay um so what are you gonna do when the plant shuts down in five years well i was planning on what i was planning on doing

Is um starting a greenhouse and working for myself okay all right and what can you make doing that where i live probably somewhere in the neighborhood of thousand fifty thousand a year substantial drop from 165 yes okay so that’s really going that’s not going to really assist you in building a nest egg because you’re telling me you have no nest egg right

Well i have i mean my home’s paid for i have eight and a half acres of land that’s paid for but you don’t have any money invested in a nest egg for retirement i got i got a small pigeon probably it’ll be about 50 000 a year but you don’t have any money invested in retirement no not a whole lot 20 000 in a 401k okay all right so since you have no bills and you

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Have five years with this fabulous income let’s turn up the heat man max out max out your 401k max out your roth iras are you married yes okay what’s she make she she’s she doesn’t work she has a lot of health issues okay so you make 165 000 max out two individual roth iras max out your 401k that’s about 40 000 bucks a year right there okay and and let’s just

Turn up the heat and let’s see how much money we can get saved in the next five years i mean let’s just pretend that you saved uh 50 000 bucks for five years that’d be 250 000 in your in your retirement account when you when the plant shuts down okay and while you’re at it you need to pile up enough cash to build this greenhouse for cash all right over the next

Five years so you need you got two goals here that you need to budget for and you need to really lean in on that so here’s the thing if you put 250 000 in there and you don’t ever save anything else every seven years or so it will double if it’s in good mutual funds okay and so let’s see you said you’re 51 5 years of 56 so at 63 it’ll be 500 at 70 it’ll be

A million all right but you need that 250 in there in the next five years so you need to say 50 000 or more a year start with maxing out all your retirement get with our smart investor pro in your area and get this game plan laid out you’ve done a really good job of putting some basic assets in your life that paid for real estate stuff that’s amazing now let’s

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Put some cash in there to eat with my man and you’ll be in much better condition attitude wise when this plant goes shutting down on you

Transcribed from video
I'm 51 with Little Saved For Retirement, What Should I Do? By The Ramsey Show – Highlights