I'm Afraid I Won't Have Enough To Retire

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 19 February 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	Brought to you by the Every Dollar app.
0:04.3	Start budgeting for free today.
0:06.6	I am just extremely worried and hope that you can help me break down what I currently have in retirement
0:13.3	to maybe give me some peace of mind that at the age of 67 I may be able to retire frugally.
0:19.5	How old are you now?
0:21.0	I'm 56. I'll be 57 in April.
0:23.9	Okay. Give us the numbers.
0:25.3	George's got his handy calculator.
0:26.9	I'm ready to crunch.
0:28.1	Great.
0:28.7	Great.
0:29.3	Well, I'm going to tell you the salary that I make currently is $47,840.
0:34.9	I currently have an IRA that has $47,702 in it, and I can contribute $200 per month to that I am
0:44.7	I.
0:45.4	I have a CD that I locked up for 13 months at 5% interest.
0:51.8	It currently has $36,022 in it. I have a Roth IRA in a job I started a year ago.
1:00.7	It has $2,581 in that. I am contributing 8% and set it up for a 2% per year increase until I reach 15%.
1:13.2	And then in my savings, I currently have $12,237.
1:18.8	I put 20% of each check into that savings account.
1:23.6	I do not have any debt.
1:25.6	I'm debt free, but I do not own a home. I went through a divorce in 2018,
1:30.0	took years to pay off my debt to get to where I am now debt-free.
	...

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