What Do I Need To Do To Retire in 9 Years?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 20 August 2025

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is brought to you by SmartVester.
0:08.0	Connect with an investing pro near you at ramsysolutions.com slash smartvester.
0:13.9	Sylvia is in Houston.
0:16.1	Hi, Sylvia.
0:16.7	Welcome to the Ramsey Show.
0:18.2	Thanks, Dave.
0:18.9	Thanks for taking my call.
0:20.0	Sure.
0:20.4	What's up?
0:21.2	So I'm 56 years old, and I would like to retire by 65 at the very latest, and I'm starting
0:28.8	to stress about if I'm on track and how to manage the next nine years financially so that I'm in a good position. How much is in your
0:39.4	nest egg now? Well, so I have like $1.2 million in my retirement account. I owe, so I have $125,000 in my
0:53.5	savings account, but because I'm self-employed, I put the money there to pay for my 401k, my quarterly taxes, my office overhead, and everything like that.
1:05.8	And my income is very inconsistent.
1:08.2	So some months I make a couple is your annual income? It's usually
1:12.6	between 350 to 400,000. Okay. And do you have any debt? Yes, I do. I still owe $292,000 on my mortgage.
1:25.6	I'm on track to have that paid off by 20, 33, like within the next 10 years,
1:34.6	I'm on track to pay that off. Okay. All right, so nine years from now, your house is paid for.
1:40.2	You're 1.2, if it's in good mutual funds, it'll be 2.4, probably more like four, probably
1:46.1	around 4 million.
1:48.3	Okay.
1:49.0	If it's in good mutual funds, is it?
	...

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