I’m 66, retired & only have $100k saved – a financial pro gave me two options to avoid my ‘scary’ future
A 66-year-old with just $100,000 in savings and no 401k called into The Ramsey Show to get some help.
The financial guru gave her two very clear options to choose from.
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A 66-year-old revealed her ‘scary’ retirement dilemma’Credit: Getty
Becky from Florida called into The Ramsey Show to get some advice on her retirement problem.
“The future is kinda scary to me,” she began.
She revealed that both she, 66, and her husband, 70, were retired with only $100,000 in savings.
Although they had a modest income from Social Security and a small pension, trying to live off what they had was proving to be “really tight.”
“Everything’s paid for, but I know how quickly everything is gonna go,” she added.
Dave gave Becky and her husband two very clear choices.
“You’ve got to adjust your outgo or your income – one of the two,” he said.
Whatever happened, Dave urged her not to spend the $100,000.
“Even if you burn through it at $1,000 a month, it’s gonna go away in a hundred months, which is an eye blink.”
INCOME CREATION
Instead, he encouraged Becky to think of creative ways they could earn more money without putting a strain on their health or tiring themselves out.
I’m 61 with nothing saved for retirement – I still have student loans to pay but the solution could be in my tractor_
“What could you do to create some income? It might be a business idea that you guys have,” he suggested.
“You’ve got an income issue and you cannot tear into these savings.
“Lots of people find really interesting things to do at 65 and 70 years old that make more than they used to make,” he said.
Alternatively, Becky and her husband would have to stick to their current budget very strictly.
More than half (54%) of America’s small business owners are over 50, with 4% aged 70 or over, according to Guidant Financial.
Starting a business during retirement can also have social and mental health benefits.
If you’re planning on retiring but have no savings, see how one woman lives by the beach off Social Security.
And see if you can answer 13 questions about Social Security that 78% of Americans get wrong.
