{"id":139248,"date":"2025-10-22T22:51:47","date_gmt":"2025-10-22T22:51:47","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/139248\/"},"modified":"2025-10-22T22:51:47","modified_gmt":"2025-10-22T22:51:47","slug":"dave-ramsey-tells-arkansas-mom-51-with-nothing-saved-for-retirement-she-can-still-retire-with-600k-800k-heres-how","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/139248\/","title":{"rendered":"Dave Ramsey tells Arkansas mom, 51, with nothing saved for retirement she can still retire with $600K\u2013$800K \u2014 here\u2019s how"},"content":{"rendered":"

\"Dave Youtube\/The Ramsey Show <\/p>\n

Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.<\/p>\n

Finding yourself divorced at 51 after being a lifelong stay-at-home mom would make almost anyone feel overwhelmed. And that\u2019s before having to figure out how to take financial control of your life.<\/p>\n

That\u2019s what happened to Trisha, who called into The Ramsey Show when her husband left after 22 years in 2022, (1) taking his $130,000 annual income with him but leaving behind the new car he’d bought her the month before, which came with a $596 monthly payment.<\/p>\n

Now that she’s had a few years to sort herself out, she’s looking to find a way forward. In addition to having to support herself, she is scared about retirement. She told hosts Ramsey and Jade Warshaw, “I spent my whole life raising kids, homeschooling. I have basically no retirement.”<\/p>\n

But Ramsey says she can get back on track, even if she starts saving late. Here\u2019s what to do if you find yourself struggling to make up for lost time when it comes to retirement savings.<\/p>\n

Despite Trisha\u2019s fear for her future, Ramsey was at ease, saying, “Your math is going to be OK. You’re gonna get there.”<\/p>\n

Trisha told the hosts she had refinanced her car loan to save her money, started a second job, and had $38,000 saved in a money market fund, along with $3,000 in another account. With this fairly solid footing, Ramsey recommended his 7 Baby Steps program, (2) which details his approach to building wealth.<\/p>\n

These steps are:<\/p>\n

    \n
  1. \n

    Saving a $1,000 starter emergency fund<\/p>\n<\/li>\n

  2. \n

    Paying off all debt (except the mortgage)<\/p>\n<\/li>\n

  3. \n

    Saving three to six months of living expenses in an emergency fund<\/p>\n<\/li>\n

  4. \n

    Investing 15% of your household income<\/p>\n<\/li>\n

  5. \n

    Saving for college for your kids<\/p>\n<\/li>\n

  6. \n

    Paying off your home early<\/p>\n<\/li>\n

  7. \n

    Building wealth and giving<\/p>\n<\/li>\n<\/ol>\n

    Ramsey went through the steps with Trisha, advising her to first pay off the remaining balance on the car, which was around $25,000.<\/p>\n

    “Write a check today and pay off the car,” he said. While he acknowledged this would be “very scary,” he also pointed out she would still have $16,000 left in savings, which was a good start to the emergency fund.<\/p>\n

    If you\u2019re just starting to build your emergency fund like Trisha, don\u2019t let your cash sit gathering dust. An ideal emergency fund will typically combine high liquidity, so you can get to your cash when you need it, with a solid interest rate to keep growing your savings.<\/p>\n

    But traditional savings accounts typically have low interest rates. This makes finding the right high-yield alternative essential for boosting your saving power.<\/p>\n

    This is where MyBankTracker<\/a> can come in, which lets you shop around for high-yield savings accounts offered by banks and financial institutions near you. Interest rates on this type of savings account can hit highs of 4.5% \u2014 that\u2019s about ten times the national deposit savings rate, according to the FDIC\u2019s October report.<\/p>\n

    MyBankTracker lets you compare different savings accounts side-by-side<\/a> \u2014 helping you quickly compare rates, terms and features at a glance without having to visit multiple websites or field calls from agents. This way, you can make an informed decision and find the right account for you without having to spend hours on research.<\/p>\n

    Since Trisha has already started an emergency fund, her kids have finished college and she rents her home rather than owns it, Ramsey concluded the only big thing left for her to do was start investing 15% of her income.<\/p>\n

    Trisha is earning $52,400 and has a second job that made $14,000 last year. She is also eligible for an employer match on her 401(k). Running the numbers, Ramsey felt confident that if she invested 15% of her income from age 51 to 70, she’d end up with $600,000 to $800,000 \u2014 even if she never got another raise.<\/p>\n

    He left her with one key piece of advice: \u201cYou have to continue to be very process driven, math driven, and let the facts talk to you,” he said. \u201cYou can fight through this. You can do it.\u201d<\/p>\n

    Tracking where your money is going at all times isn\u2019t just a quick fix for someone in Trisha\u2019s situation. It\u2019s the start of a lifelong commitment to financial literacy.<\/p>\n

    But managing all of your inputs and outputs yourself can be a major time drain, especially if you\u2019re working two jobs.<\/p>\n

    One option for taking the load off is to use Monarch Money<\/a> to track where your money is going at all times. Once you link all your bank accounts and investment portfolios, you can view all transactions through a simple, unified dashboard, helping you stay on top of your finances.<\/p>\n

    You can also set up custom goals and track your progress towards them<\/a> through their all-in-one money management platform. Plus, their tailored insights and in-depth view of your net worth can help you see the bigger picture and adjust your day-to-day spending to stay on track toward your goals.<\/p>\n

    Sign up now for a seven-day free trial and, if you like what you see, snag 50% off your subscription for the first year<\/a> with code MONARCHVIP.<\/p>\n

    Trisha\u2019s fear about retirement isn\u2019t unique. While 59% of Americans have a retirement account such as a 401(k) or IRA, only about half of them believe their savings will be enough to live on comfortably, according to a Gallup poll. (3)<\/p>\n

    And the balances don\u2019t inspire much confidence either. Vanguard’s 2025 How America Saves Report shows the average retirement account balance for Vanguard participants was $148,153, but the median balance \u2014 a better reflection of the typical saver \u2014 was $38,176. And even for those closest to retirement, the median balance was $95,642. (4)<\/p>\n

    That number may sound large, but under the common \u201c4% rule,\u201d it would generate less than $4,000 a year in retirement income.<\/p>\n

    For someone like Trisha, the takeaway is clear: Getting serious about consistent investing now can be the difference between barely scraping by and retiring with confidence later in life.<\/p>\n

    If you\u2019re behind on saving for retirement, or starting almost from scratch like Trisha, there are concrete steps you can take to catch up.<\/p>\n