At 60, Stephen has $40,000 saved against a $680,000 benchmark, plus $32,000 in debt draining his recovery runway.
Rachel Cruze and George Kamel told Stephen to stop funding his daughter and eliminate debt before rebuilding retirement savings.
Workers aged 60 to 63 can contribute up to $35,750 annually to a 401(k), a catch-up window that Stephen must use before it closes at age 64.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
A 60-year-old caller named Stephen phoned The Ramsey Show from Portland and laid out a balance sheet that would make anyone flinch: $40,000 left in retirement, no liquid savings, a $27,000 loan on a 4Runner worth about what he owes, $5,000 in credit card debt, and an $85,000 salary he took after quitting a more stressful job. He said he had drained the retirement account to put his daughter through school and pay off a $25,000 IRS bill he insists "wasn't mine."
#stephen #Retirement #workers
Rachel Cruze and George Kamel told Stephen to stop funding his daughter and eliminate debt before rebuilding retirement savings.
Workers aged 60 to 63 can contribute up to $35,750 annually to a 401(k), a catch-up window that Stephen must use before it closes at age 64.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
A 60-year-old caller named Stephen phoned The Ramsey Show from Portland and laid out a balance sheet that would make anyone flinch: $40,000 left in retirement, no liquid savings, a $27,000 loan on a 4Runner worth about what he owes, $5,000 in credit card debt, and an $85,000 salary he took after quitting a more stressful job. He said he had drained the retirement account to put his daughter through school and pay off a $25,000 IRS bill he insists "wasn't mine."
#stephen #Retirement #workers
8 hours ago
