Monica
Appearances
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Hello. Thank you for taking my call today.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I am just extremely worried and hope that you can help me break down what I currently have in retirement. to maybe give me some peace of mind that at the age of 67, I may be able to retire frugally. How old are you now? I'm 56. I'll be 57 in April.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Great. Great. Well, I'm going to tell you the salary that I make currently is $47,840. Okay. I currently have an IRA that has $47,702 in it, and I contribute $200 per month to that IRA. I have a CD that I locked up for 13 months at 5% interest. It currently has $36,022 in it. I have a Roth IRA in a job I started a year ago.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It has a $2,581 in that I am contributing 8% and set it up for a 2% per year increase until I reached 15%. And then in my savings, I currently have $12,237. I put 20% of each check into that savings account. I do not have any debt. I'm debt-free, but I do not own a home. I went through a divorce in 2018. It took years to pay off my debt to get to where I am now, debt-free.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Very minimal, because I live with my significant other. He doesn't have a house payment, so I just pay utilities. We split utilities. We split groceries. So... you know, maybe, maybe 1200 a month.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I'm, I am so open to that. That's why I wanted to talk to you today.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I am completely, I live very frugally. The only thing that I spend a decent amount of money on is good organic produce and grass-fed meat.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I would love that, but the significant other is 60 years old and never been married, never had children. I'm working on that. We're both Christians, and I'm not feeling comfortable with the situation that we're currently in, living and we're not married.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
He is $100,000 a year, but he retires next July.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I think he said he'll be able to, with what he has in his pension and retirement, he'll retire with like $50,000 or $60,000 a year. So it's not a ton.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And I'm going to tell you, to be honest with you, I have so much anxiety over this that it's been a year that I can barely sleep because it takes the enjoyment out of my life because of this constant fear and worry. I know none of us know about tomorrow, but you still have to have a plan.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Well, first and foremost, immediately I can increase my Roth to 15%.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Or look for another job with a higher salary.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I have a pretty decent amount in Social Security right now, which probably won't be there, but...
The Ramsey Show
Don’t Become a Victim of Your Circumstances
for years i made six figures it's just the rigorous travel in the sales that i was in i just couldn't deal with it anymore i was on the road you know four nights a week who told you there's no sales roles that you could do without traveling all the time no one yeah she just i get it you downshifted i i get the downshift but hey you downshifted now you're on the other side of this and you got a lot of experience my guess is your resume is very impressive