Is It Too Late for Me to Save for Retirement?

Summary

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Podcast Summary

Podcast: Ramsey Everyday Millionaires
Host: Ramsey Network
Episode: Is It Too Late for Me to Save for Retirement?
Date: January 16, 2026

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Episode Overview

The episode centers on the question many late starters have: "Is it too late to start saving for retirement?" Dave Ramsey, with Chris Hogan, offers practical advice and motivation to Susan, a 57-year-old listener concerned about her future. The hosts share actionable steps for building wealth—even for those who are starting later in life—discuss the impact of past setbacks, and provide guidance on regaining financial and emotional stability after the disruptions of the pandemic.

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Key Discussion Points & Insights

1. Facing Retirement Anxiety at 57

• Susan’s Situation:

  • 57 years old, $50,000 annual income, a small IRA, and some savings.
  • No longer owns a home, now rents after the pandemic disrupted her catering business.

• Hosts’ Response:

  • Dave Ramsey (01:05): Sarcasm defuses anxiety: "Yeah, it's over. You're just so old... you can't do anything."
  • Quickly reassures Susan: "Of course not. Now, obviously it would have been better if you started when you were 27, but that's in the rear view mirror. So let's just deal with what we got."

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2. Catching Up: How to Build Wealth Starting Now

• Action Plan for Susan (01:32 - 02:54):

  • Save 15% of income:
    • $7,500/year into a Roth IRA (tax-free growth) invested in good growth stock mutual funds.
    • Consistent investing for 10-15 years can result in a "pretty sizable chunk of money, probably a million dollars."
    • Increase savings when income rises and prioritize debt payoff, including potentially owning a home again in the future.
    • Use trustworthy advisors via the Ramsey SmartVestor program.

• Memorable Quotes:

  • Susan (01:53): "Seriously?" (on reaching $1 million)
  • Dave Ramsey (01:55): "Yeah."
  • Dave Ramsey (02:54): "But you're gonna have to concentrate on it, like you said, for the first time."

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3. Dealing with Pandemic Setbacks

• Business & Emotional Toll (03:17 – 04:27):
  • Susan lost $4,000/month and struggled to recover, questioning her own decisions.
  • Dave empathizes and addresses ongoing stress:
    • "Yeah, like you're still living in the trauma and the pain. Got PTSD from the pandemic. Me too, by the way."
    • (04:04) "Every time I hear the word Fauci, I still want to flip."
  • Encouragement to move forward:
    • "You gotta get over the PTSD, start smiling and cooking again." (05:07)

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4. The Math: Turning Today’s Savings into a Million

• Using the Ramsey Investment Calculator (04:27 – 05:07):
  • Chris Hogan: "57,000 [in the IRA], $7,500 a year at 77 years old... you're going to have $1,050,000."
  • Dave Ramsey: "You're gonna have more than that because you're gonna get the catering business moving again."

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5. Motivation and Vision: Writing to Your Future Self

• Practical Homework (05:21 - 06:19):
  • Chris Hogan: "Write a letter to your 77 year old self and tell her about what you decided to do at age 57 so that she could have a million dollars in retirement."
  • Dave Ramsey: Imagines the letter:
    • "Called these weird guys on a podcast. I went to their website. I got a Smartvestor Pro. I got my business kicked in the butt and moving again... I wanted to have a million faster than 77."
  • Chris Hogan: "There's something powerful about getting out of your body and putting it on the... On imagining yourself at 77... I can go to sleep tonight because I got a million dollars in retirement right now."

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6. The Role of AI and Future Wealth Creation

• Opportunities Ahead (07:08 - 07:43):
  • Dave Ramsey: "I think I'm really starting to believe there are going to be more millionaires created by AI than any other technology disruption to come along."
  • Chris Hogan: "There's a very real possibility, I think."
  • Dave Ramsey: "Some people are going to use AI... This is exponentially... larger. And so I think the opportunity of AI is so huge that it offsets what little bit of pain is going to come from that. That's the plan. Wow. Yeah. Go get you some."

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Notable Quotes & Memorable Moments

• On Late Starts:

  • Dave Ramsey (01:21): "Of course not. Now, obviously it would have been better if you started when you were 27, but that's in the rear view mirror. So let's just deal with what we got."

• On Overcoming Setbacks:

  • Dave Ramsey (04:04): "Got PTSD from the pandemic. Me too, by the way."
  • Chris Hogan (06:07): "There's something powerful about getting out of your body and... imagining yourself at 77... I can go to sleep tonight because I got a million dollars in retirement right now."

• On Future Opportunity:

  • Dave Ramsey (07:08): "More millionaires created by AI than any other technology disruption..."

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Timestamps for Important Segments

• [00:40] Susan introduces her worries about late retirement savings.
• [01:21] Dave and Chris provide reassurance and initial math.
• [01:55] Dave affirms Susan can still retire well.
• [03:17] Susan reveals her business loss during the pandemic.
• [04:27] Chris and Dave calculate the million-dollar path.
• [05:21] The “letter to your future self” motivational homework.
• [07:08] Conversation turns to wealth opportunities with AI.

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Summary Takeaways

• It’s never too late to start: Even at 57, disciplined saving and steady investing can result in a seven-figure retirement.
• Recovery is possible after setbacks: Economic hardship isn't a permanent sentence—mindset and consistent action matter.
• Practical guidance trumps fear: Setting up automation, using trusted advisors, and increasing savings as income rises are reliable steps.
• The future is bright for the proactive: New technologies like AI may create even more pathways to wealth, and resilience is key.

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This episode delivers clarity, reassurance, and motivation for anyone questioning if they’re too late for financial freedom—reminding listeners that the right action today can rewrite the rest of their story.

Transcript

[Dave Ramsey]

Foreign. This episode is brought to you by SmartVestor. Connect with an investing pro near you at RamseySolutions.com SmartVestor Susan is in Jacksonville, Florida. Merry Christmas, Susan.

[Susan]

Merry Christmas and God bless.

[Dave Ramsey]

Bless you. How can we help?

[Susan]

So I wrote you an email. I am 57 years old. I.

[Dave Ramsey]

You're what? You're five seven. Five.

[Susan]

57.

[Dave Ramsey]

57.

[Susan]

Okay, 57 years old.

[Dave Ramsey]

Okay.

[Chris Hogan]

I thought you said six seven. That was gonna be bad for all of us.

[Susan]

I never thought about retirement. It was just something not in my vocabulary. I spent my 20s and 30s having a good time. Very unusual. But now that I'm 57, I'm starting to think about things I should have thought of a long time ago. So I have a little bit in savings. I have a little bit in an ira. And my question is, is it too late for me to think about retirement?

[Dave Ramsey]

Yeah, it's over. You're just so old. You're so old. You're so old you can't do anything.

[Chris Hogan]

You need to go to the bar and find you somebody because it's over for you.

[Dave Ramsey]

Of course not. Of course not. Now, obviously it would have been better if you started when you were 27, but that's in the rear view mirror. So let's just deal with what we got. What do you make a year?

[Susan]

I make $50,000 a year.

[Dave Ramsey]

Okay, so if you save 15% of that, that's 7,500 fully funded Roth IRA, tax free growth in a good growth stock mutual fund. And if you do that for the next 10, 15 years, you're gonna have a pretty sizable chunk of money, probably a million dollars.

[Susan]

Seriously?

[Dave Ramsey]

Yeah.

[Susan]

Okay, so $7,500 a year into a.

[Dave Ramsey]

Roth IRA in good growth stock mutual funds. Okay, jump [e-mail] and click on SmartVestor. And those are, those are investment advisors that we endorse. They don't work for us, but we vetted them and they have the heart of a teacher. And I want you to become a student. It's not rocket science. You can do it, I can do it, everybody can do it. And just sit down and learn how that mutual fund works and learn how that Roth IRA works and have it automatically drafted out of your checking account. And if you get any raises in the future, and you probably will increase the amount that you're saving, clear your debts, get the house paid off, and if you come into 70 years old 13 years from now with a pile of money in your Roth IRA and a paid for house, you're Gonna be in really good shape.

[Susan]

Okay, sounds good.

[Dave Ramsey]

But you. But you're gonna have to concentrate on it, like you said, for the first time.

[Susan]

Well, one of the things too is that I don't own a home anymore. I sold my house, so I rent. I will. I will be renting right now. Why? I don't know. To be honest. It was. I was living. It was just getting too crazy.

[Dave Ramsey]

What was crazy?

[Susan]

Well, my business suffered dramatically during the pandemic. I had a catering business. And so when the pandemic hit, I lost $4,000 a month in income in a blink of an eye. And I had a very difficult time bouncing back.

[Dave Ramsey]

Are you bounced?

[Susan]

I'm still. Still trying to get back on track. Why five years later when you're in the hospitality industry?

[Dave Ramsey]

No, honey, we pay thousands and tens of thousands of dollars to caterers every year. I don't know one. I don't know one that hadn't bounced back.

[Susan]

Yeah, I don't know why. I don't. That's one of the mysteries. I don't know why. I think I've been making some poor decisions.

[Dave Ramsey]

Yeah, like you're still living in the trauma and the pain. Got PTSD from the pandemic. Me too, by the way. But, I mean, every time I hear the word fauci, I still want to flip. So, you know, it's just somebody. If I see somebody in a mask, I just go crazy. So, I mean, I understand, but. But anyway.

[Chris Hogan]

All right, Susan, I did the math for you, okay? How much is in your IRA right now?

[Susan]

50. 57,000.

[Chris Hogan]

Oh, 57. That's even better. All right, check this out. You ready?

[Susan]

Uh huh.

[Chris Hogan]

57,000. I'm going to put in here 75. I'm on the Ramsey investment calculator.

[Dave Ramsey]

7,500 a year.

[Chris Hogan]

Yeah, 7,500 a year at 77 years old. Okay. If you put 625 bucks a month at $7,500 a year, you're going to have $1,050,000.

[Dave Ramsey]

Okay.

[Susan]

And that's going to be enough for me in retirement.

[Dave Ramsey]

It'll be more than you have now.

[Susan]

Okay. Okay.

[Dave Ramsey]

And you're gonna have more than that because you're gonna get the catering business moving again. You're gonna get over the ptsd, start smiling and cooking again.

[Susan]

I appreciate that.

[Dave Ramsey]

Yeah. You got you get this. Go get those customers back. Don't let some other caterer have them.

[Susan]

Okay?

[Chris Hogan]

You may give you. I want to give you a wild homework assignment. You ready?

[Susan]

Yes.

[Chris Hogan]

Do you live by yourself right now?

[Susan]

I do.

[Chris Hogan]

I want you to write a letter to your 77 year old self and tell her about what you decided to do at age 57 so that she could have a million dollars in retirement.

[Susan]

Okay, I can do that.

[Dave Ramsey]

Called these weird guys on a podcast. I went to their website. I got a Smartvestor Pro. I got my business kicked in the butt and moving again. And I started putting 7,500 a year away. And I even put more than that away because later on I started making so stinking much money. I wanted to have a million faster than 77. I didn't want to. I wanted to get it at 67. So, you know. Yeah, yeah, that's going to get you there. Pretty cool. That's a good idea. Write yourself a letter.

[Chris Hogan]

There's something powerful about getting out of your body and putting it on the. On imagining yourself at 77 sitting in that same crummy recliner you got and thinking, I can go to sleep tonight because I got a million dollars in retirement right now.

[Dave Ramsey]

Yeah. And let's talk about owning a home during that time again. Yeah. When, when it is appropriate for you. Yeah. So, yeah, it's, it's very real, though, to emotionally still have scars from the economic damage that was done to your life during the Fauci pandemic.

[Chris Hogan]

Well, it, it's, you can't, you can have everything in line and then all of a sudden you wake up on a Monday and you can't go to work anymore.

[Dave Ramsey]

Yeah.

[Chris Hogan]

Or all of your business goes away.

[Dave Ramsey]

Yeah. Right.

[Chris Hogan]

And that, that could be the same. I know people are panicking all over the country about, I like, I'm just going to wake up tomorrow, my job will be gone. And that could be paralyzing. And that goes back to the thing we were talking about in the earlier segment. Feel that that fears real fine. And then get on about the next right thing, which is get after it.

[Dave Ramsey]

I tell you what, man, we spend so much time with millennials and Gen Zs that every article I've read, probably five different things this week that were credible. I think I'm really starting to believe there are going to be more millionaires created by AI than any other technology disruption to come along.

[Chris Hogan]

There's a very real possibility, I think.

[Dave Ramsey]

Some people are going to use AI, like people, you know, people use the Internet and digital to access and to start a business that they never would have dreamed prior to that and became millionaires. This is exponentially.

[Chris Hogan]

That times a billion. Yeah.

[Dave Ramsey]

Exponentially larger. Yeah. And so I think the opportunity of AI is so huge that it offsets what little bit of pain is going to come from that. That's the plan. Wow. Yeah. Go get you some. That's a.