Podcast Summary

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

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.

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."

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."

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)

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."

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."

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."

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..."

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.

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.

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.