I'm 70 With Nothing Saved For Retirement

Summary

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Episode Overview

Theme:
In this episode of The Ramsey Show Highlights, the hosts advise Harold, a 70-year-old full-time worker with minimal retirement savings, on finding both financial security and renewed purpose as he approaches retirement. Harold, who has lived an adventurous and debt-free life, now grapples with questions about his future and how to create a fulfilling next chapter. The discussion blends practical financial guidance with encouragement for intentional life design in one’s later years.

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Key Discussion Points & Insights

Harold’s Situation

• Background: Harold, age 70, is still working full time at Costco after 20 years. He admits to having spent much of his earning years traveling and enjoying life, leading to a situation where he has little saved for retirement.

  • “I've blown all my money all over the years by traveling, going different countries, continents. I started listening to you guys when I was 62, 63.” — Harold [00:06]

• Debt-Free Living: Despite a lack of substantial savings, Harold achieved a debt-free lifestyle.

  • “Totally out of debt. I have no gap. My house paid off. I have credit cards. No, I don't owe anything. Personal debt. No, nothing on wheels as Dave says.” — Harold [00:22]

• Current Financials:

  • Income: $3,500/month from Social Security, $4,500/month from his job.
  • Minimal retirement savings: about $660 in his Costco 401k/Roth account.
  • “I make 3,500 a month in Social Security, another 4,500 a month from Costco.” — Harold [00:58]
  • “I think it's 663.” — Harold, on his savings [01:42]

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Emotional Hurdles & Search for Purpose

• Anxiety and Uncertainty: Harold expressed anxiety about his future and a lack of vision.

  • “I feel like I'm going insane because... what do I do with my life now? I'm just working. I have my dogs.” — Harold [01:49]
  • “I think what it is. I'm a kid and I. Yeah, I'm anxious and... I want to do stuff, you know.” — Harold [03:03]

• Relationships & Support: Family is out of state, but relationships are “okay.” He enjoys his work community.

• Seeking Clarity: The discussion turns introspective, encouraging Harold to dream about what he really wants.

  • “If you could snap your fingers, what would you be doing?...Would it be I live closer to family? Would it be I moved overseas?” — Financial Coach [03:26]

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Casting a Vision for the Future

• Dreams & Desires: Harold fantasizes about beach life in Mexico, but feels uncertain about how to move forward.

  • “I myself would probably be on a beach down in Playa del Carmen somewhere with a drink in my hand.” — Harold [03:58]

• Creating Optionality: The hosts guide Harold to actively craft a vision rather than drift along.

  • “You just haven't really taken the time to create a vision for what you want this quarter to look like in your life...” — Ramsey Host [02:37]
  • “At least it's now, I was just unwilling versus I regret never figuring it out.” — Ramsey Host [04:51]

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Practical Financial Guidance

• Investment Urgency: The hosts stress the need for Harold to start investing now, to build a nest egg for when he chooses to stop working.

  • “Starting today, you do need to start investing 15% because a day is going to come when you let that Costco job go…” — Financial Coach [05:23]

• Budgeting for Joy: Encouragement to delegate unenjoyable tasks, like yard work, to free up time for more fulfilling activities.

  • “Maybe you delegate the lawn work for 300 bucks a month. Someone else can deal with it because it does not fill my tank, it does not reduce my anxiety.” — Ramsey Host [04:56]

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The Importance of Purpose & Social Engagement

• Work for Fulfillment: Both hosts agree Harold thrives with community and purposeful activity.

  • “I think you need that for your mental health. I think you need interaction, I think you need purpose.” — Financial Coach [06:21]
  • “Work optionality changes your life.” — Ramsey Host [07:54]

• Exploring New Purposes: Recommends volunteering, part-time options, or new hobbies.

  • “Maybe it's not just working at Costco and maybe you get involved in a local ministry, maybe you start volunteering at a school or at a hospital, whatever that is.” — Financial Coach [07:33]

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Notable Quotes & Memorable Moments

• On Living Fully, Despite Uncertainty:
  • “I don't know when I'm gonna die. Right next week. Five years.” — Harold [00:50]
• On Regret and Action:
  • “At least it's now, I was just unwilling versus I regret never figuring it out.” — Ramsey Host [04:51]
• On Personality:
  • “George, this guy's got a great personality, I can tell you that.” — Financial Coach [07:44]
  • “At the family reunion, he's the one that everybody's... flocking to.” — Financial Coach [07:50]

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Actionable Advice & Homework (for Harold & Listeners)

• Visualize Next Steps: Spend time realistically planning what moving to the beach—or any new dream—would take (sell house, estimate costs, etc.)
  • [07:02]
• Understand Your Own Skills and Joys: Read “Find the Work You're Wired to Do” (Ken Coleman) to help align next moves with your talents and interests.
  • [07:31]
• Start Investing 15% of Income: Prepare for the eventual transition away from work by growing savings today.
  • [05:23]
• Pursue Activities that Offer Purpose: Consider options beyond employment (volunteering, mentoring, new hobbies) to stay engaged and fulfilled.
  • [06:21]

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Key Timestamps

• 00:06–01:45 — Harold explains his background, current financials, and debt-free status
• 01:49–03:26 — Discussion of Harold's anxiety, routines, and struggle to envision the future
• 03:26–03:58 — Dream scenario: beach life in Mexico
• 04:16–05:23 — Strategies for creating intentionality and planning a new life stage
• 05:23–06:21 — Importance and logistics of starting to invest now
• 06:21–07:54 — Emphasizing social connection, fulfilling work, and building a purposeful routine in retirement

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Tone & Language

The episode is encouraging, empathetic, and practical, blending light-hearted banter with firm advice. Hosts validate Harold’s feelings while nudging him—and listeners in similar situations—towards both financial preparedness and personal reinvention. The aim is to help older adults see that it is never too late to plan, dream, and invest in both their finances and their happiness.

Transcript

[Ramsey Host]

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[Harold]

I'm 70. Gonna be 71. Still working full time. Been there for 20 years. I've blown all my money all over the years by traveling, going different countries, continents. I started listening to you guys when I was 62. 63.

[Financial Coach]

Okay.

[Harold]

And I'm totally out of debt. I have no gap. My house paid off. I have credit cards. No, I don't owe anything. Personal debt. No, nothing on wheels. As Dave says, I have no debt on wheels at all. But I'm frustrated because I've lived a. Like Dave says, you spend like you're in Congress today. I just went out and had prime rib for lunch.

[Financial Coach]

I live in your best life.

[Harold]

I am. And I don't know when I'm gonna die. Right next week.

[Financial Coach]

I hear that.

[Harold]

Five years.

[Financial Coach]

But you have nothing saved, Harold.

[Harold]

No, not really. No. Excuse me. Nothing to speak about. I make 3,500amonth and Social Security, another 4,500amonth from Costco, where I work.

[Ramsey Host]

Are you full time? What's your hours like?

[Harold]

Yeah, I'm full time. I had a chance. I went part time for a little while, but I'm working because of my benefits are so great there that.

[Ramsey Host]

Yeah, Costco crushes the game on the benefit side.

[Financial Coach]

Are you investing? Are you investing? 50, 15% at the very least, Harold, of that 7,000 that you're bringing in.

[Harold]

You know what? I'm not. I, you know, I have. I. I have my 401 of my Roth at Costco for the last 20 years. And I know there's some money there, but.

[Ramsey Host]

How much is it?

[Harold]

I think it's 663.

[Ramsey Host]

Okay.

[Harold]

As of yesterday.

[Ramsey Host]

It's not nothing.

[Harold]

No, but I mean, it's nothing that I, like, pull out or use because I. I'm at a point in my life, you guys. Maybe it's psychological, but I feel like I'm going insane because it's like, what do I do with my life now? I, you know, I'm just working. I have my dogs.

[Financial Coach]

Are you healthy?

[Harold]

I don't know what to do, you know?

[Financial Coach]

Are you healthy?

[Harold]

Healthy? I'm a little chunky from eating so darn good.

[Financial Coach]

But listen, that's all right. You have a family? Do you have grandkids, wife, significant other?

[Harold]

No, they're all gone. They're out of state. They're in Virginia. They're all successful, you know, they're all. My son's been in the air force for 20 something years. And all my grandkids And.

[Financial Coach]

But do you have good relationships? Do you have good relationships with them?

[Harold]

Okay, yeah.

[Ramsey Host]

So you're not alone.

[Financial Coach]

You're not alone. You're just. You're just chilling.

[Harold]

Yeah.

[Ramsey Host]

You're in this weird sort of purgatory, Herald, where you're not, like, rich, but you're not broke. And so I think you just haven't really taken the time to create a vision for what you want. This. This sort of quarter to look like of your life to go. Okay, what does it look like? Is it me working full time? Do I want to travel more? Do I want to go see family? Do I want to pick up a hobby, start a business? It sounds like you're sort of itching for some. Some purpose, something you can sink your teeth into.

[Harold]

Yeah, because otherwise I'm just, like, sitting around the house with my dogs. I fight, you know, like, endlessly working on the yards because I have a huge yard and stuff, and I just. I'm always out there, like, you know, mowing, pulling weeds, cutting the bushes and. And I just. So I. I think what it is. I'm a kid and I. Yeah, I'm anxious and I. It's like I want to do stuff, you know, and if.

[Financial Coach]

Well, if you could snap your fingers, what would you be doing? If. If we just said to you, hey, you have a genie in front of you. You know, do the little I dream of genie thing, and you can have what. What it is that you want. What would that look like? Would that be, I no longer work at Costco? Would it be I live closer to family? Would it be I moved overseas? What would that be?

[Harold]

You know, definitely not living close to family, because I think that's when you start taking on all their responsibilities and their needs and stuff. You get involved.

[Ramsey Host]

Yeah, you got to watch the gr. That's a real drag, man.

[Harold]

But I. I myself would probably be on a beach down and Playa del Carmen somewhere.

[Financial Coach]

Okay.

[Harold]

With a drink in my hand. I don't know. That's how immature I am.

[Financial Coach]

No, that's not immature. It's. It's not immature. It's.

[Ramsey Host]

I hope to have your energy at 70, Harold. I don't have it now at 37, so I. I pray I get some later on.

[Financial Coach]

You need something to aim at. I. I think that's what George is getting at, and that's what I'm getting at, too. And. And we can do that if you say, you know what? I. I'd love to see what it would look like for me to move down by the beach to get myself a little condo. Maybe I moved down to Mexico. Let's, let's put that on the board and let's start working towards that. What must be true in order for that to be the case. What age do we want that to happen at? How much money in the bank would make you feel secure? Right. And even if you don't ever do it because you get down the line, you go, you know what? I actually didn't want to do that. I just loved dreaming about. I love thinking about it. That's also fine.

[Ramsey Host]

But at least it's now. Just. Well, I'm, I was just unwilling versus I regret never figuring it out.

[Financial Coach]

Exactly.

[Ramsey Host]

So you might make a list of, here's the things I want to stop doing. Ideally, these are things that are draining me. Here's what I want to start doing. And for you, that might be, I delegate the lawn work for 300 bucks a month. Someone else can deal with it because it does not fill my tank, it does not reduce my anxiety. I'm going to throw in a spa day here or there and then that's going to factor into a real budget. So now you need to figure out, can I sustain the life I want without needing to keep this full time job?

[Financial Coach]

Yeah. And the thing, the thing that must be true for you is starting today, you do need to start investing 15% because a day is going to come when you let that Costco job go and you're going to want to replace that 30, $500 a month. You're going to want to draw whatever that is, you know, $30,000 a year off of your nest egg, $35,000 a year off that nest egg to kind of take the place of that money. And, and so by you investing that's going to make sure that money is there for you to do just that.

[Harold]

Yeah. Now was. I listen to you guys every day and I don't see a lot of callers, you know, that are in that position of man, I'm old and what. And I'm still working. What the heck do I do? You know what I'm saying? Because it gets scary. It, it becomes, what are you scared of?

[Ramsey Host]

You know, I don't know that you can never stop.

[Harold]

Yeah. Yeah. Because I'm 70 and I'm like, I love working with the people that I do and I enjoy the interaction with the employees and my members.

[Financial Coach]

And, and I think you need that for your mental health. I think you need interaction, I think you need purpose. I think you need to be using skills and using your talents. I think that's has to be a part of life. No matter if you're working a 9 to 5 or you're volunteering or you're mentoring someone, if you just need to use your functions and your devices. And I think that's what you. I don't know. But based off of what you're saying, I think you're afraid that if you let this job go, that's like the beginning of the end and it's kind of a downward spiral from there on. And so just tonight, I think, Harold, I think two things are your homework and these are going to be things that you, you look at for the rest of the weekend into the weekend. Number one, start playing out that dream of moving to Playa del Carmen. And what does it look like? Would you be willing to sell your house? Start looking online at what little properties look like, get some numbers and put some real vision to what that is. And then you can actually decide do I really want this or do I not? That's thing one. And then thing two, I'm actually going to give you Ken Coleman's book find the work you're wired to do. Because I think that you deserve to know exactly how you're wired, what your skills are, what you enjoy to do and how you can kind of filter that into other activities. Maybe it's not just working at Costco and maybe you get involved in a local ministry, maybe you start volunteering at a school or at a hospital, whatever that is. You just need to get into the game and start using your personality. Because George, this guy's got a great personality, I can tell you that.

[Ramsey Host]

I want to hang with Harold. I'm going to be honest.

[Financial Coach]

Yeah, you sound like a good time. You sound like, listen, at the family reunion, he's the one that everybody's the party flocking to.

[Ramsey Host]

But the key here is I want you working because you want to, not because you have to. That work optionality changes your life.

[Financial Coach]

Yeah, agree.

[Ramsey Host]

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