On the Ramsey Show – Highlights Youtube channel, the American personal finance personality suggested how a caller could ensure he has enough for retirement, and enjoy the money he is making. Brett, 56, wanted some guidance on the amount of money he needed to retire.
Brett explained that growing up he didn’t have a lot of money so he has tried to save as much as he can his whole life.
Mentally he doesn’t feel he is okay as he doesn’t know if he “has enough” to retire.
This feeling stops him from enjoying his life as he constantly feels as if he has to work and save.
He said: “You always want verification I guess. ’Is it enough?’
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Factors to consider include how many times they plan to travel, how many mission trips they want to do and how much they will give in generosity.
As long as people can live off the growth in their pensions and investments, they will be fine, he said.
Mr Ramsey concluded: “The trick is to have a nest egg big enough that you can live off the money it makes without touching the initial investment you put in for years.”
The finance expert explained that in reality, if people have no debt, they don’t require as much money anyway.
This allows people to be more in control of what they are saving, and what they hope to draw from their investment each month during retirement.
