A 66 -year -old guest on the Ramsey program revealed that she and her husband had no retirement savings, seeking financial advice from experts.
Julia from Sacramento, California, advised to address her face fears and consider retirement to benefit from the social security base that many do not benefit from.
2
The 66 -year -old guest was guest in an episode of the Ramsey Show, who detailed her financial position to host Jade and John, who gave her practical advice.
Julia explained that she had a teaching license for her, but she was not currently working and her 67 -year -old husband worked as a car service manager.
The woman noticed that while her income was decent, California was an expensive state to live in.
She also participated that their house was estimated at value, but she and her husband still condemning $ 300,000.
Julia has suggested many solutions that she thought about, including moving to a cheaper state, taking over as a teacher, or even opening a small company like a cafe or day care.
However, she and her husband were very conflicting and unclear about what to do with regard to their financial data.
“I don't know,” Julia said. “He just refuses to think about retirement. We have no savings.
Get the facts
Jade and John enter to provide frustrated women with a practical financial advice.
Jade first indicated that the exit from California was a good idea, because Julia and her husband may not be able to maintain the current cost of living.
Julia shared that her husband had retracted the idea, for fear of being unable to find a job or a home of their age if they wanted to move.
While her husband expressed a lot of uncertainty about steps forward, he had no strong retirement plan.
Julia said: “He thinks that he will get social security, continue to work, and puts this money in the batch of the house,” expressing her concern that they will not leave them without money to live in.
Jade explained that although Julia's husband was already able to claim his retirement advantages, his retirement delay will largely enhance the amount of money he will receive every month of social security.
However, the financial expert emphasized that Julia and her husband lacking facts.
“It is really about taking these numbers out of the air and obtaining strong facts for what it will be, can it succeed, if it does not work how much we need to win,” Al -Yaisham said.
Julia shared that her husband expected that he would achieve about 3500 dollars per month if he was waiting for his advantages, but his mortgage was 3000 dollars per month.
Jade pointed out that the mortgage of the couple was highly high and agreed that the delay of retirement was a smart step.
Social security payments
The demand for retirement advantages before the full retirement age permanently reduces monthly social security payments.
The era of complete retirement, or Fra, depends on the year in which it was born:
- 1943-1954: Omar 66
- 1955-1959: The age of 66 and a certain number of months, increases for two months each year:
- 1955: 66 and 2 months
- 1956: 66 and 4 months
- 1957: 66 and 6 months
- 1958: 66 and 8 months
- 1959: 66 and 10 months
- 1960 or later: 67 years old
For example, Americans who retire in 62 this year cannot get up to $ 2,831 in monthly social security benefits.
Those who delay their retirement until FRA in 2025 have a monthly feature of 4,018 dollars.
Those who are waiting for a longer retirement period, at the age of 70, can get a maximum monthly benefit of $ 5,108.
Regarding Julia's other concerns, Jade and John confirmed that she needs to sit with her husband and focus on the facts of their financial situation.
John gave her a line on how to deal with a conversation with her husband: “I need to know what is our financial situation because I am afraid to death. Will you help me less fear?”
“You must address this fear with him, then it is a math problem,” he said.
Experts advised her to obtain real numbers such as the amount of their budget or will be on them if they move and the amount of Julia's husband if the social security is late.
They also encouraged Julia to reconcile with the current housing.
“This is what frightens pants about you now – it's very expensive,” said Jayed about her mortgage.
She added that regardless of where the couple ends, payment of housing should not be more than 25 % of their salaries at home.
Others felt exhausted from their financial positions, and they resort to experts for advice.
A man's wife left him and drained $ 72,000 from his life savings – he was in six numbers of debt, but an expert participated in a simple step.
There were two other couples to wipe 428,000 dollars of student loan debts – one of the expert said that a “sacrifice” must make a “modified” change.
2
