Joyce: My name is Joyce. I’m from Cincinnati, Ohio. My husband and I are 62. We’re mortgage-free and debt free but our savings is not as high as we’d like. What can we do to make sure we still have money when we retire in a few years?
Ken: The old silver bullet, give me an easy answer and create a miracle from a question from Joyce.
Daria: Well, you know kudos to Joyce and her husband though because at their age is they are debt free and they’re mortgage free. I have a feeling that all got paid off and they suffer in savings because of it.
Ken: But the good news Daria, there’s nothing nice you’ve done. Not owning money and not having a mortgage. I think Joyce, the bottom line is simply there is no easy answer. Well, a lot of people are they re approach retirement two or three or four or five years that’s enough of money like 40% of people surveyed recently said they don’t feel that they have enough money to retirement. I think the only thing we can do Daria is to say simply cut back. Simply start saving more than you’ve been saving and maybe you’ll see Daria Dolan journal, where’s my money going every month.
Daria: Well, definitely that and whatever your mortgage payment used to be or your debt payments used to be, they should be going into a savings account now. If in fact, when you reach 65or 66 years of age and you really do want to retire and you find that you haven’t save enough, I got news for you. Figure out a new career or keep working where you are to one degree or another because nobody is going to make it into a comfortable retirement on Social Security alone.
Ken: Good luck, Joyce.
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