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Dave Ramsey suggests how woman, 68, can get by in retirement with ‘nothing saved’ | Personal Finance | Finance

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On the Ramsey Show – Highlights YouTube channel, the American finance personality answered a listener’s query about his mother’s financial situation.Alan was stressed as his mother didn’t know what to do next.

He said: “My mum has nothing saved for retirement, I desired to ask in your behalf what she could do.”

Alan explained to the finance guru that his mother has little or no in her retirement fund.

She has $18,000 (around £15,000) in her work place pension and $60,000 (around £52,000) in money.

Her house is value $500,000 (around £434,000), nevertheless she still owes around $205,000 (around £180,000) on it.

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Alan was stressed as his mother had gotten to a degree where she doesn’t know what to do next.

Being 68 years old, Alan’s mum needed to take a less demanding role at her job.

She is a registered nurse nevertheless has needed to tackle less demanding roles.

As she had reached over state pension age, she is entitled to extra advantages that comes with being a nurse.

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Alan’s mum makes around $70,000 (around £60,000) every year and may depend on her state pension.

Her state pension gives her a further $2,000 a month (around £1,700).

Mr Ramsey explained the before everything, Alan’s mother must get herself out of debt.

Once she manages to pay her debt, she will be able to start pondering of constructing an emergency fund and a nest egg.

READ MORE: Woman, 54, fears she’s going to ‘lose every thing’ as mortgage payments turn into ‘unaffordable’

“I don’t know the way you’d support a $205,000 (around £180,000) mortgage on state pension,” he added.

Alan explained to Dave that his brother in law offered to donate a few of his land to his mother.

With this, Alan’s mum could construct a small house there that she will be able to live to tell the tale with a mortgage.

He stressed that folks can’t depend on the state pension to pay for his or her mortgage.

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