What are 19 steps I can take to overcome my savings shortfall even in my early 50’s?

Ralph
00:00:00

Have you ever laid awake at night, watching the clock tick past midnight, wondering if your retirement dreams are slipping away? Does the thought of having insufficient savings in your 50s make your heart race? Well today, I'll share 19 powerful steps that can put you back on track to financial security. Stay with me as we explore what 19 steps I can take to overcome my savings shortfall even in my early 50's. Get the pen and paper ready. I'm going to give you a roadmap to finding financial success, even if you're in your 50s, just like me.

Announcer
00:00:36

Welcome to the Ask Ralph Podcast, where listening to an experienced financial professional with over 30 years of experience can help you make sense of confusing questions, current headlines and industry trends about taxes, small business, financial decision making, investment strategies, and even the art of proper budgeting. Ask Ralph makes the complex simple by sharing his real world knowledge from a Christian perspective with all things financial.

Now here's your host, Ralph Estep Jr.

Ralph
00:01:06

Thank you for joining me today. As you can tell, I'm passionate about helping you master your finances while growing in your Christian faith. Now, if you missed yesterday's show, I had a great spiritual Sunday show where I answered the question, do I love the world and my stuff too much? If you missed it, I'm going to encourage you to check it out because we had a powerful discussion about materialism and its impact on our spiritual and financial wellbeing. That's a show that I think you're really going to enjoy if you missed it.

Well, today's listener question comes from Margaret all the way from Cincinnati, Ohio, and she writes this. "Hello Ralph, I'm 52 years old, and I'm terrified about my financial future. After putting three kids through college and dealing with my husband's medical bills last year, our savings account is almost empty. I've always been a hard worker, but between helping family members and paying off debts, I've neglected my retirement planning. My current savings last more than a few months in retirement, and I'm starting to panic. My husband and I both work full time, but it seems like we can never get ahead. We own our home but still have 15 years left on the mortgage. Every financial article I read says I should have at least six times my salary saved by now, but we're nowhere close. Is it too late for us? What concrete steps can we take to overcome this savings shortfall? I feel like we've failed financially, and I don't know where to turn."

Wow Margaret, that's a lot to take in, but first off, thank you so much for your heartfelt question. I can feel the emotion. I can feel the vulnerability that you're putting out there. Let me say this. You are not alone. A lot of us face this. I've worked with and continue to work with people just like you. This is a very common thing.

In fact, I started my retirement savings just a few years ago. I'm 52 when I feel the same way you do. Well today, I've got a financial lifeline for you. Now today is the final day to complete our survey. You know this show thrives on your questions, but today, I want to ask you some questions. We've built a listener survey, and I want your honest opinion about the show and listen, it's only going to take five minutes. And the best part is everyone who completes the survey will be entered into a $250 Amazon gift card drawing.

Now you get to the survey by going to askralphpodcast.com/survey. And I want you to do it because your answers are going to shape the show, but here's the deal. At midnight tonight, this survey comes to an end. So I've got to get you to do it today. If you would, go to askralphpodcast.com/survey, and on December 11th tomorrow, we're going to draw the lucky winner. And I would love to hear from you. So again, that's at askralphpodcast.com/survey.

You know Margaret, your situation brings to mind a powerful verse. It reminds us it's never too late to make wise financial choices. And this one comes from the book of Ecclesiastes 11:2, and it tells us, "Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land." And you think about it Margaret, that verse teaches us about the importance of diversification and taking multiple approaches to secure our financial future. And I've got 19 of those approaches today. So buckle up, and let's get on this journey together. Remember, it's never too late to start. You just have to start.

Well, let me start today's show with what I call a revealing story. Let me tell you about Tom and Sarah Mitchell. Now those are not their real names. Like I said, I don't use real names on this show. They were both 54 years old.

And Margaret listen, they mirrored your situation perfectly. When I was reading your letter, I said, well, I remember this couple. And they were both successful professionals. Tom was in sales. Sarah was in healthcare administration and they both had always earned solid incomes. But the truth is they prioritize their children's college education. And they wanted to pay off their mortgage more than putting money away for retirement savings. I remember going, I actually, this is back in the day when I used to go to people's houses to meet with them.

I remember sitting in their modest living room. And they told me about the sleepless nights they were having, and they were filled with calculations in their head and worry. And they shared some information with me. They said they had reached a 401k balance. Now this is for the two of them combined of $127,000. But they said to me, Ralph, we feel like that's an impossibly small because they had this view of what their lifestyle would be.

They imagine this retirement being able to travel and do all kinds of wonderful things. And then Sarah shared with me a story about her coworker. She said, Ralph, just the other day, my coworker was telling me just the other day how she had been saving for 30 years and now she has plans for a very comfortable retirement. She went on to say, Sarah said to me, she said, Ralph, that was my wake-up call.

We need help. Well, the good news is that's what I do. I help people find solutions. So we began with some realizations. And listen, I always start with facts. And here's what we found. When we looked at their information, we figured they both need to work until they're at least 70 in order to get enough saved for retirement. They also had to dramatically reduce their spending in retirement or they're going to face some significant lifestyle downgrades in retirement. And they said to me, they confined to me, they said Ralph, the thought of depending on my children or being unable to help with future grandchildren, it haunts us. And he might be listening right now, Margaret or others who are listening. You said it sounds hopeless, doesn't it? It does sound hopeless. Maybe this is a great time to throw in the towel. Well, not so fast because listen, I helped them develop a plan.

And through careful planning, we implemented aggressive but achievable strategies, they were able to turn their situation around. So I ask you, would you like to hear about the specific steps they took and how they're tracking now? I hope the answer is yes. So let's get started. Number one thing. Start with a detailed financial assessment. I always work with clients.

I start off with this. You've got to create a comprehensive list of all your assets and your liabilities. Real simple term, what you own and what you owe, because you've got to have that crystal clear picture of where you stand right now. I've used this in other shows. This analogy. Let's say I'm in Wilmington, Delaware.

I'm actually in Middletown, Delaware, not far from Wilmington, Delaware, but let's say I want to take a trip to New York city. Well, if I go to Waze or one of these other mapping programs on my phone, I got to start with understanding where I am, so it can direct me to where I'm going. Well, the same thing works with your financial situation. If you don't know where you are now, you are never going to be able to figure out how to get to the next step. And this isn't emotional. This is a very practical, these are just facts.

So here's a pro tip for you. You can use a spreadsheet to track every account, look at your debts and assets, and even that old coin collection. A lot of people don't think about that, but anything you have that has value, your furniture, your fixtures, your clothing, all that stuff, put it on paper and understand where you're starting.

So that's number one, start with a detailed financial assessment. Let's look at number two. And this one is crucial if you want to get ahead and that's implement strict expense tracking. This is where you've got to be totally transparent with yourself about where every dollar goes, because knowledge truly is power here.

Listen, I'll tell you about a situation. I work with clients, has probably been 10 years ago. They'd come in and get their taxes every year. Get their taxes done every year. And every year they ended up owing a boat load to the IRS. And I finally said to them, I said, I don't understand you both are working.

How is it you owe the IRS money every year. And I look at their W2's, between the two of them, their household income was close to $300,000 a year. And they confided to me, they said, Ralph, we just don't know where our money goes. And I said, well, I can help you with that. So I said, here's the deal. For the next 30 days, I want you to keep track of every single dollar that is spent. You know, show me the income that's coming in and then show me every single dollar that is being spent.

And they said, okay, that sounds like a great plan. We scheduled a appointment in about 40 days. So we give them that 30 days to check. They came back. They sat down with me and man, they had put together this great spreadsheet. And it showed their mortgage. It showed their car payments. It showed their utilities. It showed their groceries.

Then I got to the bottom line and there was an entry that said ATM withdrawals. And I'm looking at this number of the past month. I want to say it was about $3,000. And I looked at the husband, I looked at the wife and I said, what is this? And they said, Ralph, that's none of your business. I said, well, if you're not going to be transparent with yourself, there's no way I can help you.

Now I never saw that client again. I guess they weren't ready to really do something. So here's my pro tip for this particular one. And that is keep all receipts for a month, even that daily coffee run. You got to track every single dollar that goes out because you're going to be amazed at what you discover about your spending patterns.

So that's number two, implement strict expense tracking. You're only lying to yourself. Be transparent. If you want to get ahead, you're going to have to do that. Number three thing. Yes, Ralph's going to talk about budgets. You've got to create a realistic budget. So once you have that snapshot of where you are, you understand where your money's going, then it's time to do that budget.

Or we call that an intentional spending plan that aligns with both your current situation and your future goals. And you've got to start by defining what those future goals are and then assess your income and track your expenses. So let me give you a pro tip here. This is what I like to talk about with clients. This is what I call the 50/30/20 rule.

It works like this. When you do your budget, 50% of your spending is for needs. Those are things you need. 30% is for wants, and 20% is for savings and debt repayment. And listen, if you follow that rule, 50/30/20, 50% for needs, 30% for wants, and 20% for savings and debt repayment, you will be able to find financial success.

So that's number three. Create that realistic budget and then measure the results against it or we call this intentional spending plan. Let's look at number four. Again, we're talking about those people who haven't done a good job or haven't put the time and effort into getting ready for retirement.

We're in our 50s. Remember this, number four, maximize retirement account contributions. Because even in your 50s, time is still working in your favor. The power of compound interest means that every dollar you put on even starting later, you can build significant wealth. If you're not doing this, this is the time to do, and here's a pro tip. I did a show on this about a week or two ago. If your employer offers a 401k match, that's free money. So you got to prioritize meeting that match at the very least. So I'm going to encourage you to go check out that show, but listen. If you haven't maximized your retirement account contributions up to this point, Margaret, this is for you. It's time to do it now.

So that's number four and that's maximize retirement account contributions. Let's look at number five. And that's, we're going to have a discussion about social security. So number five is consider social security strategically. And here's the deal. If you listen to Ralph, you know I say this all the time. Social security should not be your only retirement plan.

Unfortunately, I have seen clients that just rely on social security only. It's not going to work. Most people will not be able to maintain their lifestyle. And here's a statistic I heard the other day. And this one might alarm you. But generally, experts are saying that social security should only account for 30 to 35% of your expected income in retirement.

So only about a third. So that means you've got to figure out a way to fill in that other two thirds, whether that be with retirement accounts, with a second job or investment accounts, maybe a rental property. We're talking about some of those things later. But listen, if you're counting on social security for maintaining your lifestyle and retirement, you're going to be in trouble.

So here's a pro tip. I still want you to understand social security, so create an account on the social security administration website to understand your projected benefits. Because once you, like we talked about in this first step, once you see the reality of your situation, it may change how you work moving forward.

So that's number five, consider social security strategically. Let's look at number six and that's diversify your investments. We kind of just talked about this. You've got to look into various investment options. This is one of those old adages of not putting all your eggs in one basket. So consider a mix of gross stocks for potential appreciation and dividend stocks for regular income.

Now I'm not a broker. I'm going to encourage you at this point to meet with your broker. If you don't have one, I will highly encourage you to find one. Because, like I said, here's my pro tip. Just like I said, don't put all your eggs in one basket. You've got to spread investments across different sectors and asset types, because you never know what's going to happen to the economy in the future.

You don't want to have all of your things in one area. Like I mentioned this on the show a couple of weeks ago. I had a client, an elderly lady, and she did a good job of investing, but she had all of her investments in one particular stock. As I recall was Exxon stock. And I said to her, I said, you know, that's great.

It pays a great dividend. She's got a lot of assets there, but what happens if they have another crash or they have another, you know, they rupture one of the holes in one of these supertankers and they get sued again. You don't want to have all your eggs in that one basket. So again, number six on my list, diversify your investments.

Let's look at number seven and yes, Ralph's going to harp on emergency funds. Number seven is build an emergency fund. And think about it. You know I mentioned this on the show all the time. This prevents you from dipping into retirement savings when unexpected expenses arise. I just did a show about a week ago about that couple that found themselves having to replace their HVAC system. And then there was a medical issue.

Well, they had to go tap into investments that cost them thousands of dollars because of the timing of the market. So this is the time to build that emergency fund and listen, here's my pro tip. Start with a goal of just $1,000. And then build that. Build it up. You know Margaret, you mentioned that you heard that you're going to have to have six months of savings of your normal income.

Yes. That's a great place to be. But you don't start there. Just start the momentum. Like I said, set a goal of a thousand dollars and then work to build on that month after month after month. So that's number seven and that's build an emergency fund. Let's look at number eight and this is when a lot of people don't think about, and that is review insurance coverage.

Again, I did a show on this about a week or two ago. Because here's the truth. Proper insurance protects your financial future. So this is the time to review all of those policies. Look at your life insurance, look at your disability insurance. And a lot of times you'll have that through your employer.

So get in touch with HR and understand what your coverages are. Understand your home and auto. Maybe you've got an umbrella policy. On the live show this past Tuesday night, Eric came on the show, and he asked the question about umbrella policies. That's a great thing to do as well, but you've got to understand what your insurance coverages look like.

And here's my pro tip. This is where you might be able to save some money. Consider increasing deductibles to lower those premiums. But again, I'm not an insurance agent. So meet with your agent and look at increasing those deductibles, but only if you have adequate emergency savings. So that's number eight on this list of 19 things to consider if you're catching up on your savings and that's review insurance coverage. Let's look at number nine. It's another one you don't want to overlook.

You've got to address existing debt. This is the time to create a debt reduction strategy that works with your budget. Again, I mentioned the word budget. You've got to look at what is your current debt situation. Margaret, you mentioned you've still got 15 years left on your mortgage. Now I don't consider mortgages to be bad debt.

So this is where you want to look at those bad debts. Not people you didn't pay, but those things that aren't so great. Look at the installment loans. Look at credit card loans, look at all those types of things. And here's my pro tip. Use either the snowball method where you use the smallest balance first or the avalanche method, the highest interest first and choose what motivates you the most.

But this is your time to start looking at how do I get out of debt? How do I address that existing debt? Like I said, having a mortgage isn't a terrible thing. You may want to think about making extra payments. I just did a show about that just a week or so ago. I had encouraged you to check that out.

So number nine is address existing debt because you can't start to have this retirement savings plan if you've got credit card debt and you're paying oodles and oodles of interest on credit cards. You're just defeating yourself before you even start. Let's look at number 10. And this one's sort of an outside the box thing, and that is master the art of smart shopping. And this is where you got to get practical about your everyday spending. I'll tell you example this.

I learned this lesson personally when helping a client cut their grocery bill by 40%. I did a show about that as well. You can go and look at your personal spending habits and look at you know, a lot of people, here's again, here's an example. I'm not trying to throw Amazon under the bus. But a lot of people when they want something, they just assume I'm going to go to Amazon and pick it up. Well, that's great, but have you comparison shop? Have you looked at those things? Amazon's great.

It's convenient. I can order something right now. Probably have it by later today. So here's my pro tip. This goes along with grocery shopping and all those sorts of things. Shop with a list, have a list of what you need, use cashbacks apps and buy in bulk when it makes sense. Now this isn't the time to go to Costco or BJ's wholesale club or one of those and buy these massive things of stuff you'll never use. It cracks me up when I go to those stores. So make sure it makes sense if you're going to buy in bulk. So that was number 10. That's master the art of smart shopping. Let's look at number 11. This is one you hear me talk about all the time. You probably think Ralph, just be quiet about it, but it's the truth.

You got to create multiple income streams. And this is where faith meets action. You know, the Bible teaches us about diversification. We had that in that Bible verse for today. And we too need to diversify our income. So here's my pro tip. Maybe you consider turning your hobby into a side business. You know, one of my clients started selling crafts online and now makes an extra $800 a month. So that's an area where you can, you know, give yourself more income in retirement.

And this is a great time to start that even if you're in your 50s, create those multiple income streams. Because even at this age, maybe that extra income you can put that into your emergency fund. You can put it into building your investment portfolio. Those are all things that will work to help.

Number 11, create those multiple income streams. Now let's look at number 12, and I know there's a lot here today, but I'm trying to throw a lot of stuff at you, Margaret. So you understand there is still hope and there's still things that you can do. So number 12 is optimize your housing costs. If you look at most people's budget, your home is likely your biggest expense.

It just is. So I talked about my clients, Tom and Sarah, in their particular case, they refinanced their mortgage and save $400 a month. Now, right now is not a great time to refinance because interest rates are a little high, but maybe you want to look at the market and see if interest rates start to dip, it might make sense to do that.

So here's my pro tip. And then another thing you consider is consider if downsizing aligns with your goals. Remember your home shouldn't prevent you from achieving financial freedom. Again, we talked in step one. Assess where you are. Well look at your home. Does it fit with where you are? Is it too big for you now? Do you or the kids moved on like Margaret, you mentioned you put the kids through college.

Do you need this home that you have? So that's my pro tip. So number 12 was optimize your housing costs. Let's look at number 13. This is a pet peeve of mine, and that is review and reduce monthly subscriptions. You'll be amazed how these small expenses can add up. Now, Sarah, the couple I talked about, she found $237.

Yes. You heard me right. $237 in monthly subscriptions they weren't even using. I don't know how many times I've worked with clients where I bring in finances, husband and wife are both paying for the same subscriptions and didn't even realize it. And they don't even know that they have this subscription.

So here's my pro tip for this one. Use subscription tracking apps to identify and cancel unused services. There are a bunch of those out there. Look at your statements. Look at your bank statements, look at your credit card statements and highlight those things. Highlight those apps you're being charged for and ask yourself, am I even using them?

So that's number 13. Review and reduce monthly subscriptions. Let's move on to number 14. And that's implement tax efficient strategies. Margaret, this one is right in your ballpark and that's if you're a working-class individual, you need to understand tax advantages. That's where meeting with somebody like me, a tax professional can help you.

So here's my pro tip to this one. Consider contributing to a health savings account or those HSA's because of its triple tax advantage. You're going to be really appreciative if you have that money funded in retirement. And now's a great time to start that in your 50s. So that's number 14. And that's implement tax efficient strategies.

Let's look at number 15. This is one that a lot of people overlook as well. Maximize employee benefits. The truth is many people leave money on the table here. This is a time to talk to your HR people, take advantage of every single benefit your employer offers. I don't know how many times I've said to clients, hey, does your employer offer this benefit?

Do they offer this benefit? And they say, you know what Ralph? I'm not sure. Ask questions and find out what they offer. So here's my pro tip. Look beyond the obvious. Many employers offer legal services, education reimbursement, or even wellness programs. What a lot of people don't understand is a lot of businesses will reimburse you for that trip to the gym or that subscription you're paying.

So that's number 15 and that is maximize employee benefits. Hey. Your employer wants to help you out. They want you to be a good employee. Ask them what benefits they offer and make sure you're taking advantage of them if they pertain to you. Let's look at number 16, we only got three more. Build financial knowledge. You know, I always say it on the show. Knowledge truly is power when it comes to your finances. It’s what you don't know that can hurt you. So here's my pro tip, Margaret. You can do this. Set aside 30 minutes a day. Yes. I did say 30 minutes to read financial articles or listen to podcasts. You can listen to this one, watch our YouTube show. There's a bunch of people putting out content that can help you, help you build that financial knowledge. Because then you're going to find things you didn't, like the other day.

Here's a great example. I did a show the other day on retirement expenses that a lot of people don't expect. Well, now's the time to understand that in your 50, so that you can plan for those things. So that's number 16 and that's build financial knowledge. Let's look at number 17. If you listen to my Sunday shows where I get a little more spiritual,

I talk about this one all the time. And that is practice contentment. And this is where our faith, this is why I do this faith and finance show. This is where our faith particularly guides us. See, because being content doesn't mean giving up on goals. Not at all. You can have goals and still find contentment. It means finding peace in the journey.

So here's my pro tip for this one. And that is before any purchase, now you know I've said 24 hours, but you know, I've extend it out lately till about 48. So before any purchase, no matter what it is, assuming it's not a necessity like that bottle of water you need to not be dehydrated. Wait 48 hours and pray about whether it aligns with your values and goals. When you look at making a purchase, say to yourself, you know what? I'm going to start the timer, in 48 hours, we'll decide if I still need that and pray about it. Ask yourself. Does it align with your values and goals and what you're going to find? A lot of times, at least when I, when I put this one into place, man, I made a lot of less impulsive purchases. So that's number 17. That's practice contaminant. Let's look at number 18. This one is a very important one, too. Network with like-minded individuals. A lot of people don't consider this, but surround yourself with people who support your financial goals. If you've got people around you that are spendthrifts, that are impulse spenders, that don't care about retirement, they live for today, you're going to tend to go that way too.

So join a small financial group at your church or consider starting one. A lot of churches don't have these. This is your opportunity to find some like-minded individuals that can help you support your goals and help you build that. Listen, it's easier to take the journey with somebody else. And life is a journey.

It's not the destination. Find those people that, so that's my pro-tip. Join a small group at your church or consider starting one. And number 19. Last, but not least is do these regular financial checkups. You go to the doctor regularly, or at least I hope you're doing that, to make sure your health is up to snuff.

Well, you've got to do the same thing with your finances. You can't just do that snapshot one time and say Ralph, here it is. And you can't just build that budget one time and say, Ralph, look, here's my budget because things change. Life changes. So here's my pro tip. Schedule quarterly reviews of your progress and adjust your strategy as needed. This is not that time to set it and forget it. Set up that quarterly review.

Look at your progress and adjust your strategy as you move forward. Now I'm going to share how things ended up with Tom and Sarah in a few moments. But first, let me ask you this question. Are you feeling overwhelmed by your current financial situation? Maybe you're buying a home. Maybe you've got other financial challenges. Maybe like Margaret, you're wondering about how do I handle this planning for retirement in my 50s?

And listen, you don't have to face it alone. I'm here to help you. I can help you find financial freedom. I can help you break the bondage of debt and at the same time, align with your Christian values. Maybe you're feeling stuck like Margaret. You're watching your dreams up away. You have this fear, you're struggling financial instability. You live in paycheck to paycheck. You're feeling frustrated.

You're feeling hopeless. Maybe you're a small businessperson trying to balance personal finances with business needs. You feel like you're taking one step forward only to get the shove two steps back. Well, there is hope. You can break free. You can achieve long-term success. The first step starts with booking a call with me.

You can go right to askralph.com and at the top banner, you'll see a button that says Book a call with Ralph and let's work together to create a personalized plan for your unique situation and your goals. You know, I mentioned 19 things today of things you can do, but listen. Some of those are cookie cutters and our lives aren't cookie cutters. One size doesn't always fit for everybody. And I can help you draw that financial roadmap. Listen, don't let another day go by feeling stuck or overwhelmed. Let's create a plan. Let's set a path to financial freedom and spiritual growth. Again, you can go to askralph.com and click on book a call with Ralph. And I will sit down with you.

We'll assess where you are. We'll identify your dreams, we'll align your goals with your faith, we'll build that personalized plan, that financial roadmap, and then I'll come alongside of you. I'll help you find accountability and we'll measure the results. Well now let's get back to what happened with Tom and Sarah.

So Tom and Sarah is the couple we talked about the beginning. I was sitting in their living room. We were talking about how they were struggling. So they went and they implemented a lot of these steps. Not all of them, but a lot of them. And listen to this one. They managed to save $35,000 in the first year. You might be saying Ralph, was it easy?

Absolutely not. It was difficult. Did it require sacrifice? Yes, it did. But they will tell you if you've talked to them today, it was worth every bit of time and effort. Because now they're on track to retire comfortably, and more importantly, they sleep better at night knowing they're being good stewards of their resources. Remember, this journey isn't just about money. It's about aligning your financial decisions with your faith and values. Listen, I've seen countless individuals transform their financial situations using these steps and I believe you can too, Margaret. The key is making your goals SMART. That's Specific, Measurable, Achievable, Relevant, and Time-bound. Tom and Sarah, they follow these steps religiously and within two years, think about this also, I told you they saved $35,000. They also built an emergency fund and we're maxing out their retirement contributions. And listen, the importance of starting a retirement plan regardless of your current age or financial situation, cannot be overstated because remember. Social security exists. It shouldn't be your only source of retirement income. So when creating your budget, utilize effective tracking methods. We talked about that mobile apps or envelope system to monitor every dollar. The envelope system is particularly effective for controlling spending, as it creates clear boundaries for each expense category.

I know I gave you a lot to discover today. And a lot of talk about. Well tomorrow we're going to discuss about another important topic. This one is very timely and that's how do I freeze my credit file and why should I consider doing it? You don't want to miss this crucial information about protecting your financial identity in the event that something has been compromised. Remember this. My passion is to help you achieve financial success. I want to see you live out your dreams. And I want to see you grow in your faith and I know working together, we can master your finances from that Christian perspective. So as I always end the show, stay financially savvy and God bless you.

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