I'm 48 and Have No Retirement, What Should I Do? 

Investors sent stocks soaring on Tuesday, cheering the October Consumer Price Index report that showed inflation slowed more than expected last month.What is the greatest strategy to take advantage of the current bull market while I'm still deciding whether to sell my $300k worth of stocks?

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

I need a way to draw up a plan to set up for retirement while still earning passive income to meet my day to day need and also get charged lesser taxes even while in a higher tax bracket. i want to invest around $250K savings.

Go hard for the next 20 years. He can do it.

I've kept most of my savings in cash for safety, but I'm unsure if that's right for retirement. Thinking about investing $400K in stocks, as I've heard investors can profit in tough times. Not sure about my next move.

The idea of investing a substantial sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. I want to know; How can one take advantage of compound interest and potentially grow your retirement savings/net-worth to about $1M over time?

This guy isn't in a horrible situation. He owns a home, so has some equity. He has a solid income and has been paying into social security. He needs to change his spending and learn about investing. There's hope for this guy.

He’s gonna be working into his 70’s. So many people are like this guy.

"He who understands compound interest earns it. He who doesn't, pays it" - Albert Einstein

He's not doing too bad. He's just a little late starting a retirement account, some of these other callers sound like their in worse positions.

I don’t think age is the problem. The problem is that people who never were savers or had common sense to accumulate wealth are not going to magically change when they’re 50. It’s a mindset.

48 is still young enough to get a proper retirement in his 70's if he works hard, so it's doable. We tend to live in our 90's these days if we don't do stupid things with our health. He needs to save as much money as he can for the next 25 years, retire, and he should be alright.

Just buckle down and move forward. We saved half our income starting at 50. We are fine at 60+

Caller says he is engaged, I hope his future spouse is on a similar plan. MONEY is such a large part of our lives and vital that spouses are on the same page. A friend was in a gun store in Franklin TN and Dave walked in. My friend was checking out and yelled to Dave, "I promise this is a debit card." He said Dave just started laughing.

i'm going to live in a van down by the river.

He can catch up. Focus is the keyword!

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

Dave missed the big questions... What debt does his fiancée have? How much does she expect to pay for the wedding? Does she have children?

Well the first thing I would've asked is if the woman he's dating has any debt and if so, how much. If he gets married that will become his debt too

He said he's engaged, so he should get a prenup if he's going to get married. Otherwise, a gray divorce in his 50s/60s will kill him financially.

Rice and beans

Did this on my own, didn't hear about Dave until last couple of years. Been retired for 5 years, zero debit, house paid 270, 1 million IRA, paid off 2022 Rav4 Hybrid, 25k bank

If you are younger, do yourself a favor and buy a few rentals to add value. Property should be cash flowing nicely by the time you need to retire.

He could possibly live on 40k and save 40k a year. If this caller plays it right he could hang it up by 60! Hopefully his spouse to be is not a big spender😞

I'm 49 and divorced and am $19k in debt, rent a house, less than $1k in the bank, and very little in my 401k. After I pay bills/groceries/gas I have $100 left over. I used to be a good saver in my teen and early 20's, however, the older I get the more I do not care at all.

He is a natural saver so if he funnels his savings strategy to an IRA he should be ok

What they don’t tell you about Smart Vestor is that 10 plus agents will call you for about 1-2 months multiple times a day 😳😑

He can adopt the same plan my wife and I have. Our plan is to “Work til we drop” You know, the blue collar way.

Yes, dont let the girl get too much limelight, nicely put back in her place in the end of conversation 😕 She is an absolute gem.

Did he say $850 monthly mortgage and he makes $40 per hour??..child please

People live a lot longer now. He can work til 70 and focus on his health and live til 80+. People shouldn’t dream of early retirement necessarily, almost all the people I know that retired hated it after 2 years and started working part time again

Does his fiancée want to live in his house or will she insist on a new, bigger house?

I just turned 41 and awfully late to investing with barely any portfolio except my 401k, I have a decent amount of cash saved up and with inflation currently soaring AGAIN, I’m getting worried about retirement, my intention is to retire at 65 atleast, so how best do I maximize my savings of over $500k

Emergency Fund in a HYSA is a good idea. Also, your Roth IRA contributions are liquid (no tax or penalty fees to withdraw). Not a great idea, but in dire emergency it's an option. Agree with other statements -- if he goes hard for the next 20, should be OK. Be sure to also get that 401k match!

Try to get a state or federal job. They usually have better retirement matching and good benefits.

I am single at 29. Saved 200k and still fearful for my future:(. I still rent tho so no asset beside my 2018 camry

If you have a paid off house you have saved for retirement

Start saving. Next question.

Seriously 850.00 a month mortgage payment this guy must waste his money on the dumbest things in the world if I had that kind of a payment I would have had that house paid off years ago

I have zip and im 54. Covid killed my emergency fund and my retirement fund to keep my home and not end up homeless.

Boomers be like: “I’m 57 and I think it’s time to get serious about retirement” 🤣

This caller needs to stop talking & listen. 48 and no retirement that is ridiculous.

I hate to say this but USD is the best performing asset this year.

Most people will not be able to retire.

I’m 74 retired and we are in debt….paying it down is difficult but doable. We have no retirement funds

Buy some I bonds to offset some of the inflation beating your cash is taking.

0:27 / 6:13 I'm 48 and Have No Retirement, What Should I Do? Marry a 90 year old rich woman.

Sir you over spending I make less money pay more in rent and still manage to save a little stop buying video games

Do a 401k if your company offers it. Do the max. And do the max catchup. Dave really didn't give any advice.

Cut down your expenses and live like poor and start saving for retirement 50% of your salary!

Like me.I spent the last twenty years paying off my student loans, and by the time i'm forty-eight, I'll have finally finished paying them off I had to move to another country because I couldn't keep up with it

Inflation impacts all. When you cash your investment out it will also be impacted by inflation.

When he says Emergency Fund. Is he referring to a savinfs account or a seperate account dedicated to emergencies

Kristina “get a scholarship for retirement “

I’m 48 and I have $225k in retirement savings. I’m adding $30k a year to retirement. I feel like I’m so far behind I’ll never have enough saved in retirement to live comfortably.

I'm losing more than that in my Roth and 403b? I have lost $5000 in an IRA in year

He is better off than 85 percent of the U.s.a, ppl who say this is sad haven't seen sad.

I'm also 48. Own my home outright, no mortgage, and it's worth $700k now. I've been a stay at home mom for the past 5 years while my husband has worked as a freelancer in the tv industry. jobs have dried up for the last 6 month and his normal $120k income has shrunk down to about $70k. We have almost nothing in retirement. We have amassed 25k in credit card debts and we are trying to decide if we should just sell the house now, rent and use our profits from the sale to invest in our retirement funds. But we are also scared of spending cash on rent and buying something in cash is just not possible where we live (in LA) for our family of 3. But we also don't want to end up cash-less. Any advice?

Spending bleed would be the financial version of death by a thousand cuts.

I just turned 49 years old. I have three houses only mortgage debt of both properties. One house is paid off. I don't have an emergency fund and have 42000 saved for retirement. Should I stop saving for retirement and start and emergency fund. I have been putting 1200 a month up. Please help suggestions wanted.

Pay offf the truck or sell it and buy something way cheaper something befitting a 48 year old man who has zero saved for retirement. In other words , he has a retirement hole "debt". and needs to get after that with Geisel intensity. From 18 - 48 yrs he has missed consistent 15 % saving and the magic of compound interest.

It’s frustrating just listening to him

Why would you keep $20k in a safety deposit box? Just put it in your savings

I am 59 and on my way to homelessness. being broke sucks.

I'd do a Traditional IRA and get the tax benefit. Hopefully his employer can do a 401k but I didn't hear what he did for a living.

if you want to hold your money and not let inflation affect it turn it into gold and at least it won’t lose its purchasing power

Where to place the emergency fund? Thanks

Start saving for it now, because fatalism never helped anyone.

If you make close to six figures before age 50 and you're incapable of doing the math to figure out how to retire on your own, it begs the question ... how were you smart enough to make that 'almost' six figures

We need this exact call except for poor people…

SOunds like a Solo 401k might be a better option for this guy. Sounds like he's a sole proprietor so he can add much more than he can into an IRA

48 to 72 is 24 years. Plenty of time.

I’d be suicidal if I was almost 50 and have zero retirement savings! I just don’t understand people, I guess most of it is lack of education in the school system and parents not instilling good habits.

There’s a commercial for life insurance and the parents tell their pregnant daughter oh funeral cost $8000 oh we wouldn’t have the money for that if you don’t have $8000 save what are you doing having a baby

Sounds good but we know nothing about his fiancee's financial situation. It gets complicated. Good luck!

im 101yrs old and have nothing saved for retirement...please help

A natural saver with no money in retirement?

Dave seemed bored with this one.

He's been living that single, play boy lifestyle!

Difficult position to be in with no savings

Dave couldn’t get to reading the baby steps verbatim fast enough before hitting the dump button on this guy.

WHO IS THIS NEW GIRL?????? She seems veryyyyyy nervous😳

Do not get married, $80K is comfortable living if you are single.

a roth ira will not get you anywhere that late, he would be better off buying a trailer to live in, and renting out the house.

Ideally you will have a minimum of 30 years compound interest on your investments before you retire. If you start in your 20s or 30s you will be able to retire in your 60s. If you wait until your 40s you will be working into your 70s to have the same amount of funds available in retirement. Start in your 20s or 30s people! May take you until your 30s to make enough to truly invest.... but when that money comes you better get at it and not spend it all.

What did he do with all his money before his great revelation?

Did the silly woman on the left fired by Dave?

Yes!!! Black girl magic!!!!! Great to see a BEAUTIFUL BLACK WOMEN!!!!!

How much money did he say he has in savings?

A “natural saver” with no retirement?

Time to get a job that is $100k+

This guy just paid closing costs to raise his interest rate wow

She is beautiful

So you’ve got roughly half the time so you need to double the intensity save 30% of your income every month for the next 17 years and you’ll still have less than the person who saved a small amount for 30+ years.

Where has this lady?This co host she was absolutely my number three top favorite

someone asks you what your salary is and you answer how much you make per hour? why don't you tell us how much you earn per millisecond? geez

This guy peobably gets a part of his income in cash and pays no taxes on it. Hence the deposit box 😂😂😂

48 year old *YOLO*

Did I miss something? But whatever happened to this lady that's broadcasting with Dave.

48 years old no retirement. man idk i would give up