George Camel, personal finance expert at Ramsey Solutions and co-host of “The Ramsey Show,” shares top tips for boosting your retirement savings on “Mornings with Maria.”
How you spend post-pandemic could have a negative impact on your retirement savings.
According to Bankrate, more than half of Americans are behind on their retirement savings, and 37% have more credit card debt than they saved in their golden years.
Personal finance expert George Kamel has warned of this impending “crisis”, arguing that America has become “the land of the free and the home of the poor.”
According to a new study from Bankrate, 57% of American workers feel like they’re behind on their savings, and 48% of those surveyed believe they won’t be able to meet their personal retirement goals. |Fox News
Social Security cost-of-living adjustment will be 2.5% in 2025, lower than the previous year.
“This is turning into a retirement crisis, and Generation X is the next step,” Kamel said during an appearance on “Mornings with Maria.” “Gen That’s $56,000. So we have to do something about it.”
Kamel believes the investment could help.
“It could be you. It could be your parents. It could be someone following in your footsteps. But you have to do something about it. And you have to invest nothing. I won’t have any money later.”
“There’s a certain amount of irony, but there’s also a certain amount of reality to it.”
– George Kamel, personal finance expert
Younger generations are becoming increasingly cynical about the U.S. economy, with many rejecting homeownership altogether.
“They’re feeling hopeless. So they’re reevaluating their home and thinking, ‘Well, I can’t do that, I’ll probably end up renting forever.’ ”So there’s a certain amount of irony, but there’s also reality to it. But when it comes to investing, they actually want to know,” he said Friday.
“They want to get to where their parents were, but they want it to take five years, not 25 or 30. They have to think, ‘If I invest… What would happen in 30 years if I didn’t? “What would happen if I were a hare instead of a tortoise?” Invest your retirement money in a very risk-free way and build your wealth. There are many things you can do to build your. ”
George Kamel, personal finance expert at Ramsey Solutions, appears on Mornings with Maria to break down his much-touted retirement approach. (Fox News)
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Kamel also pointed out the importance of tackling one obstacle at a time to build your nest egg, starting with debt.
“We’ve found that doing seven things at once doesn’t really accomplish anything. So if you have consumer debt, you need to tackle it first, because it’s an investment in your future. Because once you get rid of that, if you have $1,000 to send to a lender, even if you start with $0 at age 40, if you pay off that debt in a few years and focus, you can have a billion in net worth. We can make the wealthy retire,” Kamel concluded.
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