Are you struggling to keep up with your retirement savings? Tune in to this episode of the Ask Ralph Show with Ralph Estep Jr. as he dives into the important topic of saving for retirement. How Does My Retirement Balance Compare to Other People of My Same Age? With Ralph Estep, Jr.

In this episode of the 'Ask Ralph' show, host Ralph Estep Jr. delves into the critical topic of retirement savings. The discussion is sparked by a question from a listener named Debbie, who, at 45 years old, is worried about her lack of retirement savings. Ralph shares compelling stories of two couples with vastly different retirement outcomes and presents hard data on average retirement savings by age. He offers actionable advice on maximizing contributions, cutting unnecessary expenses, and seeking professional help. Throughout the episode, Ralph intertwines financial wisdom with spiritual guidance, emphasizing the importance of planning and preparation in all aspects of life, including finances.

00:00 Episode Overview

00:53 Listener's Question: Retirement Concerns

02:57 A Tale of Two Retirements

05:02 Retirement Savings Statistics by Age

08:45 Strategies to Boost Your Retirement Savings

12:32 Faith and Financial Planning

13:22 Recap and Call to Action

Schedule Appointment with Saggio Management Group, Inc. https://app.acuityscheduling.com/schedule/fabfb9f2/appointment/8258839/calendar/2141336?appointmentTypeIds[]=8258839

What Is the Average Retirement Savings by Age? - NerdWallet

LISTEN NOW

WATCH NOW ON YOUTUBE (OUR VIDEO VERSION)

WATCH NOW ON RUMBLE (OUR VIDEO VERSION)

VISIT OUR ASK RALPH SHOW GEAR STORE FOR ALL KINDS OF COOL MERCHANDISE - ENTER THE CODE "FREEBOOK" FOR A FREE DOWNLOADABLE COPY OF MY BOOK "MASTERING YOUR FINANCES"

JOIN OUR FACEBOOK INSIDERS GROUP

SUPPORT THE SHOW

JOIN RALPH LIVE - EVERY TUESDAY AT 1PM EST

Please share our Podcast with all your friends and family!

Submit your questions or ideas for future shows - email us at 

ralph@askralph.com or leave a voicemail message on our podcast page

Leave A Voicemail Message

Like us on Facebook and follow us on Facebook at

https://www.facebook.com/askralphmedia Twitter (@askralphmedia) or visit www.askralphpodcast.com for more information.

To schedule a consultation with Ralph's team, contact him at 302-659-6560 or go to www.askralph.com for more information!

Buy Ralph's Book - Mastering Your Finances! on Amazon

Buy Ralph's Book - Gospel of Entrepreneurship: Following Jesus in Your Business Journey on Amazon

[00:00:37] Ralph Estep, Jr.: Now before we jump in, if you missed yesterday's show on seeing scripture with fresh eyes, make sure to check it out. You do that at askralph.com. It's a powerful episode that might just reignite your passion for God's word. It certainly helped with mine.

[00:00:59] Ralph Estep, Jr.: "Dear Ralph, I'm 45 years old and I've been putting off saving for retirement. I always thought I had plenty of time but now I'm starting to worry. How does my retirement balance compare to others at my same age? What are the long-term effects of not saving enough? And most importantly, what can I do to catch up? I feel like I'm drowning in financial anxiety."

[00:01:46] Ralph Estep, Jr.: Well, welcome to today's episode of the Ask Ralph show. I'm your host, Ralph Estep Jr., and I am thrilled you've chosen to join me today. Your commitment to improving your financial future while growing in faith is truly inspiring for me. Now, before we dive in, I want to remind you to visit our website. That's at askralph.com. I want you to join our community and share this episode with someone who might benefit from it. And here's a little bonus for you. When you join our email list, you'll get a free copy of my book, “Mastering Your Finances.” Now, if you bought this on Amazon, it would cost you 10 bucks but it's my gift to you for being a part of our community.

[00:02:35] Ralph Estep, Jr.: As we delve into today's topic, let's keep in mind the wisdom from the book of Matthew 6:21. It says this. "For where your treasure is, there your heart will be also." This verse reminds us that our financial decisions often reflect our deeper values and more importantly, our priorities.

[00:03:44] Ralph Estep, Jr.: and the reality of their situation has hit them hard. Tom's company went through a restructuring and his pension isn't nearly what he expected. And unfortunately, Linda's teacher's retirement fund while helpful isn't enough to maintain their lifestyle. They're faced with a harsh reality that they need to work well into their 70s just to make ends meet.

[00:04:30] Ralph Estep, Jr.: and Mike and Karen are also in their mid-60s. But their situation couldn't be more different from Tom and Linda's. They have a retirement nest egg of over $1.5 million. Right now they're planning trips around the world considering buying a vacation home. And most importantly, they have peace of mind knowing they won't be a financial burden on their children.

[00:05:30] Ralph Estep, Jr.: Well now let's talk about some hard data. This comes from an article in NerdWallet from the Federal Reserve Board. I'm going to put a link to that article in the show notes. Based on data from the 2022 survey of consumer finances, the average retirement savings for all families, regardless of age, is $333,940. Well, let's break that down by age. For those of you who are under 35, the average household retirement savings is $49,130 with a median of just under $19,000. In the survey consumer finances, nearly 50% of families headed by someone under age 35 had retirement accounts. What they mean here is, an IRA, a Keogh, a certain employer sponsored accounts, which is a 401(k), 403(b), and thrift savings accounts of the families in this age group who have retirement holdings, like I said, the average value of those holdings is just under $50,000.

[00:06:49] Ralph Estep, Jr.: Now let's move into the age of 45 to 54. Now here we find an average of $313,220 and a median of $115,000. And we still have 62% of households having some sort of retirement account.

[00:07:37] Ralph Estep, Jr.: Now, the next age bracket they talk about is a 65 to 74. So if you find yourself in this group, the average household retirement savings has peaked at $609,230 with that median being $200,000. Now the bulk of these households include someone who is already in retirement or is of retirement age. And according to this survey, 51% of the age group have retirement accounts.

[00:08:33] Ralph Estep, Jr.: Now listen, I read this, and I started to panic because I am nowhere near what I should be for my age, but don't panic if you're not there yet. The key is to start taking action now. Which brings us to your last question, Debbie. And that's what can you do to boost your retirement account balances starting today?

[00:09:26] Ralph Estep, Jr.: The second thing you might want to consider is if you don't have a retirement plan through work, or if you've maxed out your 401(k) or don't have access to one, consider opening an IRA. Now that can get a little bit hairy if you've got another account that you're subject to. So you want to talk to a tax pro before you get into that.

[00:10:21] Ralph Estep, Jr.: Well, another thing you consider. Number 4 on my list here is consider a side hustle. Use the skills God has blessed you with to earn extra income that can go directly into your retirement accounts. I've got a few clients that actually do side jobs, and they take all of that money, every dollar of it, after they put aside some for taxes and put that into their retirement account and it really does grow. Now it doesn't have to be a pretax retirement account, and it could be something like you're going to invest in real estate. You're going to invest in something other than, it doesn't have to be those retirement accounts. That's what we're talking about today, but it could be other things.

[00:11:11] Ralph Estep, Jr.: So Debbie, one of the things I'm going to say too right now is get a better understanding of what accounts you have, get a better understanding of what things are out there that your employer offers. You didn't mention to me if you're working, maybe you're working a side business or something like that. Look at some options. And the final thing. Leads me right to this one.

[00:12:05] Ralph Estep, Jr.: My son is in the coast guard. He just turned 27 and he has for the last several years focused on retirement. Yes. And you're going to say, well, he's 27 years old, but yes. He's doing that 15% plus. So you've got to remember this. It's never too late to start. Yes, you may need to be more aggressive with your savings, but with discipline and smart planning, you can still build a comfortable retirement.

[00:13:09] Ralph Estep, Jr.: God may bring your way in later years. So Debbie and everyone else listening, I encourage you to take action today. Start today with some small steps if you need to, but start. Your future self will thank you.

[00:13:48] Ralph Estep, Jr.: Well, thank you for joining me today on this journey of financial wisdom and faith. Now tomorrow, we're going to tackle another crucial topic. It's technology Tuesday so we're going to be talking about, am I using technology for connection or am I using it for what we call escapism? It's a question that touches on both our digital and spiritual lives. So be sure to tune in tomorrow.