Dave Ramsey Calls Out The 'Bad Life Plan' Many Americans Consider As Retirement Nowadays — 'Save Enough Money So I Can Quit The Job I Hate.'

Celebrated personal finance guru Dave Ramsey calls out Americans who consider saving enough money to quit their jobs because they hate them as a bad life plan. Here's what Ramsey had to say about this flawed approach. 

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Recently, Ramsey wrote on X, formerly known as Twitter, to express his concerns about this latest retirement plan that people are using. He wrote, "Retirement in America has come to mean ‘save enough money so I can quit the job I hate.' That's a bad life plan." Considering that record numbers of Americans are entering retirement age within the next few years, and more than half don't feel that they have saved enough, Ramsey's advice is even more relevant. 

According to CNBC's International Your Money Financial Security Survey, which surveyed 498 people in the U.S., more than half (53%) admitted that they're behind schedule when it comes to saving money for retirement. David Blanchett, a certified financial planner and head of retirement research for PGIM, says, "I think most Americans do struggle to save enough for retirement." 

Another survey, Retirement Insecurity 2024: Americans' Views of Retirement, conducted by Greenwald Research, found that 55% of Americans are concerned that they cannot achieve financial security in retirement, and 73% admitted that high inflation has made them even more concerned. 

So, what does this mean for people who hate their jobs and cannot wait to quit? The New York Times recently reported on a growing trend in the workplace called "resenteeism." Jennifer Libby, a district manager with Insperity in Kansas City, explains that this trend relates to people stuck in a job they grow to hate because they can't leave for financial reasons or because they are unable to find a job elsewhere. Libby adds, "Over time, they begin to resent their employer because they feel trapped in a job they do not want." 

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Ramsey acknowledges that there are instances where people really do dislike their jobs and has provided some useful tips to help shift from this bad life plan. In a blog post shared on Dave Ramsey's website, Ken Coleman provides practical advice like changing your focus. He writes, "If you're constantly focusing on the negative aspects of your current job, your brain is going to continually look for evidence to support that negative view." Instead, you should try to focus on the positive aspects of your job and not just focus on earning money to leave because you hate it there. That's one way to make your time there feel even longer. 

You can also concentrate on the skills you're building. Coleman writes, "You may hate your job today, but think about this: What are you learning there?" Coleman also advises that you'll only ever get out what you put in, and negative thinking will get you nowhere. 

While these tips can help, Coleman suggests brainstorming your dream job and taking stock of your finances if you do plan on quitting your job because nowadays, the average retirement age in the U.S. is evolving and many find themselves working beyond the age of 64. In fact, Suze Orman, a financial expert, feels that "Seventy is the new retirement age, not a month or year before." Ideally, you should try to find a job you are passionate about so you don't mind working later to take advantage of your full Social Security benefits and ensure that you have more than enough money for your retirement. Working just to earn enough money to retire from the job you hate is not a good life plan, nor is it mentally healthy.   

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