47-Year-Old Couple With $182k Saved Worry They'll Never Have Enough To Retire – Dave Ramsey Tells Them People End Up Wealthier Than Expected

In a recent call to The Ramsey Show, Angie from San Francisco shared concerns that resonate with many middle-aged couples. At 47, Angie and her husband are debt-free except for their mortgage, which they plan to pay off next year. Despite their progress, Angie wondered if they started too late to secure a comfortable retirement.

Don't Miss:

• The average American couple has saved this much money for retirement — How do you compare?
• Can you guess how many retire with a $5,000,000 nest egg? – How does it compare to the average?
• Miami is expected to take New York's place as the U.S. Financial Capital. Here's how you can invest in the city before that happens.

“We've been saving 15% into our retirement since we found you,” Angie told Dave Ramsey. “But is it really going to happen for us at our age? It's hard to picture.”

The couple has saved $20,000 in an emergency fund, $80,000 in a traditional IRA, $12,000 in a Roth IRA, and Angie’s husband has $90,000 in his retirement account. With a household income of around $200,000, they plan to increase their savings once the house is paid off.

Trending: Founder of Personal Capital and ex-CEO of PayPal re-engineers traditional banking with this new high-yield account — start saving better today.

Angie explained she's been using retirement calculators that tell her she needs $2 million to retire or more. This is causing her to feel hopeless since they're so far from the target goal.

Ramsey assured her they were on the right track but reminded her of the importance of managing expectations. “You're going to be fine,” he said, emphasizing that paying off the mortgage will allow them to save even more. “Fifteen years of saving $30,000 a year, plus what you're already doing, you'll be just fine.”

According to recent data, the average retirement savings for households headed by someone aged 45 to 54 is about $313,220, with a median of $115,000. This suggests that Angie and her husband, who are in their late 40s and have nearly $200,000 saved, are on par with many of their peers but still have room to grow their retirement fund. 

Trending: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?

People in their 40s are often advised to save 15% to 20% of their income to catch up, especially if they start late. With their household income of $200,000, continuing to save aggressively as they plan could significantly boost their nest egg over the next 15 to 20 years, potentially reaching or even exceeding the $1 million mark with disciplined saving and compound interest​.​ 

Ramsey then touched on the limitations of retirement calculators, which often use assumptions that might not match real-world scenarios. “The thing you don't know is what set of assumptions the calculator is using,” he pointed out. He suggested focusing on consistent savings and wealth-building, estimating they could see around 10-12% returns on their investments. He continued, explaining that some calculators build in inflation rates, but he prefers to just save money and build wealth instead. 

See Also: Are you rich? Here’s what Americans think you need to be considered wealthy.

He acknowledged that planning for retirement involves uncertainties but reassured Angie that many people find themselves in a better financial position than they initially calculated. 

"In our experience, in 30 years of working with people, they end up much wealthier than their calculator told them they were going to be," Ramsey told Angie. 

The conversation highlights many people’s concerns about whether they're doing enough, especially if they feel like they're getting a late start. Angie and her husband's story reminds us that while there may be uncertainties, staying focused on saving and paying off debt can put them on a solid path toward retirement.

Read Next:

• Don’t miss the real AI boom – here’s how to use just $10 to invest in high growth private tech companies.
• The number of ‘401(k)' Millionaires is up 43% from last year — Here are three ways to join the club.