Dave Ramsey, a prominent financial advisor and radio personality, offers straightforward retirement advice, urging individuals to create a solid retirement plan. He stresses that one cannot rely solely on Social Security, which only replaces roughly 40% of pre-retirement income. Instead, he suggests waiting until closer to 70 to take benefits for higher payouts. His quotes remind listeners to prioritize financial stability, including eliminating debt and fully funding emergency savings before considering Social Security benefits.
"Remember, Social Security is like the dessert to your main course - it's the added bonus, not your complete retirement plan. If you still have debt or are living without a fully funded emergency fund, taking your benefits early is not the way to go."
"If you don't have a retirement plan, you're already behind. It's crucial to think about your future and not rely solely on Social Security for your retirement needs."
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