Attorney With $3.5 Million Worries About Retiring – Here’s Dave Ramsey‘s Advice

A 62-year-old attorney named Steve from Raleigh, North Carolina, called into “The Ramsey Show” recently with a situation most people would envy. Despite having no debt, a paid-off home and $3.5 million in retirement savings,Steve told personal finance experts Dave Ramsey and Rachel Cruze he was still struggling to feel comfortable retiring.

“What I really want is somebody to tell me that I can stop,” Steve said. While he had been thinking about retirement, he was hung up on two fears: losing income and the rising cost of health insurance.

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Steve explained he earns $175,000 a year and has no pension, but a large nest egg spread across 401(k)s and IRAs. Ramsey broke the math down quickly: if invested in good growth stock mutual funds averaging 10%, steve could generate $350,000 a year without touching the principal.

“[That’s] twice what you make now,” ramsey said. Even if inflation continues to rise, Ramsey and Cruze assured Steve he was financially prepared to retire comfortably.