After a lifelong mom at home, she found that divorce at 51 would overwhelm almost everyone and couldn’t figure out how to take financial control of their lives. That’s what happened to Trisha, who left the Ramsey show after 22 years in 2022, (1) took his annual income of $130,000 with him, but left behind the new car he bought her the month before, paying $596 a month.
Now she has had several years to solve herself and she hopes to find a way forward. In addition to having to support herself, she is also afraid of retirement. “I have been raising kids all my life, homeschooling. I basically haven’t retired,” she told hosts Ramsey and Jade Warshaw.
But Ramsey said she could get back on track even if she started saving late. What to do if you find yourself working hard to make up for the time wasted when saving retirement.
Although Trisha was worried about her future, Ramsey was relaxed, saying, “Your math will get better. You will get there.”
Trisha told the owner that she had refinanced her car loan to save her money, started her second job and saved $38,000 in the money market fund and $3,000 in another account. Through this rather solid foothold, Ramsey suggests his 7 baby steps plan, (2) his approach to building wealth.
These steps are:
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Save $1,000 introductory emergency fund
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Pay off all debts (except mortgage)
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Save three to six months of living expenses in emergency funds
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Invest 15% of your family income
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Save for the kids
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Pay off the house early
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Build wealth and give
Ramsey, together with Trisha, completed the steps and suggested that she pay off the remaining balance of the car first, about $25,000.
“Write a check today and pay back the car,” he said. Although he admitted it would be “very scary”, he also noted that she had $16,000 left in savings, which was a good start for an emergency fund.
Since she already had an emergency fund, her kids had finished college, she rented a home instead of owning a house, Ramsey concluded that the only big thing Trisha had left was Step 4, investing 15% of her income.
She earned $52,400 and earned $14,000 in her second job last year. She is also eligible for the 401(k) employer competition. Running the numbers, Ramsey is confident that if Trisha invests 15% of her income from 51 to 70, she will end up earnings of $600,000 to $800,000, even if she never gets another raise.
He left her a key advice: “You have to continue to be very process-driven, math-driven, and let facts talk to you,” he suggested. “You can fight for it. You can do it.”
Trisha’s fear of retirement is not unique. According to the Gallup poll, while 59% of Americans have a retirement account, such as a 401(k) or an IRA, only about half of Americans think their savings are enough to live comfortably. (3)
The balance did not inspire much confidence. Vanguard’s 2025 America Saves Report report shows that the average retirement account balance for pioneer participants is $148,153, but the median balance (better reflects typical savers) is $38,176. Even for those closest to retirement, the median balance is $95,642. (4)
This number may sound big, but under the normal “4% rule” it will earn less than $4,000 a year in retirement income. For someone like Trisha, the point is clear: taking consistent investment seriously now can be the difference between scratches and retirement safety.
Read More: Here are 5 Easy Ways to Rich with Real Estate – Whether you have a $10 or $100,000 investment
If you’re behind saving retirement, or starting from scratch like Trisha, there are some specific steps you can take to catch up:
Determine your retirement number: The general rule of thumb is to target 10 times the final salary saved by retirement. For example, if you plan to earn $60,000 a year after retirement, you need to save about $600,000. Use Investor.gov’s calculator to insert your current age, expected contributions and time ranges to see what it needs.
Maximum catch-up contribution: Workers aged 50 and older can limit the standard of $23,000 to an additional $7,500 to 401 (k) in 2025. IRA holders can add an additional $1,000 to the $7,000 annual limit. These regulations are specifically started for the late period.
Investment Growth: Diversified Equity Index Fund Portfolio is the key to building wealth over twenty years. While bonds provide security, stocks provide long-term growth that you are late.
Delaying retirement if possible: Extra work for a few years can greatly increase nest eggs by giving investment more time while reducing the years you need to reduce the savings.
From 51, it may feel scary, but as Trisha’s example shows, it’s not too late. With concentrated savings, smart investments and stable discipline, you can still build meaningful retirement funds and regain control of your financial future.
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Ramsey Performance (1); Ramsey Solution (2); Gallup (3); Pioneer (4)
This article provides information only and should not be construed as advice. It is without any warranty of any kind.
