This Pennsylvania 60-year-old has $0 in savings and $26K in consumer debt — here’s his plan to retire at 65

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t,n=e.getConfig(),o={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(jt["sa-btn-bar"])),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(jt["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(jt["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(jt["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x"),searchGradientBorder:document.querySelector(".".concat(jt["search-border-gradient"]))};if(function(e,t){var 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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};be("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat(Vn)),notifLabel:document.querySelector(".".concat($n))};t.notifDropdown&&ro(e,t)}))}()}};]]>MoneywiseSun, Sep 14, 2025, 3:23 PM 5 min readThe Ramsey Show Highlights / YouTubeMoneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.Like many older Americans, Tom from Lancaster, Pennsylvania is approaching retirement with nothing saved.After witnessing his father die six months before retirement and suffering a heart attack himself, he went on a spending spree: “I was like, ‘I’m going to live like it’s my last,’ because you just don’t know,” he told hosts of The Ramsey Show during a recent episode.Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howDave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPI'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)“I think that’s where I fell into a trap.”Nevertheless, as Tom, 60, told the co-hosts, he’s determined to dig his way out of this trap rapidly — and his game plan was a surprise even to them.Tom’s family doesn’t have a mortgage, so they will be debt-free after their consumer credit is paid off later this year. To maximize his chances of retiring in a few years, Tom intends to max out his retirement accounts — the 401(k) and Roth IRA.Ramsey Show co-host George Kamel recommends using the catch-up contribution room available to someone of this age. The IRS allows workers over the age of 50 to make additional contributions to their tax-advantaged retirement accounts every year.A gold IRA is one option for building up your retirement fund with an inflation-hedging asset.Opening a gold IRA with the help of Goldco allows you to invest in gold and other precious metals in physical forms while also providing the significant tax advantages of an IRA.With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, the company will match up to 10% of qualified purchases in free silver.If you’re curious whether this is the right investment to diversify your portfolio, you can download your free gold and silver information guide today.Tom also intends to sell the family home and downsize to boost his chances. Downsizing has become more difficult in recent years, however, and only 5% of people over the age of 65 report moving between 2016 and 2021, according to Bloomberg.Read more: Rich, young Americans are ditching stocks — here are the alternative assets they're banking on insteadApproaching retirement with debt instead of savings isn’t unusual. U.S. Census data suggests that only 58.1% of baby boomers, older than 56, had at least one retirement account as of 2020. As for what’s in those accounts, by 2022, thosesomeone aged between 55 and 64 had a median debt balance of $90,000, according to data from the Federal Reserve’s Survey of Consumer Finances.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,618.25 -3.25 (-0.05%)Dow Futures45,896.00 -25.00 (-0.05%)Nasdaq Futures24,300.25 -9.00 (-0.04%)Russell 2000 Futures2,424.50 -1.10 (-0.05%)VIX15.69 +0.93 (+6.30%)Gold3,724.10 +5.10 (+0.14%)PortfolioSign in to access your portfolioSign inTop gainersUUUU Energy Fuels Inc. 13.82 +1.89 (+15.84%)OKLO Oklo Inc. 95.68 +12.97 (+15.68%)FIGR Figure Technology Solutions, Inc. 37.33 +4.83 (+14.86%)RZLV Rezolve AI PLC 7.72 +0.96 (+14.20%)DGNX Diginex Limited 10.50 +1.10 (+11.70%)Top losersMENS Jyong Biotech Ltd. 51.82 -9.68 (-15.74%)LRN Stride, Inc. 139.76 -18.60 (-11.75%)ABTC American Bitcoin Corp 7.08 -0.81 (-10.33%)RNA Avidity Biosciences, Inc. 40.22 -4.52 (-10.10%)RELY Remitly Global, Inc. 16.67 -1.49 (-8.20%)Most activeOPEN Opendoor Technologies Inc. 9.50 +0.43 (+4.69%)TSLA Tesla, Inc. 410.04 +14.10 (+3.56%)NVDA NVIDIA Corporation 177.75 -0.07 (-0.04%)SNAP Snap Inc. 7.46 +0.12 (+1.63%)GRAB Grab Holdings Limited 6.14 +0.14 (+2.33%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersGOOG Alphabet Inc. 251.76 +10.38 (+4.30%)OKLO Oklo Inc. 95.68 +12.97 (+15.68%)ASML ASML Holding N.V. 867.30 +53.43 (+6.56%)GOOGL Alphabet Inc. 251.61 +10.81 (+4.49%)UBER Uber Technologies, Inc. 98.85 +2.96 (+3.09%)Top economic events