Ramsey Solutions personality Jade Warshaw talks about young people living with their parents, 'buy now, pay later' risk and how to best diversify your stock allocation.
Living your golden years doesn't have to be difficult.
“The Ramsey Show” co-host Jade Warshaw revealed the key to “not just surviving, but thriving” in her later years in an interview on “The Big Money Show” on Monday.
“It is very important to invest yourself and make sure you plan your social security,” she stressed.
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The expert pointed to the need to diversify market investments and utilize other retirement funds to maximize financial security during retirement.
“I recommend investing 15% of your gross monthly income in something like a 401(K) or Roth IRA, because Social Security only pays out 40% of what you used to earn. That’s if it still exists,” she said.
Experts recommend using a Roth or Traditional IRA to save and grow your retirement package. (image/image)
Unless changes are made to the system, Social Security benefits for Americans could be cut by 20% as early as 2034, according to the Treasury Department's annual trustee report.
More Americans are struggling to save for the future, Forbes reports on median U.S. households. $470,000 short What you need to retire comfortably.
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Warshaw suggested that people who reach age 62 should start collecting Social Security benefits even if they don't need them and invest them until they need them.
“Then the rate of return is definitely higher than 2%,” she explained.
FOX Business' Kristen Altus contributed to this report.
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