‘I’m terrified’ Dave Ramsey suggests how man, 60, with no pension can get by in retirement

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On a video posted on The Ramsey Show – Highlights YouTube channel this year, Dave Ramsey offered Mark, 60, guidance on how he could have an easier, less stressful retirement with income coming in. Mark said: “In five years, I would like to be retired or semi-retired.

“I have no pension, or retirement savings but my business is rental properties.”

Mark had 32 rental properties, and he wanted to sell them as it was hard to upkeep.

With the last property he sold, he took the money from it and paid off his mortgage.

He had around $70,000 (around £53,000) sitting in the bank.

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Mark is confident in property and knows the business, however he wants to explore investing in the stock market even though he said it was out of his “comfort zone”.

He continued: “I’m terrified. I’m a bit sceptical to put my money into mutual funds.”

Mark had a portfolio worth $2.1million (around £1.5million), however he wanted to sell the properties as he maintains them all by himself.

With no one to help him, it was getting harder and harder.

During retirement, he does not want to have to run around and maintain the properties.

Dave suggested that instead of Mark trying to sell all of his properties to put his money in the stock market, he should invest in different kind of real estate.

He said: “You’re in the highest hassle factor type of real estate.

“I would consider buying a commercial property that’s income producing such as an office building.

“Something that has a lot less maintenance issues and a lot less hassle with the tenant issues.”

The money guru went on to explain how mutual funds work.

He said buying into mutual funds are “scary” if people have never done it before, but over time they can learn and become confident in the stock market.

He added: “You need to continue the process of learning a whole new type of investing and just work on it.”

He suggested that Mark do this a little bit at a time. There is no rush to sell his properties unless he fully understands what he will put his money into, the personal finance commentator said.

With investing, capital is at risk so people should understand fully where their money is going.

If unsure they can speak to financial advisors.

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