Is 57 too late to start saving for retirement? Dave Ramsey says 'of course not'. What to do now to build nest egg

Core Insights - The article discusses the challenges faced by individuals who have not adequately planned for retirement, highlighting the case of a 57-year-old woman named Susan who is now concerned about her financial future [1][2]. Financial Situation - Susan has $57,000 in her IRA and an annual income of $50,000, which she needs to manage effectively to secure her retirement [4]. - She experienced significant financial setbacks due to the pandemic, losing $4,000 a month from her catering business and having to sell her home [3]. Recommendations - Financial experts recommend that Susan save 15% of her income, which amounts to $7,500 per year, in a Roth IRA invested in growth stock mutual funds [4]. - If she consistently contributes $7,500 annually for the next 20 years, she could accumulate just over $1 million by age 77, assuming average market returns [5]. Market Insights - The S&P 500 has historically provided above 10% average annual returns with dividends reinvested, indicating that even late starters can benefit from consistent savings over time [6].