"You're At Retirement age and Broke!"

The Ramsey Show Highlights

Ramsey Network

Business, Investing, Education, Self-improvement

4.5 • 839 Ratings

🗓️ 7 April 2026

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	Brought to you by the Every Dollar app. Start budgeting for free today.
0:06.0	My husband and I are almost to the retirement age. He will turn 65 next week, and I will turn 64 in the summer.
0:15.0	We have no savings, no retirement. Our joint income is around 116K.
0:21.4	We have debt, uh, personal loans, credit cards and automobiles of 83,000.
0:26.8	And we have a $28,000 mortgage lien that we disagree on, but we do have it against
0:32.6	our primary residence.
0:34.3	Um, so my husband looked into getting a cash out refi to roll all of our debt into one loan to free us essentially of all the debt.
0:45.0	Well, it doesn't free you of it.
0:47.0	It moves it onto your house.
0:49.0	Right.
0:50.0	It moves it on to the house.
0:51.0	You're not paying off anything.
0:52.0	You're just moving it.
0:53.0	Right.
0:54.0	Okay. And so I was trying to explain on to the house. You're not paying off anything. You're just moving it.
0:55.3	Right.
0:55.8	Okay. And so I was trying to explain that to my husband, and I said, look, this is a 30-year loan,
1:00.9	and our mortgages at 53K right now, why would it make sense for us to roll all this debt
1:07.5	into another mortgage loan?
1:09.9	We're almost at the finish line. So the loan officer is
1:13.4	tag teaming me with my husband trying to get me to agree that it makes sense to finance this loan
1:21.4	again and put all the debt into one pot. And he's saying that I would be walking away with an extra $3,000 a month
	...

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