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After 46 years of work and a six-figure income, a 64-year-old South Carolina man thought he was approaching retirement. Instead, he finds himself staring down more than $230,000 in debt while wondering if he\u2019ll be able to stop working anytime soon.<\/p>\n
Bruce shared his situation on \u201cThe Ramsey Show<\/a>,\u201d explaining that he wants to retire by age 65 but is struggling to get control of his finances. Despite earning about $160,000 a year and having significant retirement savings, he admitted that debt and spending habits have put his plans at risk.<\/p>\n A Retirement Plan That Doesn\u2019t Add Up <\/p>\n Bruce told personal finance expert Dave Ramsey that he and his wife have more than $20,000 in credit card debt, a $12,000 car loan, a $118,000 mortgage, and a $36,000 second mortgage.<\/p>\n Don’t Miss:<\/p>\n At the same time, he has roughly $735,000 saved between his 401(k), Roth IRA, traditional IRA and an annuity<\/a>.<\/p>\n Still, he hoped to eliminate the debt within a year and retire shortly afterward.<\/p>\n Ramsey quickly pushed back on that idea.<\/p>\n \u201cYou\u2019re not going to retire with 230,000 paid off in one year,\u201d he said. \u201cYou don\u2019t have the money.\u201d<\/p>\n The bigger issue, according to Ramsey, wasn\u2019t the debt itself. It was the spending behavior<\/a> that created it.<\/p>\n Bruce admitted he had been paying down the credit cards, only to see balances climb again months later.<\/p>\n When Ramsey asked how that happened, Bruce responded, \u201cNot enough boundaries, not enough conversation.\u201d<\/p>\n Trending: Traditional IRAs don’t let you invest in everything\u2014see how IRA Financial helps investors unlock self-directed retirement accounts.<\/a><\/p>\n That answer appeared to confirm what Ramsey already suspected.<\/p>\n \u201cYour household spending\u2019s out of control,\u201d he said.<\/p>\n Ramsey warned that even if Bruce somehow became debt-free, the debt would likely return unless the couple addressed the root cause.<\/p>\n A Difficult Conversation After 36 Years Of Marriage <\/p>\n As the discussion continued, Ramsey focused on what he saw as a lack of financial alignment between Bruce and his wife.<\/p>\n After learning the couple had been married for 36 years, Ramsey called for what he described as a serious \u201ccome to Jesus meeting.\u201d<\/p>\n \u201cWe are screwed and we have screwed ourselves and we have to fix this now and never go back to the old ways,\u201d Ramsey said, describing the conversation he believed the couple needed to have.<\/p>\n Story Continues <\/p>\n He urged them to cut up their credit cards<\/a>, create a budget and start living on roughly $80,000 a year while using the rest of their income to eliminate debt.<\/p>\n For individuals facing significant credit card and unsecured debt alongside retirement planning concerns, some explore structured debt relief options that may help reduce overall balances and simplify repayment through negotiated programs. Accredited Debt Relief<\/a> works with consumers to review eligibility and, where appropriate, assist with resolving qualifying unsecured debts based on their financial situation.<\/p>\n See Also: Dave Ramsey has long stressed investing with intention \u2014 now some are looking at early-stage plays in the fast-growing lithium space<\/a>\u00a0<\/p>\n Ramsey also addressed Bruce\u2019s reluctance to push back on spending, saying that after decades of marriage, he needed to be willing to tell his wife \u201cno\u201d when purchases didn\u2019t fit their financial plan.<\/p>\n \u201cShe\u2019s going to get to hear a word that you haven\u2019t told her in a long time. And here\u2019s the word: No,\u201d Ramsey said. \u201cWe\u2019re not doing that. We are broke people.<\/p>\n Ramsey then challenged Bruce\u2019s retirement expectations<\/a>.<\/p>\n \u201cYou guys can\u2019t live on 160,000. How are you going to live on retirement income?\u201d he asked.<\/p>\n Bruce estimated his retirement income would be roughly half his current earnings.<\/p>\n That prompted one of the harshest warnings of the call.<\/p>\n \u201cThis is going to run off until you\u2019re 90 and you\u2019re going to be eating dog food,\u201d Ramsey said. \u201cAnd this is where this is headed.\u201d<\/p>\n Read Next: Retirees With $1M+ In Savings Are Rethinking Their Tax Strategy \u2014 Here’s Why Some Are Turning To Specialized Advisors<\/a><\/p>\n Building Wealth Across More Than Just the Market <\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, professional financial guidance, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.<\/p>\n Rad AI<\/p>\n RAD Intel is an AI-driven marketing platform helping brands improve campaign performance by turning complex data into actionable insights for content, influencer strategy, and ROI optimization.<\/a> Positioned within the multi-hundred-billion-dollar digital marketing industry, the company works with global brands across sectors to improve targeting precision and creative performance using its analytics and AI tools. With strong revenue growth, expanding enterprise contracts, and a Nasdaq ticker reserved under $RADI, RAD Intel is opening access to its Regulation A+ offering, giving investors exposure to the growing intersection of AI, marketing, and creator economy infrastructure.<\/p>\n Arrived<\/p>\n Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100<\/a>. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.<\/p>\n Lightstone<\/p>\n Lightstone DIRECT gives accredited investors access to institutional-quality multifamily real estate opportunities backed by a vertically integrated operator with more than $12 billion in assets under management and a 40-year track record.<\/a> With more than 25,000 multifamily units nationwide \u2014 including significant exposure to low-supply Midwest markets where rent growth has remained resilient \u2014 Lightstone is positioning investors to benefit from tightening housing supply, strong occupancy trends, and long-term rental demand. Through Lightstone DIRECT, individuals can co-invest alongside the firm, which commits at least 20% to each deal, offering exposure to professionally managed multifamily assets designed to generate durable income and long-term appreciation beyond the traditional stock market.<\/p>\n AdviserMatch<\/p>\n AdviserMatch is a free online tool that helps individuals connect with financial advisors based on their goals, financial situation, and investment needs<\/a>. Instead of spending hours researching advisors on your own, the platform asks a few quick questions and matches you with professionals who can assist with areas like retirement planning, investment strategy, and overall financial guidance. Consultations are no-obligation, and services vary by advisor, giving investors a chance to explore whether professional advice could help improve their long-term financial plan.<\/p>\n Accredited Debt Relief<\/p>\n Accredited Debt Relief is a debt consolidation company focused on helping consumers reduce and manage unsecured debt through structured programs and personalized solutions<\/a>. Having supported more than 1 million clients and helped resolve over $3 billion in debt, the company operates within the growing consumer debt relief industry, where demand continues to rise alongside record household debt levels. Its process includes a quick qualification survey, personalized program matching, and ongoing support, with eligible clients potentially reducing monthly payments by 40% or more. With industry recognition, an A+ BBB rating, and multiple customer service awards, Accredited Debt Relief positions itself as a data-driven, client-focused option for individuals seeking a more manageable path toward becoming debt-free.<\/p>\n Finance Advisors<\/p>\n Finance Advisors helps Americans approach retirement with greater clarity by connecting them to vetted, fiduciary financial advisors who specialize in tax-aware retirement planning<\/a>. Rather than focusing on products or investment performance alone, the platform emphasizes strategies that account for after-tax income, withdrawal sequencing, and long-term tax efficiency\u2014factors that can materially impact retirement outcomes. Free to use, Finance Advisors gives individuals with meaningful savings access to a level of planning sophistication historically reserved for high-net-worth households, helping reduce hidden tax risk and improve long-term financial confidence.<\/p>\n Immersed<\/p>\n Immersed is a spatial computing company building immersive productivity software that enables users to work across multiple virtual screens inside VR and mixed-reality environments. <\/a>Its platform is used by remote workers and enterprises to create virtual workspaces that reduce reliance on traditional physical hardware while improving focus and collaboration. The company is also developing its own lightweight VR headset and AI productivity tools, positioning itself in the future-of-work and spatial computing space. Through its pre-IPO offering, Immersed is opening access to early-stage investors looking to diversify beyond traditional assets and gain exposure to emerging technologies shaping how people work.<\/p>\n Image: Shutterstock<\/p>\n This article His Wife Is Spending Faster Than He Can Pay It Off. $230K In Debt, He Wants To Retire, But Dave Ramsey Says He Might Be ‘Eating Dog Food’ At 90<\/a> originally appeared on Benzinga.com<\/a><\/p>\n \u00a9 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. 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