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A 75-year-old woman from Salt Lake City says she wakes up every day worried after her husband lost more than $500,000 of their retirement savings in an online investment scam and then borrowed another $250,000 trying to fix it.<\/p>\n
\u201cI wake up every day worried,\u201d she said. \u201cI worry about taxes.\u201d<\/p>\n
The woman, Mary, called into \u201cThe Ramsey Show<\/a>\u201d to explain how things spiraled out of control. About a year and a half ago, her 72-year-old husband got involved in what he believed was a legitimate investment opportunity pitched by someone he used to work with.<\/p>\n \u201cHe gave away all our retirement,\u201d she said. A little over $500,000 was liquidated from their retirement accounts and funneled into what turned out to be a cryptocurrency scam<\/a>. \u201cWe got two jobs each,\u201d she added.<\/p>\n Don’t Miss:<\/p>\n When problems started, the scammers told him he needed to pay additional fees and taxes to unlock the funds.<\/p>\n \u201cThey kept saying, \u2018You need to pay these fees and you need to pay this tax,’\u201d Mary said. \u201cHe kept borrowing money and giving it to them, thinking it was getting him out of this scam. But in reality, he was just giving them more money.\u201d<\/p>\n The additional $250,000 came from multiple sources. There were personal loans, $88,000 borrowed from their son, money taken from lending companies, and eventually a reverse mortgage on their home to clean up part of the damage.<\/p>\n Mary said they reported everything to federal authorities, but she does not expect to recover the money.<\/p>\n Now, at 75 and 72, the couple is back in work mode.<\/p>\n Trending: This ETF issuer isn’t chasing the index \u2014 it’s building tools for income, leverage, and conviction<\/a><\/p>\n Their Social Security brings in a little over $5,000 per month. On top of that, they both work part-time jobs, earning several hundred to about $1,000 more monthly, depending on the season. In winter, they work at a resort for extra income. Mary even held a garage sale the morning of the call.<\/p>\n \u201cI just got $218 this morning,\u201d she said. \u201cAll of that goes to paying charge cards, bills.\u201d<\/p>\n Her biggest fear right now is the IRS.<\/p>\n The retirement funds were liquidated in 2024. She said they paid their federal taxes and even received a federal refund, which they used to pay their state taxes. But she is unsure whether more tax trouble could be coming.<\/p>\n \u201cI just keep worrying the other shoe’s going to drop,\u201d she said.<\/p>\n The hosts did not brush off her concern. They told her that if the retirement withdrawal<\/a> happened in 2024 and the taxes were filed and paid early last year, the largest tax hit may already be behind them. But they stressed that she needs proof.<\/p>\n \u201cI would want to see documentation here on out from him,\u201d co-host Rachel Cruze said, urging her to confirm exactly what was withdrawn, what taxes were paid and whether anything is still outstanding.<\/p>\n They told her to meet with a tax professional immediately to sort through the loans, the reverse mortgage and the full scope of the damage.<\/p>\n \u201cThis is way more than we can unravel in these few minutes,\u201d co-host Jade Warshaw said, pressing her to accept outside help.<\/p>\n See Also: Most Retirement Plans Ignore Taxes \u2014 See If Yours Does<\/a><\/p>\n They also emphasized strict budgeting. With retirement savings gone and debt piling up, every dollar matters. The hosts encouraged her to track her spending closely and build a clear plan to attack the remaining balances.<\/p>\n At the same time, they offered emotional encouragement.<\/p>\n \u201cYou are a gangster,\u201d Warshaw told her. \u201cYour attitude in all this is stellar.\u201d She praised her for going back to work, running garage sales and refusing to give up.<\/p>\n The broader warning to listeners was frank: if an investment sounds too good to be true, it is. The hosts said cryptocurrency scams<\/a> are everywhere and often target older Americans.<\/p>\n For households earning $100,000 or more and looking to avoid financial disasters like this, professional guidance makes a big difference. Domain Money<\/a> offers personalized financial planning for people who want to make smarter, more confident decisions about their money.\u00a0 They offer free strategy sessions for those who qualify.<\/p>\n \u201cPlease just be boring,\u201d Cruze said, urging people to stick with steady, traditional investing instead of chasing flashy returns.<\/p>\n Read Next: Private-Market Real Estate Without the Crowdfunding Risk\u2014Direct Access to Institutional-Grade Deals Managed by a $12B+ Real Estate Firm<\/a><\/p>\n Image: Shutterstock<\/p>\n Up Next: Transform your trading with Benzinga Edge’s one-of-a-kind market trade ideas and tools. Click now to access unique insights<\/a> that can set you ahead in today’s competitive market.<\/p>\n Get the latest stock analysis from Benzinga:<\/p>\n This article He Got Scammed Out Of $500K Retirement Savings And Borrowed $250K More. Now At 75 And 72, They’re Working Two Jobs Each. ‘I Worry About Taxes’<\/a> originally appeared on Benzinga.com<\/a><\/p>\n \u00a9 2026 Benzinga.com. Benzinga does not provide investment advice. 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