Money Talks News may earn commission or revenue through links in the content below. Our editorial team independently selects all products. Compensation does not influence our recommendations.
A caller who’s nearly 64 recently told Dave Ramsey he’d never had a retirement plan. None of the places he’d worked ever offered one. (1)
He’s a part-time pastor and machinist, working about 30 hours a week, with a projected Social Security check of about $1,500 a month. His wife is already on Social Security and can’t work. Serious health setbacks forced them to refinance the house to cover medical bills. (1)
Ramsey’s verdict: “I do not know how to fix your situation except add money to the equation.” He even joked that his “magic wand is low on batteries.” (1)
I’ve been a CPA since 1981, and I respect Ramsey’s honesty. But “I don’t know” isn’t where this conversation should end. This couple has more options than he gave them credit for.
They’re also far from alone. Only 35% of Americans who aren’t yet retired told the Federal Reserve their retirement savings are on track. (2) For millions of families, Social Security — plus the rules and programs built around it — is the plan. (3)(4)
Here are the six lifelines I’d look at first.
1. Time Social Security to protect the survivor
When one spouse dies, the survivor doesn’t get both checks. She keeps the larger one. A widow at full retirement age can receive up to 100% of her late husband’s benefit. (3)
That makes the higher earner’s claiming date a life insurance decision as much as a retirement decision. If his check is the bigger one, waiting to claim can raise the income his wife lives on if she outlives him.
With serious health issues, waiting isn’t automatic. But it should be a deliberate choice, made with the numbers in front of them — not a guess.
2. Apply for help with Medicare costs
This is the lifeline I see people miss most often. State-run Medicare Savings Programs can pay Part B premiums — and at the lowest income levels, Medicare deductibles and copays too. (4)
In 2026, a married couple can qualify for help with Part B premiums with monthly income up to $2,184 under one program, or up to $2,455 under another, as long as their savings and other resources stay under $14,910. (4)
Rules vary by state, so apply through your state Medicaid office.
Qualifying also opens the door to Extra Help with prescriptions, which caps 2026 copays at no more than $12.65 per covered drug. (4) For a couple managing serious health conditions, those savings can add up fast.
3. Take a hard look at the house — even if Ramsey won’t
Ramsey publicly opposes reverse mortgages. (1) He has his reasons: they cost more than a regular mortgage, and the loan balance grows over time. But for a 64-year-old with a mortgage payment and no savings, refusing to even look is a luxury.
A federally insured reverse mortgage is available to homeowners 62 and older, and you must meet with a HUD-approved counselor before you get one. (5) Used carefully, it can pay off an existing mortgage and eliminate that monthly payment. You still owe property taxes, insurance and upkeep.
One big caution for this couple: if the wife isn’t on the loan, she needs to qualify as an “eligible non-borrowing spouse” to stay in the home after he dies or moves into long-term care. (6) Get that nailed down in writing before signing anything.
If you’re 62 or older, the equity in your home could become cash you can use now. A reverse mortgage lets eligible homeowners convert part of their home equity into funds — while keeping ownership of their home, with no required monthly mortgage payment.
See how a reverse mortgage works and whether you qualify.
Quick gut-check — if your money advice is coming from random online influencers, you’re playing a dangerous game. I’ve been a CPA since 1981 and writing about money since before the internet existed. Sign up for the free Money Talks Newsletter and get expert advice that’s been tested by time.
4. Cut the fixed bills that never stop
On a fixed income, shrinking a bill that shows up every month is the same as giving yourself a raise. And the easiest place to start is usually the phone.
Big carriers spend billions on ads, and your bill pays for it. The same calls, texts and 5G coverage cost a fraction with Tello Mobile on T-Mobile’s reliable network — see plans from $10 a month.
Switching takes minutes, you keep your number, and there’s no contract. Check out Tello today.
5. Protect the budget from surprise repairs
When there’s no savings, a dead water heater doesn’t just ruin your week. It becomes a credit card balance.
Furnaces, water heaters, refrigerators — home systems don’t fail on schedule, and replacing them can run into the thousands. On a fixed income, one bad month can undo a year of careful budgeting.
Choice Home Warranty turns those surprises into one predictable monthly cost. When a covered item breaks, they dispatch the technician — you pay a set service fee, not the whole bill. See what predictability costs — get your free quote today.
6. Keep working — but on your terms
Here’s where Ramsey is right: more income is the most powerful lever this couple has. Every month of paycheck is a month Social Security doesn’t have to cover everything.
That doesn’t have to mean more grueling hours. Even modest part-time income that covers the grocery bill can buy them time to put the other five lifelines in place.
The bottom line
Dave Ramsey’s right that there’s no magic wand. But there’s a big difference between having no magic wand and having no options.
This couple’s retirement won’t look like a brochure. Few do. But between smart Social Security timing, help with Medicare costs, a clear-eyed look at the house and a few trimmed bills, they can build something more secure than “I don’t know how to fix this.”
If you’re in the same boat, don’t let anyone — even a famous radio host — tell you it’s hopeless. Start with the lifeline that’s easiest to grab, then reach for the next one.
Sources: 1. 24/7 Wall St.; 2. Federal Reserve; 3. Social Security Administration; 4. Medicare.gov; 5. Consumer Financial Protection Bureau; 6. Consumer Financial Protection Bureau
Add a Comment