I'm 63 And Have Run Out Of Money.

Summary

Podcast Summary: "I'm 63 And Have Run Out Of Money" The Ramsey Show Highlights | Release Date: June 6, 2025

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1. Introduction: Sherry’s Financial Predicament

In this episode of The Ramsey Show Highlights, Sherry, a 63-year-old listener, reaches out for assistance regarding her dwindling finances. Despite living in a fully paid-for home with no debts, Sherry finds herself with only $4,000 remaining in her savings after managing on approximately $1,000 per month for living expenses. Her financial stability is further strained by the absence of Social Security benefits and repeated denials for disability assistance.

Notable Quote:

• Sherry (00:02): "I'm living in a home that is paid for and I owe. I have no bills. I mean, I have bills, but I don't have credit bills. I don't have any debt."

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2. Employment and Health Challenges

Sherry explains that since 2007, she has sustained herself through occasional garage sales and small jobs, but her condition has left her unable to work consistently. Her attempts to secure disability benefits have been unsuccessful, leaving her reliant on savings and food stamps. Sherry's health issues, including chronic headaches, complicated migraines, and diabetes, significantly limit her ability to maintain steady employment.

Notable Quotes:

• Sherry (01:12): "I'm 63. Yeah, 63."
• Sherry (02:17): "No. I can't do something over the phone. I can't do customer service all day long."

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3. Navigating Social Security and SSI Applications

The hosts delve into Sherry's situation regarding Social Security. Sherry has been denied disability benefits five times and is now ineligible due to surpassing the five-year eligibility period. Ken and Jade suggest exploring Supplemental Security Income (SSI) as an alternative, which could provide her with an estimated $600 monthly benefit. Sherry mentions her intention to apply for SSI, highlighting her pressing financial needs, including property taxes and insurance costs.

Notable Quotes:

• Jade (04:44): "Well, sure, it'll be more than what you have now."
• Sherry (04:11): "I talked to a disability lawyer this past week, and she said try and apply for SSI first."

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4. Accessing Home Equity: Caution Advised

Sherry seeks advice on whether to borrow against her home or sell it to secure additional funds. Ken and Jade strongly advise against borrowing against her house, emphasizing the risks of jeopardizing her primary residence. They stress the importance of maintaining financial security, especially given her limited income sources.

Notable Quotes:

• Ken (03:40): "No, no. Don't borrow against the house. Is that what you're asking?"
• Jade (03:42): "Don't borrow against it because that's now putting the one thing that you have that's safe and secure at risk."

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5. Exploring Part-Time Employment Opportunities

Understanding Sherry's limited capacity to work, Ken and Jade suggest pursuing part-time, work-from-home customer service positions as a viable solution. They introduce arise.com as a platform where Sherry can find flexible jobs tailored to her availability and skill set. The hosts encourage her to apply for such roles to supplement her income without overexerting herself.

Notable Quotes:

• Jade (05:26): "You just apply online for customer service jobs."
• Ken (05:45): "Sherry, that's your dream job for you. For you."

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6. Encouragement and Final Advice

The hosts conclude by offering moral support and urging Sherry to take proactive steps in improving her financial situation. They emphasize the importance of not becoming dependent on state assistance and highlight Sherry's strengths and resilience. Ken and Jade assure Sherry that seeking additional income sources is essential and manageable despite her health challenges.

Notable Quotes:

• Ken (07:35): "You got some spunk, Sherry. So summit it all together and say, I'm not going to be a victim here. I'm going to take control."
• Jade (08:02): "Don't do it."

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Key Takeaways:

• Financial Management: Sherry exemplifies living debt-free but underscores the vulnerability of relying solely on limited savings without income streams.
• Disability and Social Security: Navigating the complexities of disability benefits and exploring alternatives like SSI can provide crucial support.
• Home Equity Decisions: Borrowing against home equity can be risky, especially for those with limited income and health challenges.
• Flexible Employment Options: Part-time, remote jobs offer a practical solution for individuals with health constraints seeking supplemental income.
• Proactive Approach: Taking control of one’s financial situation through available resources and support systems is essential for long-term stability.

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Conclusion

This episode of The Ramsey Show Highlights sheds light on the intricate balance between managing finite resources and addressing unforeseen financial challenges. Sherry's story serves as a reminder of the importance of diversified income sources and proactive financial planning, especially in the face of health-related obstacles.

Transcript

[Sherry]

Brought to you by chm, a biblically based alternative to health insurance. Learn [e-mail] budget I'm living in a home that is paid for and I owe. I have no bills. I mean, I have bills, but I don't have credit bills. I don't have any debt. Let's put it that way.

[Jade]

Great.

[Sherry]

Cars are paid for. The problem is my home is in a trust for me, and I'm running out of money myself. I have. I've been able to survive since 2007 on my savings, but I'm down to $4,000.

[Ken]

Oh, my goodness. Hold on one second. How much are you burning through in a. In a month and then in a year?

[Sherry]

About a thousand dollars a month.

[Ken]

Your expenses are only $1,000 a month?

[Sherry]

Yeah, I don't owe anything. I just pay my gas and electric and. And cost of living. I do have food stamps, and I make sure that I. I don't shop beyond what's on those food stamps.

[Jade]

How old are you, Sherry?

[Sherry]

I'm 63. Yeah, 63.

[Ken]

And you've been doing this since 2007, essentially living on $1,000 a month out of a savings account?

[Sherry]

Well, 2007 to 2013, I kind of lived off of whatever I could make doing garage sales or helping the old person or little things here and there. So sometimes it was less than that.

[Jade]

But you don't have any Social Security?

[Sherry]

No, because I'm too young. And when I applied for disability, they kept denying me and denying me and denying me, and they said, you can reapply again next year.

[Jade]

What's your age? What's your age for Social Security? Have you done the math?

[Sherry]

67? Yeah, 67.

[Ken]

So you live on your own.

[Sherry]

After five years of denying me, they said, well, you've already passed the five years of being eligible for disability, so now you can't have disability.

[Ken]

What. What is. What would the disability be for? You have some type of physical limitation?

[Sherry]

Oh, I have a ton.

[Ken]

Oh, okay. So are you able to work at all?

[Sherry]

No.

[Ken]

You can't do something over the phone. You can't do customer service all day long. You sound great on the phone right now.

[Jade]

I have the same thought.

[Sherry]

Thank you. Well, the problem with. Because I've thought about that, too, is that I have chronic headaches and complicated migraines. And also with my diabetes, sometimes my blood sugar drops really quickly. Although I'm getting better control over that. I was even thinking about just doing something for, like, four hours a day, like renting.

[Ken]

That's what I That's what I was about to say. I do not want to minimize your physical ailments at all. But you know, those. Those. Those headaches aren't all day long. Every day, presumably, Correct?

[Sherry]

Well, the headaches are. The migraines are. The migraines are worse in the winter time. Winter time is most difficult. I have three months that I'm okay.

[Ken]

But my point is, you have got to do some type of work in and around your ailments. There is no other alternative. You don't want to be a ward of the state, so you call us today in a pretty desperate situation. Correct?

[Sherry]

Correct.

[Ken]

So what is the core of your question?

[Sherry]

The house is paid for. I didn't know.

[Ken]

That's great.

[Sherry]

What would be the best way to get money out of the house? Because it's in the truck.

[Ken]

No, no. Don't borrow against the house. Is that what you're asking?

[Sherry]

Yes. I should borrow or sell.

[Ken]

Jade, tell her why that's a horrible decision.

[Jade]

Don't borrow against it because that's now putting the one thing that you have that's safe and secure at risk. Because income is an issue for you, and so you don't want to do anything that's going to add debt to your life, and then next thing you know, you can't make the payment. But I do want to circle back to the Social Security. Why are you not able to take the minimum benefit at 62? I mean, obviously if you wait longer, you'll get more, but why are you not able to. Have you checked into that?

[Sherry]

I checked into it. I talked to a disability lawyer this past week, and she said try and apply for SSI first. So that's what I'm doing this week. I'm applying for SSI so I can at least get, like, $600 a month from SSI. If they deny me, then I will have no choice than to tap into my Social Security. But, you know, my property taxes are $2,600 a year. And then you've got the insurance and car insurance and bills, and I don't even know if that'll be enough to.

[Jade]

Well, sure, it'll be more than what you have now.

[Ken]

I want to come back to the fact that's true. You have. If. Even if you're working 20 hours a week, anything four hours a day, five days a week, doing customer service on the phone, you're. You're. You're very sharp. You're very kind. You can be doing something like that. You have to. You've got to be bringing in some income. But here's the good news. How do you get jobs like that?

[Jade]

You just apply. You got to apply online for customer service jobs.

[Ken]

Here's what's great about those jobs. Everybody's not looking for those. In fact, most people turn down their nose at those things. Sherry, that's your dream job for you. For you. I mean, you understand what I'm saying, right?

[Jade]

I've said it before. I've said it before and I'll say it again. We in no way endorse this company. But back in the day when I used to work on cruise ships, I'd go out for a long contract, but then I'd have a little spurt of time that I would look for work and I'd go on this website. It's still there. You can go on arise.com and it's all work from home. Remote customer service jobs.

[Ken]

Yeah.

[Jade]

You pick what you want, it tells you ahead of time what the pay is and you get to. You literally go on and pick your hours. So you can say, I only want to work a 30 minute block or, or here I want to work an hour and a half block. And you do it like that. It's out there. I'm telling you. Go to arise.com and see what's out there.

[Ken]

You do not have competition for those jobs, Sherry. People don't want those jobs. You actually need this job. And you get on the phone, you go, hey, I'm 63, I'm great with people.

[Jade]

Yep.

[Ken]

I need some part time work. They don't need to know about all your business. They don't need to know about your headaches and all that stuff.

[Jade]

You don't even have to do that. It literally, it's not even an interview, girl. You just go on there, apply for your stuff, put your headset on, and you're in it.

[Ken]

I love it. So here's the. Let me do the math for you, Sherry. If you're working just 20 hours a week, okay. You can make enough to take care of all of your basic bills. The good news for you is you own your home free and clear.

[Jade]

Yes.

[Ken]

You have no debt and you've been living unbelievably cheap. So we're not talking about a 40 hour a week, six figure job, but you've got to bring some income in.

[Sherry]

Yes.

[Ken]

I don't care how you do it.

[Jade]

So are you going to hop on a rise when you get off this call or.

[Sherry]

No, on Monday. I got to get my SSI applied for today.

[Jade]

Okay.

[Ken]

All right. Well, point is, is I'd also be.

[Sherry]

Looking at probably this weekend, I will probably die.

[Jade]

Yeah.

[Sherry]

Don't wait till Monday into the Internet. And. And look.

[Ken]

Yeah, I was gonna say, what you got going on tonight, the way you're living, you don't have a big party life going on tonight. It's not you and the fried green tomatoes hitting the town. Right?

[Jade]

Fried Green Tomatoes.

[Ken]

Do you like that reference? Yeah, you know, I'm just trying to go to her age group. You know, it could be the Sisterhood of the Yaya Pants or whatever that was. I don't know.

[Jade]

That's good. Anything?

[Ken]

Yeah, anything. Like, I'm pulling up anything I can right now. It's not Thelma and Louise tonight. They're not painting the town red.

[Jade]

Got it.

[Ken]

Sherry's around the house. You can get online. And listen, this is a serious, serious thing, and you've got to happen to this problem. You know, you've got some. Some spunk, Sherry. So summit it all together and say, I'm not going to be a victim here. I'm going to take control. And you can, but you got to get after it. And for no reason at all, I'm afraid. People coming up to her going, well, Jade and Ken said not to borrow against the house, and somebody telling her how she needs to do that.

[Jade]

Don't do it.

[Ken]

There you go. Thank you, Sherry. We're rooting for you.

[Sherry]

CHM isn't health insurance. It's a health cost sharing ministry. Check it out for [e-mail] budget.