I'm 84 and My Retirement Is Being Stolen

Summary

Podcast Summary: The Ramsey Show Highlights

Episode: "I'm 84 and My Retirement Is Being Stolen"
Date: June 16, 2026
Host: Dave Ramsey (with Jeff)
Guest: Gene

---

Overview

In this episode, Dave Ramsey takes a call from Gene, an 84-year-old retiree who has fallen victim to identity theft resulting in a substantial financial loss from her retirement account. The conversation explores the scam’s mechanics, potential liabilities, immediate next steps, broader issues in financial security, and offers support both from the Ramsey team and their partners.

---

Key Discussion Points & Insights

1. Gene’s Identity Theft Story

• Gene’s Issue:
  Gene explains that someone used her stolen identity to open a new checking account, moving $45,500 from her wealth management retirement account without authorization ([00:08]).
• Method of the Theft:
  The perpetrator electronically connected the fraudulent checking account to her wealth management account, withdrawing funds despite Gene never using online management herself ([00:38]).

2. Liability and Company Response

• Is the Wealth Management Firm Liable?
  • Dave immediately questions why Gene’s wealth management company hasn’t taken responsibility, comparing the incident to a bank refunding a customer after a security breach ([00:52], [01:05], [03:41]):

    "It was. They got hacked… that's on them." – Dave Ramsey ([01:05]) "I'm pretty sure this wealth management company is liable for this." – Dave Ramsey ([03:41])

• Company's Communication with Gene:
  • Gene only learned about the fraud after the company alerted her of suspicious account and email changes ([02:05]). By then, the funds were unrecoverable.

3. Protecting Remaining Assets

• Immediate Steps:
  • Dave urges Gene to contact her wealth management firm ASAP to secure the rest of her funds and demand a refund for the stolen money ([02:41], [06:16]).
  • The Ramsey team offers to connect her with Jeff Zander from Zander Insurance and a Ramsey Financial Coach at no charge as support ([05:03], [06:16]).

    "We're going to take care of all of it. We're going to make sure you're okay." – Dave Ramsey ([06:16])

4. Challenges for Seniors & Legal Help

• Gene’s Difficulty Seeking Legal Aid:
  • Gene shares her struggle to get help from local attorneys, feeling dismissed because of the case’s size ([05:57]).

    "I guess I’m just peanuts, you know, to them." – Gene ([05:57]) "Yeah, the $45,000 is peanuts, but you're not peanuts." – Dave Ramsey ([06:10])

5. Broader Financial Security Concerns

• Cybersecurity Failures:
  • Both Dave and Jeff criticize the wealth management company for poor security, noting how easily the thief changed contact info and moved funds ([07:03], [07:14]).

    "Cyber security, at a minimum, is horrible at this company." – Dave Ramsey ([07:14])

• Client Protection & Fiduciary Duty:
  • Dave reflects on the industry standard to prioritize and protect elderly clients, pointing out that a responsible advisor would never let this happen ([08:29]).

    "84 year old widows would be at the top of your list." – Dave Ramsey ([08:29])

6. Notable Theories & Observations

• Partial Withdrawal Red Flag:
  • The group notes it's odd that only a partial amount ($45,500 out of $169,790) was stolen, speculating about potential inside knowledge or even the involvement of someone close to Gene ([01:47], [08:45]).

    "Well, what's curious is they only took 45,169. That sounds nefarious to me." – Jeff ([08:45]) "I'm still afraid a relative of hers is doing this." – Dave Ramsey ([08:53])

---

Memorable Quotes & Moments

• Gene’s Vulnerability:

  "I've always done by phone or direct mail." – Gene ([00:41])

• Dave’s Encouragement:

  "You're going to be all right. But what we have to do is stop this from happening anymore, and we have to apply for and get the refund." – Dave Ramsey ([06:10])

• Industry Commentary:

  "The book of business grows when you love the people in the book." – Dave Ramsey ([08:33])

• On Cybersecurity:

  "These goobs release this money to a fresh email and fresh address that they did not already have on file." – Dave Ramsey ([07:03])

---

Important Timestamps

• 00:08 – 01:05: Gene describes the theft and Dave assesses the liability.
• 01:31 – 01:52: Amounts discussed, revealing $45,500 stolen from a $169,790 account.
• 02:05 – 02:24: Gene explains how the company responded and tried (unsuccessfully) to reverse the transaction.
• 03:41 – 04:10: Dave details why he believes the company should be responsible for the loss.
• 05:03 – 06:16: Dave commits to personal support, engaging Zander Insurance and Ramsey coaches for Gene.
• 07:03 – 07:14: Harsh critique of the wealth management company’s lack of security.
• 08:29 – 08:33: Discussion of best practices for advisors handling elder clients.

---

Tone and Takeaways

• Supportive and Solution-Oriented: Dave is direct, empathetic, and proactive throughout, determined to make Gene feel valued and protected.
• Critical of Lax Providers: There's strong criticism of the financial institution’s security and response, and a call to higher industry standards.
• Empowering the Vulnerable: The hosts reinforce that even small clients deserve care, and they rally resources for Gene, setting an example for responsible financial stewardship.

---

Conclusion

This episode is a sobering look at elder financial fraud and the obligations of financial institutions. Dave and his team not only diagnose the challenge but mobilize personal and professional support, emphasizing integrity, tangible action, and compassion. Essential listening for anyone concerned with financial security, senior advocacy, or industry ethics.

Transcript

[Dave Ramsey]

Zander shops all the top term insurance companies to save you money. Get [e-mail].

[Gene]

someone used my stolen ID electronically to open a checking account in another bank and stole funds from one of the accounts that I have with a wealth management company where I have retirement and investments.

[Dave Ramsey]

Wait, wait. I'm sorry. They opened a checking account at another bank? How were they able to steal funds from your wealth management company?

[Gene]

They used the checking account electronically to go into the wealth management company.

[Jeff]

And so they had all your information to do this?

[Gene]

They evidently did. And. And I never have managed any of those accounts by phone or direct. Electronically. I've always done by phone or direct mail.

[Dave Ramsey]

So why is your wealth management company not liable?

[Gene]

That's my question. Are they not liable? Because this loss I sustained was not associated with, you know, market value multiple.

[Dave Ramsey]

It was. They got hacked. Yeah, their site got hacked by an identity thief. I think that's on them.

[Gene]

Okay.

[Dave Ramsey]

I'm not sure. I'm not an attorney, but that's what it sounds like from a common sense perspective. How much money did you lose?

[Gene]

45,500.

[Dave Ramsey]

How old are you?

[Gene]

I'm 84.

[Dave Ramsey]

How much money was in the account total?

[Gene]

Oh, goodness. I would have to look that up, but I don't remember a lot. I think it was about 100. Let me see.

[Dave Ramsey]

Why did they only get 45?

[Jeff]

That's what I want.

[Gene]

I don't know. I have 169,790 in there.

[Dave Ramsey]

So why did they not get it all?

[Gene]

I don't have a clue. Maybe they thought, you know, they could get some more.

[Dave Ramsey]

But you called your wealth management company. What did they say?

[Gene]

They. They were. I would never have known about it if they hadn't sent me a letter asking them if I had changed my email and my bank account. And of course, right away then they tried to reverse the. The transaction and by then, of course, the money was gone, so.

[Dave Ramsey]

But did you leave the rest of your money there?

[Gene]

Well, right now I haven't changed anything, but I intend to. I just don't know whether. Whether I should change my. My management company before they refund my money or whether I need to.

[Dave Ramsey]

Well, you need to. You need to make sure. I'm going to have a discussion with them on the phone as soon as you hang up with us. That makes sure that the remaining money is safe. Yeah, that's the first thing we got to make sure that's safe. And then the second thing is, when are you guys going to refund me the money that you lost? Because your account that I have with you was hacked. There are basics every family needs. Food, shelter, transportation, and term life insurance. Term life is simple. If you pass away, it pays money to your family so they can keep paying the bills. Protecting the people you love is part of winning with money. And when you're ready to do that, go with. With who I trust Zander Insurance, Zander Shop's top companies to find the right coverage at the best price. And they've earned my recommendation for nearly 30 years. Go to Zander.com today because your account that I have with you was hacked.

[Gene]

Correct.

[Dave Ramsey]

I'm going to ask them to refund this. I don't know that that's going to work because I'm not an attorney. Okay. But I think that they're gonna be liable for that because their account got hacked. I mean, so let's pretend you had a savings account at a bank and a thief got into the savings account on the bank and stole the money. It's the same thing. Yeah, the bank would be liable. So I'm pretty sure this wealth management company is liable for this.

[Jeff]

No, it's on both end. It's on. There's issues on both ends. Because if they were able to set up another bank account with your information, than if they were able to use that to connect the two banks.

[Dave Ramsey]

They've got a lot of this. Gene, do you know the person that did this?

[Gene]

No, I don't know who it was.

[Jeff]

Okay, then you've got.

[Dave Ramsey]

They got a lot of information on you.

[Gene]

They do. I know. And, and let me tell you what I've done. I have subscribed to Xander Insurance.

[Dave Ramsey]

Good, good, good. Are they helping you, the ID theft people?

[Gene]

Oh, no, Xander is. It was after the fact.

[Dave Ramsey]

I know, but did they offer to help anyway?

[Gene]

They just. I don't know if they would or not. I didn't ask them.

[Dave Ramsey]

Yeah, I'm going to ask them to help you. Okay.

[Gene]

All right.

[Dave Ramsey]

As a favor to me. They're friends of mine and my 84 year old friend Gene. And Chattanooga needs some help and I'm going to ask him to help you even though you bought the insurance afterwards. Okay. So I'm going to put you on hold and the gang in the booth is going to pick up and connect you with Jeff Zander, who's a friend of mine, and they're going to help you walk through this and make sure your identity is secured, first and foremost. And then secondly, if you need some help, we'll hook you up with one of our Ramsey coaches. Ramsey Financial Coaches as a gift, also, no charge. And see if they can help you navigate with this wealth management company, because they need to be offering me my money back really fast if they want to keep me as a customer.

[Gene]

If I'm in your shoes, definitely.

[Dave Ramsey]

Okay. So.

[Gene]

And I tried to, you know, I tried to get legal advice here, and I went to the bar association and they made a couple names and I queried them, but they didn't even respond. So I guess I. I'm just peanuts, you know, to them.

[Dave Ramsey]

Well, yeah, the $45,000 is peanuts, but you're not peanuts.

[Jeff]

That's right.

[Dave Ramsey]

Okay. You're okay. You're going to be all right. But what? We have to stop this from happening anymore, and we have to apply for and get the refund. And I think between our Ramsey coaches and Xander, which is going to cost you nothing, we're going to take care of all of it. We're going to make sure you're okay. But you need to get on the phone today and make sure the rest of your accounts are secure with those people in the meantime, while you decide what's going to happen. So you hang on and our gang will pick up and we'll put our arms around you and see if we can help you, kiddo.

[Jeff]

That's terrible.

[Dave Ramsey]

That's kind of scary.

[Jeff]

Yeah, that is. They got all of her stuff.

[Dave Ramsey]

I mean, they not only knew enough to open an account, but they knew she had the other account, LinkedIn, and how to access it.

[Jeff]

That's very scary.

[Dave Ramsey]

And these goobs release this money to a fresh email and fresh address that they did not already have on file

[Jeff]

because that means they went in and changed.

[Dave Ramsey]

Cyber security, at a minimum, is horrible at this company.

[Jeff]

Yeah.

[Gene]

Wow.

[Dave Ramsey]

She should have named if she's got the story straight, if that's what's going on. Yeah.

[Jeff]

Drop the name of that brokerage so we can all know.

[Dave Ramsey]

We'll wait and see, make sure what they do. But, yeah, it's. That's

[Jeff]

scary.

[Dave Ramsey]

Yeah. So when you have a brokerage company like that, like our smart Mr. Pros as an example, you build clients over time, and in that world, you call it your book of business. And how much do you have? AUM assets under management. And so a big, you know, somebody's been working for 25 or whatever years will have half a billion to a billion, 500 million to a billion dollars in assets under management. And if one of Those clients had $200,000 out of your half a billion you're managing and was 84 years old. This would be her. That's the situation she would normally be in. And. But the way you get a book of business that size is you take care of people.

[Jeff]

Yeah.

[Dave Ramsey]

84 year old widows would be at the top of your list.

[Jeff]

You would think so.

[Dave Ramsey]

Hello. And so that's the proper way to run that book of business. The book of business grows when you love the people in the book.

[Jeff]

Well, what's curious is they only took 45,169. That sounds nefarious to me.

[Dave Ramsey]

I'm still afraid a relative of hers is doing this.

[Jeff]

I agree with that. Dave.

[Dave Ramsey]

Ouch. Xander is the best place to find term life insurance to protect your family. Visit Xander.com for quotes today.