I'm 64, $230,000 In Debt, And Want To Retire Next Year

Brought to you by the EveryDollar app. Start budgeting for free today. I'm 64 years old and I've been working for 46 years and I have a little different alignment on retirement than my wife does. And I have a lot more debt than I should have for somebody that's made the kind of money I have. And I am trying to figure out how to pay down over $230,000 in debt within the next year and possibly get retired by 65. Okay. Where are you going to get $230,000? Well, my income is, I make around $60,000 a year. But the problem is my wife's income is around $30,000 a year. And we have 20,000 plus in credit card debt and $12,000 on a car. My mortgage is 118,000. I have a second mortgage at 36,000. And I've been paying down the credit cards, but every time I turn around and look, it's higher than it was six months ago. How'd that happen? Well, not enough boundaries, not enough conversation. I'm trying to get myself... Have you guys got money saved? Do you have a nest egg? I have a 401k with about $310,000. I have an IRA that's between my Roth and my traditional IRA. It's $425,000. The Roth portion of that's only about $55,000. Yeah. So you're not going to retire with $230,000 paid off in one year. You don't have the money. How much money do you have to make where budgeting is just optional? If you chose C, watch this. She makes about $170,000. I make about $115,000. Hold on. Did you go back after you paid off everything, borrow some more money? Oh, yeah. Oh, no, Carlos. We like to go here and there and we get to Mercedes. Oh, no. We went full South Beach. It's not just about how much you make. It's about having a plan for what you've got. So start budgeting with every dollar for free today. You don't have the money and your spending, your household spending is out of control. So even if you did retire debt-free, the debt's going to come back. Yeah. I'm coming to that realization. Yeah. You guys can't live on $160,000. How are you going to live on retirement income? What would be your retirement income? Well, probably about half of that. Yeah. You can't live on $160,000. You can't live on $80,000. Agreed? Right. Yeah. And the nest egg's not big enough to support retirement at $65,000. No, it's not. I mean, it's a good nest egg, but it's not a great one. So yeah, I mean, it sounds like you guys have never really addressed the issue. And the two of you are going to sit down and go, hey, we're up a creek here. We've got to cut up these credit cards and we got to get rid of these car debts. And we got to get this mess cleaned up or we're going to be working until we're 80. Yeah. And the only other income I have is I do have an annuity. Why do I think you're not going to do that? Because you just completely changed directions after I told you what to do. No, I 100%. How long have you been married? 36 years. Now, this is a come to Jesus meeting I'm talking about. We're going to sit down and go, this is broken and we are going to fix it starting now. That's the meeting tonight. No televisions on. Nothing in the background. No dishes being washed while we're talking about it. This is, we are screwed and we have screwed ourselves and we have to fix this now. And never go back to the old ways. We're going to get on a budget. We're going to open that Ramsey every dollar app. And the two of us are going to start acting like grownups, not like a couple of children in Congress spending money we don't have. We're going to cut up the credit cards and we're going to clean up his freaking debt. So we don't have to work till we're 80. And then you get yourself used to living on $80,000 a year while you pay off all this debt. And then when you retire, you can live on $80,000 a year because you've got a couple of adults in the household instead of children and children can be 64, by the way. So, um, that, that's what, I mean, but, but you've, you've kind of think, keep thinking you're going to treat the symptom rather than the problem. And the problem is, is that you guys spend more than you make and you don't have a system and you're not aligned and you're not agreed in your marriage after 36 freaking years on how we're going to do this. And so this is going to run off until you're 90 and you're going to be eating dog food. And this is where this is headed. So you've got to go back. You got to go to the source of the problem, which is not her. It's both of you, but it includes her. And so she's going to get to hear a word that you haven't told her in a long time. And here's the word. No, we're not doing that. We are broke people. And you have to start acting that way. Or you're going to, you know, this thing's going to fall in on you. And that's what you're starting to feel. And there's sense of desperation is creeping up inside of you. The good news is you got a year, maybe you work two years, maybe you work three years and you clean this up and end up with a half million dollars in your nest, taking us to the 300,000 and you got no debt house and everything's paid off in three years. Because the two of you got very, very serious starting tonight. Ready, set, go. I don't know if you're going to do it or not. I keep thinking about that old Dave quote, you work too hard to feel this broke. 46 years of a career making six figures, which is way more than most Americans. And you got nothing to show for it. And that breaks my heart because we know retirement is not an age, it's a financial number. And so I wish you could just ding it. Hey, I'm 65 time to retire. Not if the math says you can't. And so that's the hard truth. It's been 36 years of compounded bad decisions. It's going to take a little while to clean this up. And you guys need to be unified. Create your free every dollar budget today. 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