A 61-year-old truck driver called into The Ramsey Show wondering if it’s too late to buy a first home with no retirement savings. She confessed to having $8,000 in debt, no down payment, and a lack of clarity on her finances, raising red flags for hosts Rachel Cruze and Ken Coleman.

The hosts emphasized that buying a home in this situation would be a mistake. They advised eliminating debt, selling the expensive vehicle, and focusing on retirement savings before considering homeownership. Lack of retirement savings leaves little room for error, especially with new fixed expenses like a mortgage.

Many Americans feel the pressure to buy a home, but retirement savings are crucial. The average person aged 60 to 64 has around $246,500 saved for retirement. Debt further complicates the issue, with the average U.S. consumer carrying $105,056 in total debt, limiting the ability to save or handle emergencies.

Buying a house is a long-term commitment, and without retirement savings, it can be risky. The Ramsey hosts stressed the importance of taking the right steps in the right order, focusing on stability, reducing debt, and building savings before considering homeownership. Prioritizing stability and making deliberate choices can turn financial goals into reachable targets.

Read more at Yahoo Finance: A 61-year-old Texas woman wants to buy a home, but Ramsey hosts say the timing is wrong. Here’s how to know you’re ready