Man reveals his dad is $90K in debt after retiring early, asking for cash

From Yahoo Finance: 2025-07-02 08:15:00

Mike from Florida sought advice on The Ramsey Show after his dad, retired at 49, asked for $1,000 monthly to cover debts totaling $85,000 in personal loans and $5,000 in credit card debt. With only $4,000 monthly income, Ramsey hosts advised against lending money and urged dad to work.

Retiring early at 50 poses financial risks, including outliving savings, missed retirement contributions, reduced Social Security benefits, lower portfolio growth, and higher healthcare costs. Only 18% of Americans retire before 60, with most lacking sufficient savings. Retirees need around $1.2 to $1.5 million for a comfortable retirement.



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