A 75-year-old couple lost over half a million dollars from their retirement accounts in a cryptocurrency scam and borrowed an additional $250,000 trying to recover the funds, prompting financial experts to caution on tax and debt consequences.
75-Year-Old Mary Shares How Online Investment Scam Drained Her Retirement
On Sunday, Mary, 75, called into the Ramsey show to share her family's financial ordeal.
"About a year and a half ago, my husband got involved with some online investment deal which turned out to be a scam. He gave away all our retirement," she said.
Family Loses $250,000 To Scam, Experts Urge Budgeting And Professional Guidance
In an attempt to retrieve the lost money, her husband borrowed $250,000 through a mix of personal loans, family assistance, and a reverse mortgage.
"They kept saying, ‘Oh, you need to pay these fees and you need to pay this tax.' So he kept borrowing money and giving it to them, thinking it was getting them out of this scam," Mary explained.
Co-Host Rachel Cruze and Jade Warshaw stressed the importance of documentation and professional guidance. "I would want to see documentation here on out from him… that money was spent and used up," Cruze said.
Jade added, "You do need a budget… the best version of it so that you can see where every dime of this hard-earned money is going."
Seniors And Young Adults Face Financial Challenges On The Ramsey Show
In July, a woman called on the show to share that her 80-something-year-old mother-in-law had drained nearly $750,000 from a retirement account and given it to an online scammer.
Her father-in-law had given her access to the account while hospitalized, and within a week, it was emptied. The couple had been married for 60 years with a nest egg of $3.5 to $4 million, but declining health and long-standing patterns of giving money away, possibly linked to mental illness, led to financial collapse.
Even after visits from the FBI and local police, the mother-in-law continued to believe in her online relationships.
Earlier, in May, another caller discussed concerns about her 32-year-old boyfriend, who dismissed 401(k)s and retirement accounts as scams.
Financial expert Dave Ramsey and Kamel noted that his stance reflected immaturity and possible cultural or fear-based influences. They advised guiding him gradually, like teaching someone to ride a bike, helping him build confidence and understanding the importance of retirement savings.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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