This Ramsey Show caller is nearly retired with $4K saved. Should she borrow against her home? What the hosts had to say

Core Insights - The article discusses the financial challenges faced by Cherie, a 63-year-old woman, who is struggling to manage her expenses as she approaches retirement without sufficient savings [5][4]. - It emphasizes the importance of applying for Supplemental Security Income (SSI) and exploring part-time remote work opportunities to generate income [19][3]. Financial Situation - Cherie has nearly exhausted her savings, with only $4,000 remaining, and is living on a budget of approximately $1,000 per month for essentials [4][5]. - She is unable to claim Social Security retirement benefits until age 67 and has faced repeated denials for disability benefits, leaving her without a reliable income source [4][10]. Income Generation Strategies - The article suggests that Cherie should seek part-time remote work to generate a modest income, highlighting platforms like arise.com that offer flexible job opportunities [2][23]. - It also recommends applying for SSI, which averages about $718 monthly, to help cover her expenses while she waits for Social Security benefits [1][19]. Cost-Cutting Measures - Cherie is advised to explore ways to reduce her monthly expenses, such as shopping for better rates on auto and home insurance [6][8]. - Utilizing services like OfficialCarInsurance.com and OfficialHomeInsurance.com can potentially save her significant amounts annually, which could improve her financial situation [9][8]. Broader Context - The article notes that nearly 50% of Baby Boomers are working past age 70 due to financial necessity, indicating a trend of older individuals remaining in the workforce longer [10][11]. - It highlights that many Americans lack sufficient retirement savings, with the median retirement savings balance for those in their 60s being only $544,439, far below the perceived need of $1.28 million for a comfortable retirement [11][12]. Actionable Steps - Cherie is encouraged to treat her job search as a strategic project, applying for SSI and appealing disability denials while actively seeking remote job opportunities [19][23]. - The article suggests that delaying Social Security benefits until age 67 can increase her monthly benefits by up to 8% annually, which could significantly impact her long-term financial situation [23].