Widow Says Remarrying Would Mean Losing A $4,600 A Month Fire Department Pension. Dave Ramsey Says That’s The Equivalent Of A $500K Investment

A Tennessee widow is facing a decision that blends love, money and long-term financial security.

At 69 years old, she told “The Ramsey Show” that she is considering remarrying, but doing so would mean giving up a fire department pension she receives from her late husband.

The woman, Lisa, said she receives about $4,600 per month after taxes from the pension, along with roughly $1,000 per month in Social Security benefits. The catch is that the pension would end if she remarried.

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A Costly Decision

Lisa explained that she has been dating a man for about a year and that the relationship is becoming more serious. While she is debt-free and owns her home outright, her boyfriend still has a truck payment and about $100,000 remaining on his mortgage.

“I own my house, my car,” she told personal finance expert Dave Ramsey. “I don’t have any credit card bills. I’ve got money in the bank. I got IRA, a mutual fund.”

She said she has about $40,000 in savings, $129,000 in an IRA and roughly $30,000 in a mutual fund.

Ramsey immediately understood why she was hesitant.

“The gross is 54, but the net I take home 4,600,” Lisa said of the pension. “Plus social security.”

“Wow. Huge,” Ramsey replied.

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While he said he would never let money alone stop him from marrying the right person, he emphasized that Lisa would be giving up a valuable financial asset.

“It’s $50,000 a year income, which is the equivalent of a half million dollar investment that you’re giving up,” Ramsey said.

That reality made him focus less on whether she should marry and more on how she could protect herself if she did.

Protecting Financial Security

Ramsey recommended that Lisa and her boyfriend spend significant time in premarital counseling and make sure they are completely aligned on money before getting married.

He also suggested that her boyfriend eliminate his debt and stop borrowing money.

In an unusual move for Ramsey, who rarely recommends prenuptial agreements, he suggested one might make sense in this situation because the pension would be lost permanently.

“If this thing goes in and you’ve been scammed somehow and you gave up $50,000 a year, I would want you to come away from it,” Ramsey said. “Leaving him wishing he didn’t do this.”

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When Lisa mentioned that her boyfriend could potentially sell his home for about $400,000 and move into her paid-off home, Ramsey suggested some of that money could be protected through a prenup as a way to offset the pension she would be giving up.

He also recommended a $1 million life insurance policy if her boyfriend is healthy enough to qualify. The goal, Ramsey said, would be to “put you right back where you were, but a little better” if something unexpected happened.

For people facing major retirement and estate-planning decisions, and who can’t get direct advice from Ramsey, AdviserMatch can help connect them with financial advisors who offer guidance on retirement planning, investing and other money matters. Consultations are no-obligation and it only takes about two minutes to get started.

By the end of the call, Ramsey’s message was not to let money stop you from finding happiness, but make sure you understand exactly what you’re giving up and put safeguards in place before making a life-changing decision.

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This article Widow Says Remarrying Would Mean Losing A $4,600 A Month Fire Department Pension. Dave Ramsey Says That’s The Equivalent Of A $500K Investment originally appeared on Benzinga.com

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