A near-record number of Americans are struggling with $1,000 car payments, and many drivers can’t keep up. For Beth from Nashville, Tennessee, a life of financial security was shattered when her husband informed her that their retirement savings were depleted.
Beth’s husband had invested in a 401(k), but he spent the money without telling his wife. Despite being married for over 30 years, she was unaware of the family’s finances until recently. The couple now faces $126,000 in consumer debt, including credit cards and a HELOC co-signed with his sister.
Financial infidelity is a common issue in marriages, affecting 40% of U.S. adults in committed relationships. A recent survey by Bankrate found that 45% believe financial deception is worse than physical infidelity.
The damage caused by Beth’s husband’s actions will be felt as they approach retirement. One in five American seniors ages 50+ have no retirement savings, according to a 2024 survey by AARP. Without a safety net, many seniors are forced to delay or cancel their retirement.
To protect her financial future, Beth is taking steps such as working part-time and creating separate finances for herself. This includes getting her own checking account and accumulating modest savings for retirement. An open conversation with her husband could help them create a plan to curb their debt burden and secure their financial future together.
Source: https://finance.yahoo.com/news/woman-62-found-her-husband-113200889.html