Their home is paid off and they do not live with their children. Due to poor decisions when they were younger they have “virtually nothing” in their nest egg, they have around $60,000 (around £50,000).

Due to this, Mr Ramsey suggested that she keep the life insurance in place as it acts as a guaranteed income if her husband was to die.

He continued: “You’ve got a paid for house, and you’ll be debt free soon but you don’t have any money.

“I would keep that for a while but as soon as you’ve got $300,000 (around £248,000)saved which you ought to have in a few years, I would look at dropping it at that point.