After a visit from some teenagers, Alice feels that she and Ralph are starting to get old. She wants Ralph to take her out for some youthful activities, starting with roller-skating. But Ralph thinks the idea is ridiculous, and at first, resists it.
Ralph and Norton discover a mysterious food product that Ralph thinks Alice has made that they decide to dub Krammar's Delicious Mystery Appetizer. Ralph calls it Krammar's because he is considering naming the product not only after himself, but also after his boss at the bus depot, J.J. Marshall. The next day, Ralph takes the mystery snack to Mr. Marshall to get him to taste it. But when he does, the mystery is solved - the snack he had just tried is dog food! Naturally, Ralph is not at all happy.
Ralph's lodge brother, Stanley, is about to marry Alice's sister, Agnes. At the Raccoons' bachelor party for Stanley, Ralph warns the young man not to move in with Agnes's parents after the wedding. But this advice backfires when Agnes shows up at the Kramdens' after the wedding reception, sobbing that her new husband has changed into a "beast". Can Ralph get Stanley and Agnes back together without Alice knowing that he was the one who gave Stanley the advice?
Outraged when he gets a notice from his landlord, Mr. Johnson, that his rent is being raised, Ralph--over Alice's objections--goes on a rent strike to "teach that Johnson a lesson". Unfortunately it's the middle of winter, and when the landlord turns off the heat, water and electricity, it looks like that the only one being taught "a lesson" is Ralph.
Ralph's birthday is coming up, and he finds out that Alice is planning a surprise party for him. On that day, however, no party materializes and Ralph is, to say the least, disappointed. He's even more disappointed when he finds a man's glove that's not his hidden in a dresser drawer and gets suspicious when Alice seems in a hurry to get him out of the house that night.
After Alice finds Ralph's old cornet in the basement, Ralph remembers lost career chances, and feels discouraged. But a visit from a kindly, elderly millionaire couple who used to live in the apartment, shows Ralph that he is still young enough to pursue new opportunities. With Norton's help, Ralph makes a list of all his strong and weak points so that he can correct his faults and become a success.
Ralph goes into a panic when he gets a letter from the Internal Revenue Service ordering that he appear at their office the next morning, fearing that the IRS is investigating him for income tax evasion.
Ralph happens to be standing outside a bank when a pair of bank robbers run out and, seeing him, fire a shot at him, knocking his hat off. Afraid that the robbers might find out where he lives, he refuses to tell the police what he saw. The robbers, however, find out anyway and plan a visit to make sure he never tells.
A few days before the ceremonies announcing the selection of the Raccoon of the Year, the Grand High Exalted Mystic Ruler of the Racoons tells Ralph that he will be sitting on the dais that night and to be prepared to say a few words. Ralph, of course, takes this to mean that he is to be the Raccoon of the Year, and begins to write his "humbling" acceptance speech.
In order to raise money for the Raccoon Lodge, the lodge members decide to put on a play, and hire a professional director, Mr. Faversham, to direct it. Ralph is given the lead and Alice is given the female lead. Ralph starts "seeing stars" when he learns that Faversham's friend, Hollywood producer Herbert J. Whiteside, is in town looking to cast his new picture and will be attending the play's opening night.
Mr. Marshall, Ralph's boss, receives a new pool table as a birthday present from his wife. Hearing of Ralph's prowess at pool, he asks Ralph to stop by his house that night to teach him the "fundamentals" of the game. When Norton shows up, Marshall invites him, too. Ralph sees this as an opportunity to "get in good with the boss", but at Marshall's home that night, Norton makes such an impression on Marshall that he offers Norton a job at the bus company as Bus Driver Supervisor--the job that Ralph has been after for a long time.
Ralph and Norton head off to the Raccoon convention in Minneapolis. They lose their wives in the train station and think that they are now traveling alone. Norton has brought along a number of joke items including trick handcuffs, which he promptly puts on himself and Ralph. Not surprisingly, once on they can't get them off which leads to no end of problems, especially when it comes to the sleeping arrangements. In the end, they find out they're on the wrong train and heading in the wrong direction.
Ralph is about to receive an award as the city's safest bus driver. This honor includes a feature story in a major magazine; and a ceremony at City Hall, where Ralph, Alice, and the Nortons will meet the Mayor. But on the way to the ceremony, Ralph gets into an accident, which is actually the other driver's fault. Will the truth come out so that Ralph can accept his award?
Alice and Trixie feel that their husbands don't notice them any longer. And it doesn't help when they see Ralph and Norton being attentive to the glamorous new wife of Ralph's boss. Alice then decides to imitate her in order to regain Ralph's attention.
While Ralph and Norton are playing a game at the pool hall, Ralph gets into an argument with a mousy little guy who threatens to "tell my friend Harvey on you". Ralph, figuring anybody named Harvey who's a friend of this guy must be as wimpy as him, tells the guy to "bring on Harvey" and brags that he'll beat up the both of them. Harvey turns out to be a tough, hulking bruiser, and challenges Ralph to a fight at the local gym. Ralph frantically looks for a way to get out of it.
Ralph meets an old boyfriend of Alice's, who tells Ralph what a great success he now is. Ralph doesn't want to admit that he's only a bus driver, so he pretends he's the head of the bus company. But his pretense may backfire, when Alice's former boyfriend and his wife invite Ralph and Alice to dinner at an expensive restaurant -- a place Ralph cannot afford.