This 73-year-old has nothing saved for retirement, but wants to buy a house. What Dave Ramsey says she should do next

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What would you do if you were over the age of 70, had no retirement savings and were still paying off student loans — but wanted to buy a house?

Despite how it might sound, this is not a hypothetical question.

During an episode of The Ramsey Show, a 73-year-old Arizona resident named Robin shared that she has no 401(k) and more than $12,000 in outstanding student loan debt. Even so, she’s considering buying a home in the next three years.

Host Dave Ramsey then asked, “How would you be able to buy [a house] if you don’t have any money?” Robin says she expects to pay off the student loan by March this year and is setting aside a modest amount for a down payment every month (1).

Even with that plan, she might have to wait more than three years. The median sale price of a house in Arizona was $425,833 in February (2). Assuming a typical 20% down payment, Robin would need to save about $85,166 — a feat that would take her until age 87 if she set aside $500 per month without interest.

To speed things up, Ramsey suggests she cash in on a universal life insurance policy, pay down her student loan faster and maximize her down payment savings right afterward. She might also have to make some lifestyle changes.

“Basically, you’re going to live on beans and rice for the next three years,” he tells her.

Robin isn’t alone in having to make changes. According to a 2025 study from Vanguard, 60% of baby boomers aged 61 to 65 are not on track to keep up their current standard of living once they retire (3). In fact, 56% of 60 to 64-year-olds in America have no retirement savings at all, according to a report by Vanguard using the latest Survey of Consumer Finances data (4).

If you’re concerned about being stuck in the same situation, consider these four tips to boost your retirement savings on short notice.

When Ramsey suggests Robin “live on beans and rice,” he doesn’t mean it quite so literally, but rather, that she should live frugally and cut back on spending where possible.

The first step in getting a hold of your finances is knowing exactly what your income and expenditures are.

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A quick daily check-in of your accounts can show you exactly where your money is going.

An app like Rocket Money can easily flag recurring subscriptions, upcoming bills and unusual charges by pulling in transactions from all your linked accounts.

This can help you cut unnecessary costs, and then you can manually redirect savings straight into your retirement fund. No spreadsheets, no guesswork, no stress. Small habits like this can make a big difference over time.

Rocket Money’s intuitive app offers a variety of free and premium tools. Free features include subscription tracking, bill reminders and budgeting basics, while premium features — like automated savings, net worth tracking, customizable dashboards and more — make it easier to stay on top of your retirement contributions and overall financial goals.

As you begin to budget better, every dollar matters more.

Rising health care costs, uncertain markets and a fixed income can make it harder to stretch your savings — especially if you’re trying to plan for the decades after retirement.

You might want to consider joining senior-focused organizations like AARP for discounts on almost everything — from prescriptions and dental plans to travel, entertainment and insurance.

As one of the most trusted organizations for older Americans, AARP not only offers money-saving perks but can also help you make informed financial and health decisions.

AARP members get access to guides that can help you make the most of Social Security, choose the right Medicare plan and uncover other government benefits — potentially saving you thousands. Members also get access to AARP’s fraud watch network, retirement and required minimum distribution calculators, and a free national hearing test, among many more perks.

Sign up with AARP today and get 25% off your first year.

Once you know what you’re earning and spending, it is probably a good idea to start thinking about getting out of debt, and as quickly as possible.

Dave Ramsey is famous for his anti-debt stance, and holding onto debt when you’re close to retirement is a double whammy — the interest you pay on your debt not only costs you every month, but you also lose money you could be putting toward building your retirement fund.

For those who are struggling with debt, there are still some options to take into account aside from the usual suspects.

The big two methods for paying debt down are the avalanche and snowball techniques.

The avalanche method focuses on paying down your highest-interest debts first. This can create a cascading effect where, after the big debt is paid, you knock off the smaller ones quickly.

Meanwhile, the snowball method starts with paying down your smaller debts one after another to build up steam. Then, once you’re down to one debt, you put all your resources into paying it off. From here, most financial experts recommend building out an emergency fund, then getting to investing as soon as possible. But becoming debt-free is the first, and arguably most important, step.

You may also be eligible to clear a significant portion of your debt through a debt relief program.

With Freedom Debt Relief, you can speak with a certified debt relief consultant for free, who can show you how much you can save by partnering with them.

If you’re eligible, they can even negotiate settlements with your creditors until all of your enrolled debt is resolved.

Consolidating debts is one way to pay them down, but there are other options you might consider.

Some permanent life insurance policies can pay a portion of the benefit out while the policyholder is still alive. This allows you to cash out a certain amount before maturity, which can ease the burden of unexpected expenses in retirement.

However, you might only want to consider this option to boost your retirement savings if your policy is no longer needed — and only as a last resort. After all, life insurance can help protect your loved ones from unanticipated costs in the future. You don’t want to take the nuclear option unless you really have to.

That’s why you want insurance to give you peace of mind during your golden years. The opportunity to cash out early, however, could come in handy if things go wrong.

For example, an Indexed Universal Life Insurance policy through Ethos can offer insurance coverage you’ll never outlive, along with the potential for cash value growth.

Plus, if you are eligible for an accelerated death benefit rider and you’re diagnosed with a qualifying major illness, you can access a portion of your death benefit early, potentially ensuring financial support at a difficult time.

A portion of your premiums goes into the policy’s cash value component, which tracks market indexes — allowing you to benefit from market-based, tax-advantaged growth. And because losses are capped, there’s less downside risk in the event of a market downturn.

Unlike traditional policies, the Ethos application process doesn’t require extensive medical exams or a lengthy underwriting process. All you have to do is answer a few health questions online, and you can get an instant coverage decision and a free personalized quote from Ethos.

Just note that cash value growth is not guaranteed. It is still possible to lose money due to the impact of policy related fees and expenses. Accessing cash value will reduce death benefit, if not repaid.

Finally, if you do manage to pay off those burdensome debts, it might also be time to start maximizing your investments like Ramsey suggested — and make that nest egg grow a bit.

Traditionally, those near retirement are advised to opt for safer investments like bonds or certificates of deposit as they near their golden years. This advice is to shield decades of savings from sudden market downturns that could wipe out years of valuable interest accumulation from a more aggressive stock portfolio.

However, if you’re starting from scratch, opting for an aggressive portfolio can give you the possibility of better returns, even if your savings horizon is only a few years.

But you don’t always have a deep pool of savings to draw on. If that’s the case, consider investing daily with just your spare change.

Using a tool like Acorns — an automated savings and investment app — can help you do just that.

It works like this: When you make a purchase on your credit or debit card, Acorns automatically rounds up the price to the nearest dollar and puts the excess into a smart investment portfolio. You can also set up recurring investments, which can reduce any friction in the way of consistent investing.

This way, even the most essential spending translates to money saved for the future. Every bill payment can contribute a little bit to your savings.

Plus, you can invest in a dividend ETF with as little as $5 — and if you sign up with a recurring deposit, Acorns will add a $20 bonus investment to start you off.

Once you start making your money grow, you might want to find somewhere to park those earnings.

One way to grow your savings while keeping ready access is with a high-yield savings account such as the Wealthfront Cash Account. This can be a solid place to grow your retirement funds, offering both competitive interest rates and easy access to your cash in the event of an emergency. Unlike with bonds and certificates of deposit, a high-yield account like this can serve as an emergency fund.

Even better, a Wealthfront Cash Account can offer a base APY of 3.30%, and new clients can get an extra 0.75% during their first three months on up to $150,000 for a total APY of 4.05% provided by program banks on your uninvested cash. That’s 10 times the national deposit savings rate, according to the FDIC’s January report.

With no minimum balances or account fees, as well as 24/7 withdrawals and free domestic wire transfers, you can ensure your funds remain accessible at all times. Plus, Wealthfront Cash Account balances of up to $8 million are insured by the FDIC through program banks.

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@TheRamseyShow (1); Zillow (2); Vanguard (3); USA Facts (4)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.