'You're going to live on beans and rice': Dave Ramsey tells a 73-year-old without retirement savings how to get on track

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During an occurrence of The Ramsey Show, a 73-year-old Arizona nonmigratory named Robin shared that she has nary 401(k) and much than $12,000 successful outstanding pupil indebtedness indebtedness — but is considering buying a location successful the adjacent 3 years.

Host Dave Ramsey past asks, “How would you beryllium capable to bargain [a house] if you don’t person immoderate money?” Robin says she expects to wage disconnected the pupil indebtedness by March this twelvemonth and is mounting speech a humble magnitude for a down outgo each period (1).

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Ramsey suggests she currency successful connected a cosmopolitan beingness security policy, wage down her pupil indebtedness faster and maximize her down outgo savings close afterward. “Basically, you’re going to unrecorded connected beans and atom for the adjacent 3 years.”

Robin isn’t alone. According to a 2025 survey from Vanguard, 60% of babe boomers aged 61 to 65 are not connected way to person capable wealth to discontinue (2).

If you’re acrophobic astir being stuck successful the aforesaid situation, see these 3 ways to boost your status savings connected abbreviated notice.

When Ramsey suggests Robin “live connected beans and rice,” helium doesn’t mean it rather truthful literally, but rather, that she should unrecorded frugally and chopped backmost connected spending wherever possible.

The archetypal measurement successful getting a clasp of your finances is knowing precisely what your income and expenditures are.

A speedy regular check-in of your accounts tin amusement you precisely wherever your wealth is going.

An app similar Rocket Money tin easy emblem recurring subscriptions, upcoming bills and antithetic charges by pulling successful transactions from each your linked accounts.

This tin assistance you chopped unnecessary costs, and past you tin manually redirect savings consecutive into your status fund. No spreadsheets, nary guesswork, nary stress. Small habits similar this tin marque a large quality implicit time.

Rocket Money’s intuitive app offers a assortment of escaped and premium tools. Free features see subscription tracking, measure reminders and budgeting basics, portion premium features — similar automated savings, nett worthy tracking, customizable dashboards, and much — marque it easier to enactment connected apical of your status contributions and wide fiscal goals.