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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 \u2014 but is considering buying a home in the next three years.<\/p>\n
Host Dave Ramsey then asks, \u201cHow would you be able to buy [a house] if you don\u2019t have any money?\u201d 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).<\/p>\n
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. \u201cBasically, you\u2019re going to live on beans and rice for the next three years.\u201d<\/p>\n
Robin isn\u2019t alone. According to a 2025 study from Vanguard, 60% of baby boomers aged 61 to 65 are not on track to have enough money to retire (2).<\/p>\n
If you\u2019re concerned about being stuck in the same situation, consider these three ways to boost your retirement savings on short notice.<\/p>\n
When Ramsey suggests Robin \u201clive on beans and rice,\u201d he doesn\u2019t mean it quite so literally, but rather, that she should live frugally and cut back on spending where possible.<\/p>\n
The first step in getting a hold of your finances is knowing exactly what your income and expenditures are.<\/p>\n
A quick daily check-in of your accounts can show you exactly where your money is going.<\/p>\n
An app like Rocket Money<\/a> can easily flag recurring subscriptions, upcoming bills and unusual charges by pulling in transactions from all your linked accounts.<\/p>\n 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.<\/p>\n Rocket Money\u2019s intuitive app<\/a> offers a variety of free and premium tools. Free features include subscription tracking, bill reminders and budgeting basics, while premium features \u2014 like automated savings, net worth tracking, customizable dashboards, and more \u2014 make it easier to stay on top of your retirement contributions and overall financial goals.<\/p>\n Once you know what you\u2019re earning and spending, make sure you\u2019re saving as much as you can. One way to grow your savings safely is with a High<\/p>\n If you want to help your money grow while keeping it readily accessible, a high yield savings account can help you do just that.<\/p>\n While the national interest rate average is an APY of 0.40%, online banks can offer you much more competitive returns \u2013 in some cases up to 10x more.<\/p>\n You can check out the Moneywise list of the Best High-Yield Savings Accounts<\/a> and find an offer that fits with your savings goal.<\/p>\n Another way to increase retirement savings is to leverage passive income \u2014 for instance, by reinvesting it for a short period. A Dividend Reinvestment Plan, or DRIP, can allow you to deploy your regular dividends into acquiring more stock. These programs can expand your nest egg considerably.<\/p>\n Essentially, your dividends buy more shares of the investment, creating a compounding effect where those new shares can in turn earn more dividends.<\/p>\n For example, Hormel Foods Corporation (HRL) currently has a 4.86% annual dividend yield. The major food processing company is known for iconic names, from SPAM to Skippy (3).<\/p>\n Platforms like Public<\/a> make it easy to invest in dividend stocks like Hormel.<\/p>\n Public not only offers commission-free trading<\/a> but also provides a high-yield account where you can park your cash between investments. Public also has social features, enabling users to follow and learn from other investors, share ideas, and stay updated on market trends with real-time insights \u2014 kind of like its own internal Reddit community.<\/p>\n As an added bonus, Public’s high-yield cash account offers competitive interest rates on uninvested funds. Earn an industry-leading 3.3% APY<\/a> with no fees and no subscription.<\/p>\n It\u2019s also worth looking into recurring investments, which can happen in the background, reducing any friction in the way of consistent investing.<\/p>\n Using a tool like Acorns \u2014 an automated savings and investment app<\/a> \u2014 can help you do just that.<\/p>\n 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. This way, even the most essential spending translates to money saved for the future.<\/p>\n When you sign up now, you\u2019ll get a $20 bonus investment<\/a>, too.<\/p>\n Some life insurance policies allow you to cash out a certain amount before maturity. If your policy is no longer needed, consider this option to boost your retirement savings \u2014 but only as a last resort.<\/p>\n After all, life insurance can help protect your loved ones from unanticipated costs and policies can vary widely. Some permanent life insurance policies can pay a portion of the benefit out while the policyholder is still alive, which can ease the burden of unexpected expenses in retirement.<\/p>\n For example, an Indexed Universal Life Insurance policy<\/a> through Ethos can offer insurance coverage you\u2019ll never outlive, along with the potential for cash value growth.<\/p>\n Plus, if you are eligible for an accelerated death benefit rider, and you\u2019re diagnosed with a qualifying major illness, you can access a portion of your death benefit early, ensuring financial support at a difficult time.<\/p>\n A portion of your premiums goes into the policy\u2019s cash value component, which tracks market indexes \u2014 allowing you to benefit from market-based, tax-advantaged growth<\/a>. And because losses are capped, there\u2019s less downside risk in the event of a market downturn.<\/p>\n Unlike traditional policies, the Ethos application process doesn\u2019t 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<\/a> from Ethos.<\/p>\n Cash value growth 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.<\/p>\n Read more: Warren Buffett used 8 solid, repeatable money rules to turn $9,800 into a $150B fortune. Start using them today to get rich (and stay rich)<\/a>\u2019<\/strong><\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines<\/a>.<\/p>\n Youtube\/The Ramsey Show (1<\/a>); Vanguard (2<\/a>); Hormel Foods Corporation (3<\/a>); Yahoo Finance (4<\/a>)<\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"Shutterstock \/ WS-Studio Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content…\n","protected":false},"author":3,"featured_media":475759,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[64,7780,215630,4061,255,700,696,75850,33486,67,132,215629,68],"class_list":{"0":"post-475758","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-dave-ramsey","10":"tag-hormel-foods-corporation","11":"tag-jeff-bezos","12":"tag-personal-finance","13":"tag-retirement","14":"tag-retirement-savings","15":"tag-student-loan","16":"tag-student-loan-debt","17":"tag-united-states","18":"tag-unitedstates","19":"tag-universal-life-insurance","20":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115793787803055242","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/475758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=475758"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/475758\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/475759"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=475758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=475758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=475758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}