Debt-saddled Arizona woman, 73, has nothing saved and wants to buy a house. How Dave Ramsey says she can catch up fast Moneywise Tue, June 30, 2026 at 7:45 AM PDT 10 min read The Ramsey Show Highlights/ YouTube Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. 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. Top Picks Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake here's how to fix it ASAP JP Morgan sees gold hitting $6,000/oz before 2027 and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold The ultra-rich use these 6 real estate strategies to build wealth while they sleep you can start with just $100 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 $423,681 in June (2). Assuming a typical 20% down payment, Robin would need to save about $84,736 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. Tip #1: 'Live on beans and rice' 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. Story Continues The...
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