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In an episode of “The Ramsey Show,” a 73-year-old Arizona resident named Robin said she doesn’t have a 401(k) and has more than $12,000 in outstanding student loan debt, but is considering buying a home within the next three years.
Host Dave Ramsey then asked: “How can you buy [a house] What if you have no money? “Robin said she expects to pay off her student loans by March this year and set aside a small amount of money each month as a down payment(1).
Ramsey suggested she cash out her universal life insurance policy to pay off her student loans faster and maximize her down payment savings immediately. “Basically, you’re going to be living on beans and rice for the next three years.”
Robin is not alone. According to a 2025 Vanguard study, 60% of baby boomers ages 61 to 65 no Hopefully have enough money to retire(2).
If you’re worried about falling into the same situation, consider these three ways to grow your retirement savings in a short amount of time.
When Ramsay advises Robin to “live on beans and rice,” he doesn’t mean that literally, but rather that she should live frugally and spend as little as possible.
The first step to taking control of your finances is knowing exactly what you’re earning and spending.
A quick look at your account each day can show you exactly where your money is going.
Apps like Rocket Money make it easy to flag recurring subscriptions, upcoming bills, and unusual charges by pulling transactions from all linked accounts.
This can help you cut unnecessary costs, and you can then manually transfer the savings directly into your retirement fund. No spreadsheets, no guesswork, no stress. Small habits like this can have a big impact 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 super contributions and overall financial goals.
Once you know your income and expenses, make sure you save as much as possible. One way to safely increase your savings is to opt for high savings
If you want to help your money grow while keeping it readily available, a high-yield savings account can help you do that.
While the national average interest rate is 0.40%, online banking can provide you with more competitive returns—up to 10x in some cases.
You can check out Moneywise’s list of the best high-yield savings accounts and find offers that fit your savings goals.
Another way to increase your retirement savings is to take advantage of passive income—for example, by reinvesting it short-term. A Dividend Reinvestment Plan (DRIP) allows you to use regular dividends to purchase more stocks. These plans can significantly increase your savings.
Essentially, your dividends create a compounding effect by purchasing more shares of your investment, and those new shares can in turn earn more dividends.
For example, Hormel Foods Inc. (HRL) currently has an annual dividend yield of 4.86%. This large food processing company is known for iconic names like SPAM and Skippy (3).
Platforms like Public make it easy to invest in dividend stocks like Hormel.
Not only does Public offer commission-free trading, it also offers high-yield accounts where you can park cash between investments. Public also has social features, allowing users to follow and learn from other investors, share ideas and stay up-to-date on market trends with real-time insights – a bit like its own internal Reddit community.
As an added bonus, Public’s high-yield cash account offers competitive interest rates on uninvested funds. Earn an industry-leading 3.3% annualized return with no fees or subscriptions.
It’s also worth looking into recurring investing, which can happen in the background, reducing any friction around ongoing investment.
Using a tool like Acorns, an automated savings and investing app, can help you do this.
When you make a purchase using a credit or debit card, Acorns automatically rounds the price to the nearest dollar and puts the excess into smart portfolios. This way, even the most basic expenses can turn into money saved for the future.
When you sign up now, you’ll also receive a $20 bonus investment.
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—but only as a last resort.
After all, life insurance can help protect your loved ones from unexpected expenses, and policies can vary greatly. Some permanent life insurance policies can pay out a portion of the benefits while the policyholder is still alive, which can lessen the burden of unexpected expenses in retirement.
For example, an indexed universal life insurance policy offered through Ethos can give you coverage that never goes out of style, as well as the potential for cash value growth.
Additionally, if you qualify for the Accelerated Death Benefit Rider and you are diagnosed with a qualifying critical illness, you may receive a portion of your death benefit early, ensuring financial support during difficult times.
Part of your premium goes into the cash value portion of your policy, which tracks a market index, allowing you to benefit from market-based, tax-advantaged growth. And because losses are limited, there’s less downside risk in a market downturn.
Unlike traditional insurance policies, the Ethos application process does not require an extensive medical exam or lengthy underwriting process. Just answer a few health questions online to get an instant coverage decision and a free, personalized quote from Ethos.
Cash value growth is not guaranteed. Losses may still be incurred due to the impact of policy-related fees and expenses. Receiving the cash value will reduce the death benefit if not repaid.
Learn more: Warren Buffett turned $9,800 into a $150B fortune using 8 solid, repeatable money rules. Start using them to get rich (and stay rich) today.”
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