Author: Monique Danao

Each member of the board of directors overseeing Highlands Community Charter and Technical Schools in Sacramento either resigned or was removed weeks after the release of a report by the California State Auditor that found the school improperly received over $180 million in education funding.

In addition, the report, published June 24, says the adult charter school engaged in “questionable financial transactions” and conflicts of interest, including unlawful gifts, luxury travel and the hiring of unqualified individuals.

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“This moment is about accountability at every level,” Jonathan Raymond, who recently came on as executive director of the school, said in a statement obtained by ABC10. “I asked for these resignations because I believe Highland’s future depends on a clean break from past governance failures.”

According to the local broadcaster, the California Department of Education (CDE) has requested Highlands return the $180-plus million in misallocated funds.

Board members resign en masse

The audit report states Highlands wasn’t eligible for $177 million in funding it received in fiscal years 2022-23 and 2023-24. It also estimates millions of dollars in overpayments were issued due to misreported attendance figures.

During a special board meeting on July 7, members voted to remove Sonja Cameron. The report suggests an employee in a leadership role — with a salary of $145,860 — may have originally been hired by the school with the help of their board-member mother, and lacks qualifications for their current position, including a bachelor’s degree. ABC10 identified the employee as Cameron’s daughter.

After Cameron’s removal, the remaining six board members — Ernie Daniels, Matt Powers, Rick Jones, Sharon Rocco, Mike Reid, and Mary DeChance — announced their resignations. At least three members, however, will remain until replacements are named in order to keep the school operational.

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Meanwhile, pressure is being applied for the school to pay back the funds it apparently wasn’t supposed to receive.

“Those were taxpayer dollars that were wrongfully received by Highlands’ operators,” Al Muratsuchi, chair of the state’s Assembly Education Committee, told ABC10. “So, it’s only right they have to pay that money back.”

Raymond provided a statement to the broadcaster, saying the school is reviewing its legal options, calling the repayment demand “political theater” and warning that returning the funds would force the school to shut down.

“Lawmakers, regulators and CDE cannot let that happen — not to tens of thousands of immigrants, refugees and second-chance students who count on Highlands as a lifeline,” he said.

Hidden costs to students

Beyond the political fallout, families and students may face challenges.

For many adult learners, including immigrants and working parents, Highlands served as an affordable path to diplomas, job training and a second chance at education. If the school shuts down or scales back its services, students may need to seek more expensive alternative options.

Here are some ways students can cope:

• Set up an emergency fund: Building a cushion now, if you’re able, can help you avoid going into debt, or further into debt, in the future.
• Reassess your monthly budget: Trim non-essential expenses and begin building a budget for future educational costs.
• Look for outside financial support: Apply for scholarships, employer tuition reimbursement or nonprofit education grants.
• Request your transcripts now: Secure official records in case your school closes or it becomes more difficult to transfer credits.

For now, Highlands’s future remains uncertain, but the audit has sent a clear message about the importance of oversight in school boards.

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Allie, a Salt Lake City resident, faced a dilemma many car buyers can relate to: should she pull the trigger on purchasing a vehicle earlier than planned to avoid potential price hikes due to tariffs?

Originally, Allie and her husband had planned to buy a car in the spring of 2026. However, with concerns about tariffs driving up the cost of new vehicles, she began reconsidering that timeline.

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They were planning on spending around $35,000 on a used car, but were also considering buying a new one if they could find the right deal.

“We are wondering if we should move that purchase up and buy now because car prices might decrease because of the tariff.” Allie explained to The Ramsey Show co-hosts Jade Warshaw and Ken Coleman

Allie said with the media reporting that tariffs will potentially drive up the cost of vehicles, she wanted to know if buying now would be wiser than possibly paying more later.

The experts weigh in — patience over panic

The show’s financial experts quickly offered guidance.

Coleman’s first advice was clear: don’t act out of fear.

“We have no idea what the tariff situation is going to be,” he said.

“And by the way, it’s already too late. If you’re going to get a car, the costs will be affected by tariffs … we just don’t know what that’s going to look like.”

Coleman emphasized that while tariffs might impact the prices of new vehicles, they wouldn’t directly affect used car prices, which he says are more influenced by market demand.

On this point, Warshaw cautioned that while media headlines may push consumers toward fear-based decisions, it’s impossible to predict how the tariff situation will evolve.

"That media pressure is real,” Warshaw said. “ And then all the car commercials are going, ‘We are gonna stand by our payment. We’re not raising our payment.’ Everybody’s talking about it.”

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Buy now or stick to the plan?

Allie and her husband also had to consider where they would borrow money for the car purchase. They had $30,000 in a high-yield savings account that was earmarked for future vacations and sinking funds, but the couple was considering repurposing those funds for the car purchase.

However, the experts suggested that Allie wait for her husband’s stock options to vest next spring as initially planned.

The co-hosts were adamant about not letting fear dictate a large purchase like a car. They encouraged Allie to stick with her plan and advised her to buy the car when it made more financial sense.

“You don’t do this out of fear. You do it out of ‘Are we ready to buy the car today?’” Warshaw said. “If you think, ‘Hey, we don’t need it yet,’ then don’t do it.”

“Let these stocks vest regardless of what you do,” she added.

Both co-hosts noted that by waiting, Allie could have an opportunity to find a great deal.

“A year from now, when they want to buy. There’s gonna be some people who overextended themselves,” Coleman said,

“ I can promise you a year from now, there’s gonna be some people driving around with a car payment of $700 or more. We know this from the data. And they gotta unload it.”

Warshaw and Coleman emphasized the importance of patience and careful planning, advising Allie to avoid making a fear-driven purchase. Instead, it’s best to align her decision with her long-term financial goals.

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A 73-year-old man in Australia has launched a legal war against one of the country’s biggest banks — and he may be the first scam victim to ever take things this far.

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According to a recent report from ABC News Australia, pensioner Ian Williams is suing National Australia Bank (NAB) for $379 million after it said he was responsible for $1,338 in transactions he said he didn’t recognize.

After CCTV footage collected by the police proved it wasn’t him who made those transactions, the bank said it would return the money in full under two conditions.

Williams refused.

"It’s the principle of the thing. I just won’t wear being called a liar," he said. “I’m a stubborn old turd, and I will not give up.”

Here’s what happened.

Fraudulent $1,338 charge on account

It all began in October 2022. Williams says he discovered two suspicious charges on his account — $515 and $823 — at a Coles supermarket in Bundoora, a suburb 150 kilometers away from his home.

When he contacted NAB’s digital subsidiary, uBank, he says a representative told him the transactions were made using his Google Pay account.

"They said that I was guilty, I was responsible, I was personally at Coles to do the transactions with my phone and my thumbprint," he said.

His maps app and sleep-tracking app both supported his claim he was in Bendigo around that time. He had call and text logs which showed his friend was coming over that morning. He also made a statement at the police station and sent it to the bank, but it was not enough.

Eventually, CCTV footage confirmed that the shopper wasn’t him — police said it showed “two young males” using what appeared to be cloned card credentials on phones.

That’s when the bank offered to reimburse him the $1,338 — on the condition that he sign a non-disclosure agreement and agree that the payment did not mean the bank was taking responsibility for the missing funds.

Five months after Williams declined, a second offer of $1,500 came with strings attached: no legal action allowed. He turned that down too.

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The court battle

What followed was a year-long journey of legal research and late nights. He said no civil lawyer he met was willing to take on his case without fees.

Williams represented himself and filed a 14-page writ against NAB, alleging the bank failed to secure his banking credentials and transaction data, failed to use its fraud detection protocols, breached its duty to "protect customers from unauthorised transactions" and violated obligations under Australia’s ePayments Code by not conducting a fair and transparent investigation.

He argued that the $1,338 loss represented 5.5% of his annual pension — and therefore is seeking 5.5% of NAB’s 2022 profit after tax: $379.05 million. "Things need to be proportionate," he said.

In a brief courtroom victory earlier this year, the bank failed to respond in time, and a default judgment was awarded in Williams’ favor.

But NAB’s lawyers later had the judgment overturned, citing a paperwork issue. The case is now headed for a full hearing — and if Williams loses, he could be on the hook for the bank’s legal fees, which he says could bankrupt him.

Any money he wins he wants to donate to Indigenous health charities.

How was Williams scammed?

It’s likely Williams was the victim of “ghost tapping.” In such cases, the scammer steals credit card details to register the card on their phone’s digital wallet.

According to ABC News Australia, “Williams did receive text messages a few days before the fraudulent transaction went through, with a passcode for him to confirm he wanted to add his card to a new Google Pay account.”

In the U.S., the Consumer Financial Protection Bureau (CFPB) placed Google Pay under federal supervision late last year citing consumer complaints. The effort was abandoned this year by the new acting CFPB director Russell Vought, who was appointed by President Donald Trump. The U.S. version of the Google Pay app was shut down in June 2024.

Owners of credit and debit cards should take these precautions:

• Don’t provide codes: Text messages may contain one-time codes to authorize adding your card to a phone wallet, so don’t share them with potential scammers over the phone or online. Scammers may pretend to be your financial institution.
• Avoid entering card details on unfamiliar websites: Many ghost tapping scams begin with fake checkout pages designed to harvest your information.
• Use alerts and two-factor authentication: Enable real-time transaction alerts from your bank to catch fraudulent activity early.
• Contact your bank immediately: Report it if anything seems off — and escalate to law enforcement or a financial complaints body if needed.

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Frustrated homeowners across the U.S. are reluctantly slashing asking prices by tens of thousands of dollars as the real estate market shifts out of their favour.

After years of soaring home values, today’s market tells a different story — buyers are cautious, mortgage rates are high and inventory is swelling.

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According to a recent Redfin report, the median U.S. home seller is now asking for 9% more than what buyers are willing to pay. That amounts to a roughly $39,000 gap — a significant miss for those relying on their home sale to fund their next move.

As sellers adjust to a slower pace and more selective buyers, they ask a critical question: Should I price high and wait, or price low to sell fast?

Here’s what the data says about the risks of waiting, the rewards of pricing strategically and how to strike the right balance.

The financial risks of delaying price cuts

Holding out for top dollar may sound appealing, but it can cost you in today’s market. Homes that linger on the market accrue thousands in carrying costs, from mortgage payments and property taxes to maintenance and insurance.

Take, for example, a $500,000 home with estimated monthly costs of $3,000. If it sits unsold for three extra months, that’s $9,000 in out-of-pocket expenses — not including price reductions or buyer concessions.

There’s also market risk. Rising inventory is giving buyers more leverage. Realtor.com data show active listings were up 30% year-over-year in April. As more properties hit the market, sellers risk being edged out by newer, better-priced homes.

And then there’s opportunity cost. MarketWatch reports sellers like Spencer Bauman in Utah, who had to cut $75,000 from his asking price after 72 days with no offers, face delays in moving forward with their next purchase or financial goals.

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Benefits of a strategically priced home

Getting the price right from the start can lead to a faster sale, less stress and more money in your pocket.

Most buyer activity happens in the first two to three weeks of a listing. If a home is overpriced during that crucial window, it can quickly become a “stale listing.”

Buyers may assume something is wrong with it or use its time on the market to negotiate steep discounts.

A well-priced home, by contrast, can generate more interest, leading to faster offers and fewer concessions. It also keeps your timeline predictable which is an essential factor if you rely on the proceeds for a down payment or avoid bridge financing.

“The most important thing you can do as a seller is fairly price your home. If you overprice, chances are you’ll get no activity, and then it will become even harder to recoup your investment," Redfin Premier Real Estate Agent Chaley McVay said in the report.

What’s the middle ground?

You don’t have to underprice your home — just price it smartly. Start by getting a realistic valuation based on comparable sales in your area, not wishful thinking.

In some markets, pricing slightly below the competition can spark buyer interest and lead to multiple offers. It also gives your listing a psychological edge.

A home priced at $489,000 feels more approachable than one at $500,000, even if the difference is negligible.

Finally, set a timeline. If your home hasn’t attracted serious interest within 21 days, be ready to reevaluate your price or make improvements that could boost appeal.

In today’s market, the best strategy is to stay nimble. Sellers who understand buyer sentiment and act quickly, instead of clinging to yesterday’s prices, are likely to close the deal.

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

She’s debt-free, has some savings and no major expenses. But at 60, Andrea still isn’t sure she can buy a home or retire — and she called into The Ramsey Show to ask if it’s even possible.

“I want to own a home and retire one day,” the Phoenix, Arizona resident told co-hosts George Kamel and Dr. John Delony.

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But with a modest monthly income of $2,864 and no retirement strategy in place, she’s unsure how — or if — she can make that dream a reality. Here’s the skinny on her retirement plan and how it can help you.

Breaking down her income

Andrea lives with her son and his family and only pays for car insurance, gas and the occasional incidental. That leaves her with approximately $2,154 each month to save.

She has $69,000 in a 401(k) and $45,000 in a savings account. She’s also considering relocating to Ohio, where her aging siblings live, to be closer to family and cut living costs.

Andrea works in medical records and hopes to move to a remote role at her company that pays about $40,000 annually. She’s also certified in medical coding but hasn’t worked in that role.

The hosts quickly identified her biggest hurdle: boosting her income.

“What you’re facing here, Andrea, is an income problem,” Kamel said. “We’ve gotta get your income up because that’s going to create more margin for you to save for that home.”

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Saving for retirement at 60

Starting late doesn’t mean it’s too late. At 60, Andrea still has solid options to grow her retirement savings.

1. Put money away for a down payment

The hosts recommended using her $45,000 as both an emergency fund and a down payment reserve. They advised setting aside three to six months’ worth of living expenses as a safety net, with the rest going toward a future home purchase.

2. Invest 15% of her income into retirement

Andrea said she’s currently investing only about 1%. The hosts stressed that saving alone isn’t enough. They encouraged her to invest in mutual funds through her retirement account. If done consistently, she could see 10-12% average returns over time.

3. Pursue higher-paying roles

With her experience and certification in medical coding, Andrea could land a better-paying remote job. While her starting salary is $40,000, the field offers room to grow.

“ Even if it’s not the exact role you want, I would just try to get on a ladder,” Kamel said.

4. Continue living with family or find a roommate

To keep saving aggressively, the hosts suggested Andrea stay with her son or consider moving in with her siblings once she’s in Ohio.

“It might not be ideal,” Delony said, “ but I love the idea of you saving money over the next five or 10 or 15 years until somebody can help you.

5. Adjust expectations around retirement

Andrea may need to work into her 70s to reach her goals. That’s not uncommon — in 2022, 24% of men and about 15% of women ages 65 and older were still in the labour force, according to the Population Reference Bureau.

“ You know you got $69,000 in that retirement account,” Kamel said. “(If) you keep investing, let’s say, a thousand bucks a month. If you can do that to 72, you’ll have over half a million in that nest egg. ”

He added that she could also get a reasonable mortgage to avoid paying rent forever.

Andrea’s situation underscores a growing concern for older Americans: how to make a smooth and comfortable transition to retirement. The co-hosts stressed that with focus and a solid long-term plan, Andrea still has a real shot at a meaningful future.

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

Since the start of 2025, central Florida law enforcement agencies have reported a sharp uptick in the theft of car rims, with Toyota Camrys and Corollas emerging as prime targets.

The Orange County Sheriff’s Office have urged residents — particularly those in apartment complexes — to remain vigilant after several vehicles have been found without their rims after overnight thefts.

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It’s a scenario all too familiar to local mechanics, says Kasey Chouait, owner of Charley’s Tire and Wheels in Orlando.

“People go outside and their cars are sitting on bricks,” he told WESH News.

Toyota Camrys and Corollas at risk

Investigators say thieves are primarily targeting sedans left in poorly lit parking lots.

The Orange County Sheriff’s Office noted on social media that most incidents involve vehicles parked overnight in apartment complexes. Limited lighting and few security cameras offer would-be criminals an easy score.

In each reported case, the missing rims were from Toyotas, which can hold substantial resale value on the secondary market.

“If you go buy a factory wheel from the Toyota dealer, it’s gonna cost per wheel maybe $300 to $400 dollars,” Jeff Beaty at Sloan’s Automotive told Fox35 Orlando.

According to RepairPal, the average cost for a single replacement of a Toyota Camry wheel can run between $657 and $685. Multiply those figures by four and a full replacement bill could exceed $3,000, with taxes and labour.

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Rise in wheel theft

"Some rims are very sought after," Chouait said. "And some people know which rims are expensive and worthy of taking a chance, and basically committing that crime."

The surge in car wheel theft is underpinned by a broader shift in theft patterns driven by supply-chain disruptions and inflation.

A recent CargoNet report highlighted a shift in cargo theft toward high-value metals. For example, copper theft rose 85% in the first quarter of 2025 alone, underscoring how volatile raw material prices have made metal components more lucrative.

PropertyCasualty360.com reports that wheel-and-tire theft claims range from $175 to $17,000 — and can climb as high as $40,000. On average, replacing four wheels and tires on-site costs approximately $2,800.

The National Insurance Crime Bureau reports that tire-and-rim thieves can net up to $400 per set; resellers then flip them for as much as $900 to small dealers or repair shops. In turn, repair shops resell to vehicle owners and bill insurers up to $1,300 when the parts are reinstalled.

Invest in rim locks

To counteract the trend, authorities and auto professionals urge simple precautions.

The Orange County Sheriff’s Office encourages parking in well-lit areas near surveillance cameras and installing locking lug nuts or “rim locks,” which can range from $20 to $50 per set.

"The best ones are the factory ones; they’re very hard to break, So, these people, they’re very good at doing that," Chouait told WESH News reporters. "But if you have a good lock on it, at least you make it difficult for them to steal it."

For residents of apartment complexes without adequate lighting, a good tip is to request additional security measures — such as motion-activated floodlights or cameras, which can help serve as a deterrent.

As the region braces for more potential thefts, experts stress that vigilance and low-cost security investments are the most effective line of defense.

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

On June 13, the South Carolina Shrimpers Association filed a federal lawsuit in the District of South Carolina against 25 Charleston-area restaurants.

The shrimpers accused the eateries of violating the Lanham Act and the South Carolina Unfair Trade Practices Act by marketing imported, frozen shrimp as “wild‑caught” and “local,” according to ABC News 4.

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Shrimp fraud misleads customers

The amended complaint alleged that this “shrimp fraud” misleads consumers and damages the reputation and goodwill of legitimate Lowcountry shrimpers.

“We believe that when we invite our family, our friends, and our cherished guests to our beautiful Lowcountry, they deserve nothing less than the real, authentic thing — and in this case, that means our delectable and incomparable, wild-caught South Carolina shrimp,” said South Carolina Shrimpers Association vice president Bryan Jones.

According to an investigation by SeaD Consulting, the genetic analysis of shrimp from 44 local eateries revealed that 90% of restaurants deceived customers. The suit found 25 establishments to be “outright fraudulent” for deceiving diners by selling imported shrimp which they claimed were locally caught.

Similar SeaD studies along the Gulf Coast revealed “shrimp fraud rates” as high as 96% in Tampa Bay and St. Petersburg, Florida. Only two out of 44 tested restaurants served truly local shrimp.

The Shrimpers Association claims these deceptions threaten the integrity of South Carolina’s seafood branding and undermine consumer trust. After all, many customers are expecting authentic and local food as advertised.

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Economic and tourism impact

The authenticity of seafood is not a niche concern in South Carolina.

In 2022, visitors spent $27.9 billion across the state, generated $2.6 billion in tax revenue and supported over 257,000 jobs.

The Lowcountry’s coastal dining scene is a significant attraction among tourists. According to Columbia SC Tourism, food and beverages accounted for 29% of each tourist’s budget, which amounts to $487 million.

If customers are misled by establishments, rebuilding consumer trust may require stricter labelling laws. Louisiana has implemented an updated seafood labeling law due to misleading food labels in restaurants.

Responses and next steps

Several restaurants have publicly denied wrongdoing and misleading customers.

Mount Pleasant Seafood says it has “receipts to back up” its local purchases and switches to frozen local South Carolina shrimp when fresh is unavailable.

Crave Hospitality Group stressed its commitment to sourcing and transparency. Page’s Okra Grill protested being “floored” by inclusion and noted it “does not claim on any of our menus that our shrimp is all local or East Coast.”

“Our aim has always been to protect South Carolina’s shrimping industry and to uphold the principle that consumers deserve honesty in advertising. We hope to hear from any defendant who is prepared to work with us to ensure transparency and fairness moving forward,” said associate representative attorney Gedney Howe IV to WRDW.

As the case heads to court, both sides will present evidence on sourcing records, menu marketing and consumer perception.

Beyond financial damages, the litigation underscores a broader call to preserving the Lowcountry’s culinary legacy, a billion-dollar tourism engine that demands “local” shrimp must come from South Carolina waters.

What to read next

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• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

As home prices soar and dreams of ownership slip away for many Americans, one couple decided to stop chasing the market and a new life from the ground up.

In spring 2024, Sophie Hilaire Goldie, 37, and her husband Rocky Goldie, 50, purchased a 37.5-acre fixer-upper homestead in rural Kentucky for $390,000 and began transforming it into their forever home.

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They are now dedicating their energy, time, and skills to remodeling the property into a self-sustaining lifestyle. Their plans include raising chickens, starting a dairy goat farm and launching a new skincare business.

“We are not moving,” Sophie said. “It’s weird even to think that’s an option because it’s not how we think. I have no interest in leaving — ever.”

From match to mortgage

Sophie, an Army veteran, and Rocky, a former Marine, met on Match.com. They quickly bonded over their shared love of the outdoors and their desire to embrace life.

When they started dating, Sophie transformed a friend’s Home Depot shed into a tiny home after spending two years living in a Sprinter van. Their second date was spent working together to build the shed.

“It was important for me while we were dating to see if we could work together on projects,” Sophie told CNBC.

After she returned from a trip through Southeast Asia, Rocky suggested they find a place of their own. They turned to Zillow and searched for rural properties with at least 10 acres and a sense of history.

A local photographer introduced them to a real estate agent, who showed them the abandoned property. It included two log cabins from the 1840s, a 2,200-square-foot home with four bedrooms and one bathroom, a 200-square-foot separate cabin and two barns — all on 37.5 acres.

The couple secured a 30-year mortgage with minimum monthly payments of $1,790, but they plan to pay off their home within five years. Sophie recently launched her own skincare company, Seoul + Soil, inspired by their natural lifestyle on the homestead. The business is part of a larger goal to become 85% to 90% self-sufficient.

“I think it’s the most excited I’ve ever been about anything,” Sophie said. “There’s nothing more entrepreneurial than just making up your life.”

Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how

Why homesteading may be a smart financial strategy

For the Goldies, homesteading is more than a lifestyle — it’s a financial strategy grounded in long-term resilience and freedom.

According to a 2022 survey by Homesteaders of America, nearly 40% of respondents said they had adopted homesteading within the past three years. Here’s how the Goldies are making it work:

• Reduced Housing Costs: It’s rare to find a 37.5-acre property with existing infrastructure for less than $400,000. By purchasing this land, the couple is eliminating decades of future housing expenses and aiming to be mortgage-free within five years.
• Income Diversification: Sophie’s skincare company is one source of income. Additional revenue may come from selling farm produce, hosting workshops or providing agritourism experiences such as farm stays.
• Asset Appreciation: Historic properties on large rural land are increasingly seen as wise investments. Renovations and the addition of sustainable infrastructure can significantly increase long-term value.
• Financial Resilience: A self-sufficient lifestyle that includes livestock, gardens and renewable energy systems can provide protection against inflation, food shortages and job loss.

For the Goldies, this bold experiment in modern homesteading is driven by passion and purpose.

“We only have a few more decades left, but we want to do 200 years’ worth of stuff,” Sophie says. “Everything we did brought us to where we are now, but it would be nice to be 20 and starting this.”

What to read next

• Financial aid only funds about 27% of US college expenses — but savvy parents are using this 3-minute move to cover 100% of those costs
• Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
• Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
• How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement

Money doesn’t have to be complicated — sign up for the free Moneywise newsletter for actionable finance tips and news you can use. Join now.

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

She’s debt-free, has some savings and no major expenses. But at 60, Andrea still isn’t sure she can buy a home or retire — and she called into The Ramsey Show to ask if it’s even possible.

“I want to own a home and retire one day,” the Phoenix, Arizona resident told co-hosts George Kamel and Dr. John Delony.

But with a modest monthly income of US$2,864 and no retirement strategy in place, she’s unsure how — or if — she can make that dream a reality. Here’s the skinny on her retirement plan and how it can help you.

Breaking down her income

Andrea lives with her son and his family and only pays for car insurance, gas and the occasional incidental. That leaves her with approximately US$2,154 each month to save.

She has US$69,000 in a 401(k) — which is the American equivalent of an RRSP — and US$45,000 in a savings account. She’s also considering relocating to Ohio, where her aging siblings live, to be closer to family and cut living costs.

Andrea works in medical records and hopes to move to a remote role at her company that pays about US$40,000 annually. She’s also certified in medical coding but hasn’t worked in that role.

The hosts quickly identified her biggest hurdle: boosting her income.

“What you’re facing here, Andrea, is an income problem,” Kamel said. “We’ve gotta get your income up because that’s going to create more margin for you to save for that home.”

Saving for retirement at 60

Starting late doesn’t mean it’s too late. At 60, Andrea still has solid options to grow her retirement savings.

1. Put money away for a down payment

The hosts recommended using her US$45,000 as both an emergency fund and a down payment reserve. They advised setting aside three to six months’ worth of living expenses as a safety net, with the rest going toward a future home purchase.

2. Invest 15% of her income into retirement

Andrea said she’s currently investing only about 1%. The hosts stressed that saving alone isn’t enough. They encouraged her to invest in mutual funds through her retirement account. If done consistently, she could see 10-12% average returns over time.

3. Pursue higher-paying roles

With her experience and certification in medical coding, Andrea could land a better-paying remote job. While her starting salary is US$40,000, the field offers room to grow.

“ Even if it’s not the exact role you want, I would just try to get on a ladder,” Kamel said.

4. Continue living with family or find a roommate

To keep saving aggressively, the hosts suggested Andrea stay with her son or consider moving in with her siblings once she’s in Ohio.

“It might not be ideal,” Delony said, “ but I love the idea of you saving money over the next five or 10 or 15 years until somebody can help you."

5. Adjust expectations around retirement

Andrea may need to work into her 70s to reach her goals. That’s not uncommon — in 2022, one in five Canadian seniors aged 65 to 74 were working, almost half by necessity, according to Statistics Canada.

“ You know you got US$69,000 in that retirement account,” Kamel said. “(If) you keep investing, let’s say, a thousand bucks a month. If you can do that to 72, you’ll have over half a million in that nest egg. ”

He added that she could also get a reasonable mortgage to avoid paying rent forever.

Andrea’s situation underscores a growing concern for older North Americans: how to make a smooth and comfortable transition to retirement. The co-hosts stressed that with focus and a solid long-term plan, Andrea still has a real shot at a meaningful future.

Sources

1. The Ramsey Show Highlights: Is It Too Late For Me To Invest For My Future? (May 15, 2025)

2. Statistics Canada: Employment by choice and necessity among Canadian-born and immigrant seniors (April 24, 2024)

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