Jill on Money with Jill Schlesinger Don’t Earn Much, Am I on Track?
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Jul 17, 2025 Can you retire at 59 with a low cost of living? The discussion dives into personal retirement strategies, highlighting the balance between income streams and savings. Insights on navigating Social Security benefits bring clarity, especially for those with health concerns. The importance of tax management and effective use of Roth IRAs is emphasized, providing listeners with actionable financial planning tips. This episode encourages thoughtful evaluation of retirement goals for a sustainable future.
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Lewis's Retirement Story
- Lewis plans to retire at 59 and a half with low living expenses of about $2,000 a month.
- He has a $30,000 military pension for life and additional state pension of about $1,000 per month.
Consider Health Claiming Social Security
- Consider your health when deciding when to claim Social Security.
- It's acceptable to claim at 62 if health issues suggest shorter lifespan, maximizing immediate benefit.
Early Social Security Claiming Insight
- Claiming Social Security early can be smart if you have health concerns limiting lifespan.
- Waiting for full retirement age is typically better but not always the best for everyone.