Jill on Money with Jill Schlesinger 55 and Thinking of Retirement
Jan 8, 2025
The journey to retirement at 55 brings financial complexities. Real estate investment is dissected, revealing its pros and cons. Stay informed about income sources and the dynamics of family finances as retirement nears. Dive deep into managing retirement accounts like IRAs and 401ks for strategic planning. Long-term care and insurance options are crucial for pre-retirees, alongside updating important estate documents to reflect life's changes. Prepare wisely to ensure a secure financial future!
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Retirement Planning at 55
- Bennett, 55, seeks advice on retirement planning with spouse and two teenagers (one in college).
- Spouse earns $5,000-$6,000 part-time; combined income is between $150,000 and $210,000.
Investment Allocation
- Save in Roth 401(k) and traditional 401(k), rollover IRAs, and a joint Schwab account with robo-advisor funds.
- Has a cash balance plan from employer worth $53,000.
Pension Plan Details
- Bennett has a pension plan with a company-funded component ($4,000/month) and voluntary component ($600/month or $118,000 lump sum).
- The pension becomes available at age 60.