Jill on Money with Jill Schlesinger Want to Retire but Have Concerns
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Apr 25, 2025 Listeners voice their concerns about retirement amidst economic uncertainty, stressing the need for careful financial planning. Topics include evaluating savings portfolios like IRAs and 401ks and understanding income sources for a smooth transition. The discussion also highlights the importance of managing risks associated with mortgages and inherited properties. Additionally, the idea of adopting flexible work options and the necessity for estate planning are emphasized, ensuring a secure and adaptable approach to retirement.
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Rhoda's Retirement Plans
- Rhoda Morgenstern, 66, is working three days a week and hopes to retire soon while her husband, 68, is mostly retired.
- They have no pensions but steady social security income and substantial retirement savings.
Strong Retirement Foundation
- Rhoda and her husband have around $1.5 million in retirement accounts and a combined social security income near $80,000 annually.
- Jill Schlesinger considers this a strong financial foundation suitable for retirement, even amid market volatility.
Manage Retirement Risk Strategically
- Keep a portion of retirement savings (e.g., $50,000) in cash to cover the first few years of expenses safely.
- Consider a phased retirement approach by reducing work days until fully retired to ease market anxiety.