Jill on Money with Jill Schlesinger Retirement Planning Checkup at 65
21 snips
Sep 18, 2025 As Bob approaches 65, he navigates the complexities of retirement by exploring work plans and managing an inherited IRA from his late mother. Jill dives into strategies for maximizing tax efficiency while withdrawing from the $220K inheritance, and offers financial insights on Bob's $1.16M 401(k) and cash reserves. She emphasizes the importance of timing withdrawals when income is low, ensuring Bob's transition into retirement is smooth and financially sound.
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Delay Decisions, Keep Options Open
- Consider working another five years but permit yourself flexibility if conditions sour at work.
- Use the next few years to evaluate a career change while leveraging your existing network and skills.
Inherited IRA And Estate Duties
- Bob recently lost his mother and is co-executor with his sister managing the estate.
- The estate includes an IRA currently at about $220,000 with RMDs already being taken.
Savings Give You Real Optionality
- Bob has saved about $1.16 million in his 401(k) with most in pre-tax funds and contributes to a Roth at work.
- His low spending and solid savings give him substantial optionality for retirement timing and work choices.