Jill on Money with Jill Schlesinger On Track as We Approach Retirement?
14 snips
Aug 29, 2025 As retirement looms, the conversation delves into the importance of assessing financial health. A couple reveals their retirement planning journey, discussing account figures and effective strategies. Key topics include the management of traditional IRAs and 401(k)s, along with understanding investment fees. Emotional aspects of transitioning to retirement are explored, alongside timely social security strategies. Additionally, the discussion touches on the role of young adults in supporting parents financially, showcasing how it can reinforce family ties.
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Loaning Kids Money Left A HELOC
- Peter and his wife took a $142,000 HELOC to help their sons through college and for home improvements.
- Their sons are now working and have not offered to help pay down the HELOC.
Create After-Tax Savings Before Retirement
- Build up taxable (after-tax) savings in the next few years because most of your wealth is pre-tax.
- You cannot avoid taxes on retirement accounts without non-retirement assets to pay the tax bill.
Working Longer Gives Social Security Flexibility
- If one spouse continues working, the other can delay claiming Social Security to maximize benefits.
- Staying employed provides flexibility and reduces immediate withdrawals from retirement accounts.