Jill on Money with Jill Schlesinger Seeking Financial Flexibility
7 snips
Dec 9, 2025 Lynn, a listener seeking retirement planning advice, shares her journey towards financial flexibility as she approaches her 50s. They discuss how her spouse's pension and the Windfall Elimination Provision might impact Social Security benefits. Together, they analyze Lynn's savings, debts, and income needs, calculating a gap in retirement funds. Jill emphasizes the importance of finding fulfilling work and considering job transitions to enhance financial security. It’s a thoughtful navigation through retirement options and lifestyle choices!
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Delay Withdrawals And Build Taxed Savings
- Delay withdrawing retirement savings to let them grow and reduce tax drag.
- Build non-retirement (taxed) savings to fund any mid-career work changes or transitions.
Couple With Pension Facing WEP Questions
- Lynn and her spouse earn about $175,000 combined and have one spouse in a defined benefit pension.
- Lynn expects WEP may cut her Social Security significantly and is exploring additional working years to improve the outcome.
WEP Can Meaningfully Cut Social Security
- The Windfall Elimination Provision (WEP) can substantially reduce Social Security benefits for those with non-Social Security pensions.
- Increasing years of substantial earnings can lessen WEP's reduction percentage over time.