Jill on Money with Jill Schlesinger Am I in Good Shape to Retire Next Year?
11 snips
Jun 20, 2025 A listener questions if she's ready to retire at 65, leading to a deep dive into her financial situation after becoming a widow. The discussion highlights retirement income, Social Security eligibility, and strategic planning. They explore the importance of early financial planning, savings, and estate management. Asset allocation gets attention as they discuss index funds, stock-bond ratios, and long-term care planning. Finally, the episode emphasizes assessing personal financial skills and seeking professional advice if needed.
AI Snips
Chapters
Transcript
Episode notes
Christine's Retirement Story
- Christine is 64, planning to retire at 65 with $1.8 million in pre-tax savings and $280k in cash.
- She's recently widowed, receiving $2,000 monthly survivor Social Security and helping pay $10,000 yearly tuition for grandkids.
Tax-Smart Retirement Withdrawals
- Pull pre-tax retirement funds gradually, staying in the 24% tax bracket to optimize taxes.
- Use Social Security survivor benefits first, then increase benefits at age 70 to reduce tax burden.
Power of Consistent Saving
- Consistent saving over time can accumulate millions, even with average incomes.
- Starting early and paying yourself regularly are keys to building wealth for retirement.