Jill on Money with Jill Schlesinger I'm 57, Can I Retire?
Dec 22, 2024
At 57, navigating retirement can be daunting. The conversation dives into essential financial strategies and account management tailored for those nearing retirement. Listeners learn about managing low living expenses and optimizing Social Security benefits. Effective transition strategies like phased withdrawals and part-time work are discussed to ease emotional shifts. Plus, tips on managing a 401k and improving financial transparency with spouses provide valuable insights for achieving financial independence.
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Early Retirement Plan
- Joe, who is 57, wants to know if he can retire.
- Jill advises him to stop contributing to his traditional retirement account and stockpile cash until he can access his IRA penalty-free.
Withdrawal Strategy
- Jill recommends having a plan for withdrawing from retirement accounts.
- She suggests using cash and brokerage accounts until age 59.5, then slowly drawing from traditional accounts and paying taxes until Social Security at 67.
Involve Your Partner
- Jill suggests Joe involve his wife in the financial planning process.
- His wife should either learn how to manage the finances or have a clear plan in case something happens to Joe.