Jill on Money with Jill Schlesinger Best Strategy for Flexibility
14 snips
Nov 7, 2025 In this conversation, Tom, a 40-year-old listener and family man, seeks retirement planning advice for his goal of an early retirement in 15 years. He shares insights into his current assets, including a sizable 401(k) and brokerage accounts. The duo explores strategies for tax diversification by considering a shift to Roth contributions. Jill emphasizes the importance of building a brokerage for accessible funds and discusses maintaining proper life insurance coverage. Their dialogue underscores the necessity of adaptability in financial planning.
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Shift Some Savings To Accessible Accounts
- Reduce pre-tax 401(k) contributions if you need more accessible funds for early retirement and shift savings into a brokerage account.
- Keep employer match and funnel extra savings to taxable accounts to build a flexible cash source.
High Savings By Age 40
- Tom and his wife accumulated about $1.1 million in traditional 401(k) and $50,000 in Roth accounts by age 40.
- They also hold $20,000 in brokerage, $30,000 in 529s, and $80,000 in high-yield savings.
Increase Term Life Coverage
- Buy additional term life insurance to cover family needs, especially with young children and high expenses.
- Use comparison sites like PolicyGenius to price and purchase suitable policies quickly.