Jill on Money with Jill Schlesinger New Job, New Retirement Plan Options
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Jun 12, 2025 Changing jobs at 50 brings exciting choices! Should you opt for a pension or a 401(k)? The discussion dives into the importance of financial planning for retirement and education. Addressing rental properties and cash management, the conversation highlights smart decision-making for home ownership. Pensions versus contribution plans are unraveled with personal stories, emphasizing the need for flexibility. Essential tips and the value of support are shared, making this a must-listen for anyone navigating a career transition!
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Jen's Financial and Family Background
- Jen is 51, single, with two college-age children and changing academic jobs.
- She has saved about $1.3 million in retirement accounts and $1.1 million in cash and CDs.
Late Careeer Pension Limitations
- Starting a pension late in your career may reduce its benefits and flexibility.
- Having significant savings can make a defined contribution plan more advantageous at age 51.
Flexibility Over Pension Lock-in
- Pensions can limit flexibility if job tenure is uncertain or if one dislikes the job.
- Having diversified assets allows you to exit jobs without losing financial security.