Jill on Money with Jill Schlesinger 60 and Planning for Retirement at 67
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Jul 25, 2025 A listener navigates their retirement plans, wondering if they're on track for a secure future. The discussion dives into income sources like Social Security and pensions. Key strategies for withdrawing from retirement accounts are explored, alongside the timing for claiming benefits. The importance of managing minimum required distributions is highlighted, with tips on tax implications. Investment strategies focusing on low-cost index funds are also examined, encouraging personalized advice for a solid financial path.
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Know Your Monthly Expenses
- Track your monthly expenses carefully to compare them against your guaranteed retirement income.
- Knowing that your basic monthly expenses are around $3,000 helps assure that your retirement income covers your needs.
Balance 403B and Roth Contributions
- Contribute enough to your 403B to get the employer match, the rest to your Roth IRA.
- This balance optimizes tax benefits and builds a diversified retirement portfolio.
Withdraw 403B Funds Strategically
- Consider withdrawing some 403B funds before claiming Social Security at 67 to maximize Social Security benefits.
- This can reduce required minimum distributions later and spread out taxable income.