Jill on Money with Jill Schlesinger Federal Service Early Retirement
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Jul 23, 2025 The podcast dives into the significance of making smart financial moves during key life events like retirement. It discusses the retirement plans for federal employees, emphasizing pensions, spousal benefits, and Social Security. Listeners learn about managing personal retirement savings, including the ins and outs of IRAs. A couple shares their thoughts on approaching retirement, focusing on finances and aspirations. Finally, the importance of estate planning is highlighted, reassuring listeners about securing their financial future.
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Maggie's Federal Retirement Story
- Maggie took an early retirement after 34 years in federal service with a pension of $3,000 and a supplement of $1,900 monthly.
- Her husband, already retired, receives $8,800 monthly under the older CSRS system, and they spend about $4,200 monthly.
Strong Retirement Income & Savings
- Maggie and her husband have strong, steady retirement income covering their expenses comfortably.
- Their assets include over $1.3 million in savings and investments with no debt, ensuring financial security.
Prioritize Estate Planning
- Create a will and power of attorney to specify asset distribution and decisions.
- Prioritize setting up estate documents soon after retirement to avoid complications.