Jill on Money with Jill Schlesinger I’m 47, Can I Retire Next Year?
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Apr 30, 2025 A listener grapples with early retirement at 47, pondering financial readiness and life changes. The conversation emphasizes evaluating pension plans and investments while considering a move to a less stressful environment. Topics include the decision to sell or rent a home in New Jersey versus the costs in Panama, and the importance of understanding retirement accounts and savings. The guide touches on the value of a military pension and the significance of pausing before embarking on new journeys.
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Athena's Early Retirement Story
- Athena, a 47.5-year-old single former military member, wants to retire next year due to burnout and stress.
- She has a military pension, a civilian pension starting at 65, and significant savings and investments.
Military Pension Powers Retirement
- Athena has a military pension of $2,400 a month, tax-free, which covers most of her basic expenses.
- Combined with her planned living costs in Panama, this pension significantly supports her retirement plan.
Rent Property to Offset Costs
- Renting out a property can help cover mortgage and housing costs when retiring abroad.
- Keeping a place to return to can provide flexibility and emotional comfort.