Jill on Money with Jill Schlesinger Vacillating About Retirement
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Jul 8, 2025 The discussion kicks off with the urgent dilemma of whether to retire at 59, diving into the complexities of financial readiness and personal well-being. A couple shares their journey through burnout and the desire for work-life balance amid the pandemic's impact on careers. Financial planning takes center stage, covering pensions, assets, and the challenge of supporting adult children. Emphasis is placed on the emotional side of retirement, encouraging reflection on personal passions while making proactive life choices.
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Tom and Jerry's Retirement Plan
- Jerry and Tom, from New Jersey, plan to retire around the same time and view retirement as a joint decision.
- Jerry recently considered retiring earlier than planned due to feeling ready to stop working.
Strong Financial Base for Retirement
- Jerry has a sizable pension of about $65,000 annually, which forms a strong financial base for retirement.
- Tom has no pension but owns a second home with a low-interest mortgage, providing another asset for retirement.
Value of Second Home
- The couple owns a second home valued between $1.7 and $1.9 million with a low mortgage of about $322,000 at 2.625% interest.
- This low mortgage rate is advantageous and doesn't need to be paid off early.