Jill on Money with Jill Schlesinger Next Steps for Possible Retirement
Dec 12, 2024
Explore the intricacies of retirement planning, from navigating personal finances to understanding real estate impacts. Strategies for optimizing 401(k) contributions and minimizing tax liabilities are discussed in detail. The emotional transition into retirement is also addressed, highlighting the necessity of proactive fund management. Listeners share their concerns, emphasizing the importance of community support and expert advice in facing financial uncertainties. This engaging conversation equips attendees with essential tools for their retirement journey.
AI Snips
Chapters
Transcript
Episode notes
Retirement Concerns
- Paul, considering retirement in 2025, seeks advice on managing his finances.
- He got a job extension but worries about future employment due to his age.
Savings Allocation
- Jill advises Paul to contribute enough to his 401k to receive the full employer match.
- She suggests putting remaining savings into his brokerage account due to his large pre-tax 401k balance.
Pre-Tax Withdrawals
- Jill suggests Paul withdraw around $200,000 annually from pre-tax accounts between ages 65 and 70.
- This strategy helps manage tax liability and provides income before Social Security.