Jill on Money with Jill Schlesinger 59 and Considering Retirement
16 snips
Sep 3, 2025 Delve into the complexities of retirement planning, illustrated by a case study of a couple's financial landscape. Discover strategies to maximize your retirement income, including pensions and 401k options. Unpack the emotional challenges of job dissatisfaction and how they can shape your retirement choices. Learn the significance of effective financial management during retirement transitions and the importance of estate planning. Gain insights into working with a financial planner to secure your financial future.
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Household Retirement Balances
- Roger reports $1.76 million in a pre-tax 401(k), modest brokerage holdings, and $50k in bank cash.
- He also says his wife has a New Jersey Board of Ed pension and small retirement accounts.
Income Jumps When Both Benefits Start
- Combining spouse pension and both Social Security checks can nearly cover the couple's stated $10k monthly need.
- Timing matters: once both collect, the household income picture changes materially.
Bridge Retirement With Part-Time Work
- Do consider a low-stress part-time job to bridge income until full retirement benefits kick in.
- Do minimize withdrawals from retirement accounts to preserve tax-advantaged growth and reduce longevity risk.