Jill on Money with Jill Schlesinger Am I Okay to Retire in a Year?
5 snips
Apr 21, 2025 The hosts dive into the maze of retirement planning, offering insightful guidance on pension benefits and Social Security strategies. They emphasize the advantages of delaying benefit claims until age 70 for enhanced financial security. Tax implications from selling rental properties are also discussed, including capital gains and depreciation recapture. Listeners get practical advice on managing finances, covering everything from real estate investments to monthly expenses, ensuring a well-rounded approach to preparing for retirement.
AI Snips
Chapters
Transcript
Episode notes
Retirement Timing and Social Security
- Retire next year and choose the pension option with 100% survivor benefit for guaranteed income.
- Delay Social Security claims to maximize future benefits and consider Roth conversions to manage taxes.
Rental Property Tax Considerations
- Rental real estate offers significant cash flow but managing six properties is cumbersome.
- Selling triggers capital gains and depreciation recapture taxes, but holding allows a step-up in basis for heirs.
Delay Social Security for Benefit
- Consider delaying your wife's Social Security claim until full retirement age instead of 62.
- This strategy ensures higher lifetime benefits as both are in good health with sufficient savings.