Jill on Money with Jill Schlesinger 55 With the Itch to Retire
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Aug 1, 2025 Listeners dive into the pressing question of retirement timing as they ponder life after 58. Strategies to maximize pension and Social Security benefits are highlighted, alongside personalized advice for managing finances. The challenges of entrepreneurship are also discussed, emphasizing the diverse roles business owners take on and introducing a global commerce solution to streamline their efforts. Tune in for engaging insights and expert guidance to navigate your financial future!
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Choosing Between 403B and 457 Plans
- If you have both 403B and 457 plans, maxing out contributions to both is possible if cash flow allows.
- Choose 403B plans offering access to low-cost index funds, target date funds, or providers like Fidelity or Vanguard over expensive insurance company plans.
Manage Mortgage and 403B Contributions
- Continue paying 6% into your 403B beyond college years to build cash for flexibility.
- Keep the low-interest mortgage and manage required distributions rather than rushing to pay off mortgage early.
Use Equity Loan to Pay Credit Cards
- Use a home equity loan with a lower interest rate to pay off high-interest credit card debt.
- Avoid starting a new debt cycle and seek personalized advice if possible.