Jill on Money with Jill Schlesinger Pension and Renovation Decisions
8 snips
Nov 17, 2025 Is spending $300,000 on home renovations during retirement a wise choice? A listener discusses his plans for a condo renovation, revealing he has no mortgage. The host provides insights on pension options, social security strategies, and how to fund the renovation without returning to work. They explore asset management, tax implications of withdrawals, and charitable giving strategies. The conversation wraps up with reflections on retirement lifestyle choices, including travel and volunteering, and the importance of estate planning.
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Stagger Withdrawals To Manage Taxes
- Spread large withdrawals across years to manage taxes and cash needs.
- Keep withdrawn funds in safe cash or short-term instruments until spent.
PBGC Changes Make Deferral Valuable
- PBGC takeover can materially change promised pension amounts depending on your claim age.
- Deferring benefits can produce large monthly increases due to built-in growth formulas.
Savings Provide Renovation Flexibility
- Large retirement savings give flexibility to fund major lifestyle projects without returning to work.
- Cash flow from managed withdrawals plus modest rent can meet typical monthly needs.