Jill on Money with Jill Schlesinger

A listener named Sally, at 67, worries if her savings can support retirement. She shares her income strategy, including a pension and Social Security estimates. With monthly expenses around $3,600, Jill provides advice on delaying Social Security to maximize benefits. They discuss reducing risk from concentrated company stock and emphasize the importance of estate planning. The conversation concludes with Jill reassuring Sally that she is well-prepared for retirement and suggesting part-time work options to bridge the gap.

Navigating the emotional landscape of mortgages, one listener grapples with a $200,000 decision. Experts dissect whether starting Social Security at 62 is wise, emphasizing the benefits of delay. A debate sparks over buying a house for just a few years versus renting, raising questions about financial priorities. Jill offers insights on cash flow management for retirees while weighing the security of pension jobs against potentially higher private pay. Ultimately, a call for balancing emotional needs with sound financial decisions wraps up the discussion.

Richard shares his struggle in a long-term customer service job and dreams of slowing down. They discuss the emotional toll of angry customers and the feasibility of early retirement. Jill helps him assess savings and a plan to transition to less work by age 60. Strategies for managing finances while planning for health coverage and building liquidity are explored. They highlight the importance of mental health and taking breaks, inviting listeners to reach out for support if they feel stuck in their jobs.

Explore the emotional journey of transitioning from managing personal finances to hiring a Certified Financial Planner. Gain insights into balancing home equity, retirement accounts, and upcoming major expenses, including a hefty wedding contribution. Learn about strategies for maximizing Social Security benefits and managing taxable vs. pre-tax accounts. Discover the emotional relief and peace of mind that can come from delegating financial decisions. Plus, key questions to ask your financial advisor to ensure a solid retirement plan.

Lisa, a listener from North Carolina, seeks advice on simplifying her family's complex finances, which include rental properties and two small businesses. Jill discusses strategies for managing retirement accounts and college savings plans for her children. They explore cash flow issues and the benefits of potentially selling a business to reduce stress. Jill encourages Lisa to consider letting go of one time-draining business to improve her financial situation and lifestyle flexibility.

John, a caller and executor of an overseas estate, seeks a second opinion after being advised to purchase a whole life insurance policy following a substantial inheritance of about $2.5 million. Jill clarifies the tax implications of transferring the inheritance to the U.S. and challenges the advice on whole life insurance. She recommends working with a certified financial planner instead and highlights the importance of comprehensive financial planning, especially after receiving an inheritance, to avoid high-pressure sales tactics.

Jim, a mid-50s registered nurse, seeks retirement advice as he and his wife plan to retire in five years. They discuss their $315k income, $1.9M retirement savings, and the debate between Roth vs. traditional accounts. Jill advises on rolling old IRAs into their 403(b), managing their $235k brokerage savings, and developing a strategy for Social Security to maximize benefits. They also explore pension payout options, potential housing changes to Texas, and healthcare costs leading up to Medicare. A comprehensive retirement roadmap unfolds!

Discover the pros and cons of refinancing your adjustable rate mortgage before it resets. Hear expert tips on when to lock in rates and how to monitor the market effectively. Jill dives into complex financial topics like life insurance versus 529 plans for college savings, and explains RMDs for those working past 72. Plus, she offers insights into choosing the right mortgage term and managing cash needs during a home sale. Get ready for a mix of practical advice and clear financial guidance!

Elle, a caller from Georgia, seeks advice on deciding whether to switch jobs. She discusses her current compensation of $127K, generous PTO, and the importance of work-life balance for her family. Jill Schlesinger helps her evaluate the new job's benefits, including a potential pay range of $130–160K. They assess the risks of sacrificing PTO and flexibility for higher pay, negotiating strategies, and the need for more information on travel requirements. Ultimately, Jill advises that Elle may need a total comp of $200K–$225K to justify the switch.

Discussing life transitions, a listener shares her desire to sell her business and travel the world after her daughter finishes high school. Jill offers insights on managing finances and stresses the importance of liquidity over early mortgage repayments. With several rental properties generating cash flow, they explore the challenges of working abroad and the advantages of Bella's German background. Key advice revolves around controlling expenses and ensuring proper planning for a successful future.