Jill on Money with Jill Schlesinger

Navigating estate planning for aging parents can be tricky. A listener shares his struggles with initiating discussions about his parents' financial and living situations. The conversation touches on evaluating their income, assessing health concerns, and addressing the absence of wills. Jill emphasizes the importance of attending attorney meetings for organization and clarity. They also discuss potential long-term care solutions and the necessity of defining specific bequests. Follow-through is key to ensure the estate plan is finalized smoothly.

Juliet Kalib, a trusts and estates attorney, and Rick Kahler, a fee-only financial planner and financial therapist, share their expertise on the crucial but often daunting process of estate planning. They explore common barriers, including the fear and superstition surrounding estate documents. The duo discusses the emotional challenges that arise from family dynamics and recommends using professionals to mediate tough conversations. They also share strategies to encourage reluctant clients to start planning, emphasizing the importance of communication and support.

Should you drain your retirement accounts to buy a dream vacation home? A couple debates the pros and cons, weighing two upcoming pensions against their current savings. They explore Social Security strategies and the risks of depleting retirement funds, particularly longevity and tax implications. Jill urges caution, suggesting safer alternatives like renting or selling their primary home. The takeaway? Financial stability looks promising but requires prudent decisions.

Feeling burnt out at work? A listener contemplates taking on more responsibilities for a promotion. Jill advises against it, stressing the importance of preserving options and evaluating personal capacity. Plus, she delves into investment strategies, suggesting the ideal placement of income-generating assets and when to consider Roth conversions. Tune in for insights on balancing ambition with well-being!

A listener, burnt out at 52, considers quitting her tech job to travel Europe for a year. They dive into finances, assessing savings, mortgages, and future income needs. Budgeting for a $25k-$60k adventure while contemplating the long-term implications of her expenses adds complexity. Jill recommends part-time work and smart investing to keep finances stable. With dream destinations like Japan and Spain on the horizon, the conversation also covers essential pre-trip preparations, including paperwork and insurance.

A couple navigates the challenges of a federal furlough while expecting their first child. They discuss how to assess household income amidst uncertainty, and strategies for managing emergency cash. Conversations about mortgage terms reveal a low interest rate advantage. Financial advice includes balancing taxable investments and savings, as well as dealing with student loans. They also emphasize the importance of legal planning and insurance before the baby arrives, ensuring financial security and peace of mind during a tumultuous time.

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.