BONUS call: Retirement Planning

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Education, Business, Investing

4.6 • 1.9K Ratings

🗓️ 4 July 2017

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week on the BONUS call I had to pick a side. I was either going to side with our caller, Dustin from Minnesota, or his wife. Only in their 30s, these guys are in great shape. They already have a good nest egg going and are able to save a solid amount each year. Dustin is all about contributing to their retirement accounts. His wife on the other hand thinks they should pull back on the retirement accounts and beef up their liquid assets. Have a guess as to which way I'm leaning? Have a finance question? We want to hear from you! Email us at askjill@betteroffpodcast.com and we'll arrange to get you on. Don't forget, a brand new episode of the Better Off podcast comes out Thursday so stay tuned for more listener questions plus an informative interview. Better Off is sponsored by Betterment. Please let us know what you think by leaving a rating or review in iTunes. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Transcript

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0:00.0	Welcome to the Better Off bonus call of the week.
0:05.7	We're sponsored by Betterment, the smarter way to invest your money.
0:09.2	Okay, this is going to be fun because every single Tuesday, we drop a new little mini episode for you.
0:16.2	And if you would like to actually have your question answered, all you have to do is email us.
0:22.3	Ask Jill at Betteroffpodcast.com. And even if you don't get on for Tuesday, there's another
0:27.3	chance. There's always Thursday during the big show. And that's when we do our listener call
0:32.3	of the week. Let's get it going here. We've got Dustin. He's on the line from Minneapolis.
0:42.1	Dustin, are you a Minnesota wild fan? Are you a hockey fan?
0:49.3	I am. I didn't grow up in Minnesota, but it's my adopted state. And we love our hockey up here.
0:56.4	Yeah, you sure do. Well, I was rooting for you after my islanders got knocked out, but it seems like we both got sidelined. So tell me, what can I do for you today, Dustin?
1:02.3	Jill, my wife and I could use your take on a savings question that we can't quite settle.
1:07.2	Okay.
1:08.0	So we're 35, we both work, W-2 jobs, no side gigs. Okay. So we're 35. We both work. W-2 jobs. No side gigs. Pretty stable work. We've been married for 10
1:18.3	years. We've got two kiddos. One's four. One is six months old. You sound very well-rested
1:25.3	for children that young. I'm impressed.
1:36.8	We got some good kids. Our second one just started daycare, and that's stretching our kind of our spending pretty tight.
1:48.5	Anyway, my question is around savings to afford the second daycare tuition. I'm looking at trying to organize our savings in a way that I'm hoping we can max out our 401 caves.
1:53.7	My wife is more frugal than I am.
1:56.4	She's all about that, but she's concerned I'm being a little myopic and maybe a little weighted too heavy in the retirement savings. Okay, so tell me- So can I walk you through some of our numbers? Yeah, absolutely. How much do you guys earn together? Just under 200, so like 195. Okay. And are you both maxing out your retirement contributions right now? Right now we're about 15%. Okay, that's good. That's great. And one other
2:20.0	just quick question. You say you were both 35, right? Right. Okay. Keep going. We fully fund our Roth IRAs each
2:29.8	year. We haven't done that for this year yet or for 2017, but we plan to with some cash savings that we have.
2:36.0	Our retirement balance right now is like 335, 85 of that is in Roths.
	...

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