Can I Retire Next Year at 62?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 15 November 2023
⏱️ 13 minutes
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Summary
I will be 62 next year and I have $500,000 in a 401(k) plan, $150,000 in cash and another $45,000 in a Roth account. I don't spend much. Can I retire in 2024?
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Transcript
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| 0:00.0 | Welcome to the Jill On Money Show. |
| 0:05.6 | It is Wednesday, November 15th, and we are here trying to help you make sense of the world at large, at least the economic part of the world, your personal finance part of the world, or anything else on your mind. |
| 0:18.4 | If you've got a question, just go to jillunmoney.com, click the contact us button. |
| 0:22.7 | Let us know if you want to come on the air. |
| 0:24.7 | And just thought that we might do a quick little update on inflation because we got the |
| 0:30.6 | October CPI report out. |
| 0:32.8 | And it was a good report. |
| 0:35.1 | We saw that prices, as expressed by the consumer price index, came in at a 3.2% annualized pace, better than expected, by the way. |
| 0:45.1 | I thought we're going to get maybe 3.6 or so. |
| 0:48.3 | And the core rate, which pulls out food and energy, that was up 4% from a year ago was the smallest increase in two |
| 0:56.7 | years since September of 2021. Now, because Mark loves this part of it, he likes to pull out all |
| 1:03.3 | the fun little things that happened during the month and the year. So gas prices were down |
| 1:08.9 | 5% during the month, which is why the numbers went down. |
| 1:13.8 | That meant that energy prices are down 4.5% year over year. |
| 1:17.7 | Food prices are still up 3.3%. |
| 1:20.6 | At home, 2.1%. |
| 1:22.9 | If you go out to dinner, it's going to cost you 5.4% more. |
| 1:26.7 | Okay, let's say you want to buy used car. |
| 1:29.0 | Prices down by 7.1%. Wow. New cars up by 1.9%. These are the annualized numbers. Mark, I don't |
| 1:37.6 | know if you saw this. The increase in car insurance, 19.2% from a year ago. Oh, I believe it. I just got my new premium and it never |
| 1:46.8 | goes down. But 19%. Now, they say it's because there's more accidents, more people are driving. |
| 1:53.2 | It's a COVID thing. Who knows? Mark, stop eating beef and veal, which I know you've pulled back on, |
... |
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