Coronavirus: Can I Retire on 500K?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.6 • 1.8K Ratings

🗓️ 24 July 2020

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

Knowing how much you need to live on is a big help when it comes to planning for retirement, because knowing that number basically tells you how much you need to have saved in order to make it. Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0	Welcome to the Jill on Money Coronavirus Market Update. It is Friday, July 24th. You know what I forgot to mention yesterday? Can't even believe it, but as of the close of trading on Wednesday evening,
0:20.0	the S&P 500 was up on the year.
0:22.8	Unbelievable, 1.4%.
0:25.2	I know that pales in comparison to the NASDAQ, which is up, you know, 19, 20%,
0:31.0	but it's unbelievable. It's hard to imagine we're in a pandemic and markets are up.
0:36.0	Again, just to reiterate, the stock market this second is not reflective of what is going on in the economy.
0:44.4	The economy still is under enormous pressure.
0:48.0	We're going to hear about that, you know, in the days to come as we start to have some data points around what's gone on in the
0:56.7	south and the west in terms of closures and what's happened to the economy.
1:00.9	Here's what we know so far and that is that the first quarter growth
1:05.0	contracted by 5%. Next week we're going to get some information about the
1:09.6	second quarter. It's going to be horrible. It's on an annualized basis a 20 to 30 percent drop it's going to be horrible. It's on an annualized basis, a 20 to 30 percent drop, it's going to look
1:14.7	awful. The thing is that we thought we were going to have a real big bounce coming into the third quarter and the fourth quarter. Now maybe the
1:24.8	bounce isn't going to be so big. So don't get too crazy, don't get hyper
1:29.6	focused on the stock market, don't get hyper-focused on anything except what's going on in your financial life.
1:36.7	Okay? Fair enough? Fantastic. Good. Let's get to your questions. If you do have a financial question, just send us an email.
1:45.8	The email address is Ask Jill at Jill on Money.com. Ask Jill at Jill on Money.com. This is a question from AC who wants to know how likely is it
1:58.0	that the economy is going into a period of moderate inflation.
2:03.0	I'm a senior, the bulk of my net worth is invested in various equities and managed funds.
2:08.0	The rest is in a condo, no mortgage.
2:10.0	I may want a newer car, I may want to finish the basement of this home. I'm afraid that if I go all or
2:16.6	partially to cash the value could be lost to inflation and I'll still have to pay
	...

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