Do I Have Enough to Retire?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 30 August 2023
⏱️ 16 minutes
🧾️ Download transcript
Summary
I’m in my early 50s, and after a recent inheritance, am I okay to retire now?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Show. |
| 0:05.5 | It's Wednesday, August 30th, and we are here on vacation. |
| 0:09.6 | No, I'm not here really, but I'm on vacation and so is Mark. |
| 0:13.3 | But you are here and you are listening to this pod because we got you into that habit of listening every day. |
| 0:19.3 | And so we want to deliver what we are promising, |
| 0:21.7 | which is helping you make sense of your financial questions seamlessly. And if you're a little |
| 0:27.7 | bit of a voyeur and you've always been wanting to get in touch with us, but you're kind of |
| 0:31.8 | scared. Don't worry. It's as easy as going to our website, jillunmoney.com. Click the contact us |
| 0:37.3 | button. Of course, let us know if you would be willing toill onmoney.com click the contact us button of course let us know if |
| 0:39.2 | you would be willing to come on the air marked us everything else that is what anne did and is on the |
| 0:44.1 | line from new york so i've been a saver all my life i started with a mutual fund probably at about 18 |
| 0:50.3 | quickly made that an IRA then through work work, I always had 401ks. |
| 0:55.6 | I would roll them over to IRAs. |
| 0:57.7 | I converted to a Roth probably in my late 30s. |
| 1:01.5 | I'm in my early 50s. |
| 1:03.4 | I now have money saved up in my Roth. |
| 1:06.5 | I have some money in my work IRA or my work 401K. |
| 1:10.7 | I recently had a loss in the family and I was |
| 1:13.3 | left some money. And that's what I'm trying to figure out now is, do I have enough to retire at this |
| 1:19.5 | age? What do I need to do to fill the gap in? All right. So let's go through a few of the details. |
| 1:25.3 | So first of all, Ann, how old are you? |
| 1:38.5 | 53. Okay. Are you married, partnered, single? I'm single, no children. Okay. And how much do you earn right now? I earn about 86,000 a year. Okay. And on the 86,000, you say you have a work 401K. About how much do you contribute every year? I'm maxing that out now at 30,000. Wow. How much money have you put in the 401k so far? What do you have in there? 85,000. Okay. And then you said you also have a Roth IRA, right? |
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