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Jill on Money with Jill Schlesinger

Enough Saved to Retire?

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.61.9K Ratings

🗓️ 19 September 2023

⏱️ 11 minutes

🧾️ Download transcript

Summary

I am 62 and hoping to retire in one to three years. Do I have enough saved?

Have a money question? Email us here

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Instagram: @jillonmoney

Twitter: @jillonmoney

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

Transcript

Click on a timestamp to play from that location

0:00.0

When you can't quite get the angle, take hands-free selfies with the Samsung Galaxy Z Flip 5,

0:05.2

stand it up, step back, and your photos are also synced to your Chromebook, ready to edit.

0:10.8

The new Samsung Galaxy Z Flip 5 and Chromebook, available on Vodafone.

0:18.8

Welcome to the Jill on Money Show. It's Tuesday, September 19th, and we are here chatting with you

0:25.1

about how to better manage the various aspects of your financial life. If you have a question,

0:32.1

just go to our website, JillOnMoney.com, click the contact us button, and let us know if you would

0:38.1

be willing to come on the air. Now I'm going to get straight to our listener because she's on the

0:42.8

clock. She's got a very busy life. So let's straight away get going and talk to Claire, who's

0:48.9

on the line from Texas. Hello, Claire. What's going on? What can we do for you?

0:53.2

Hi, I have questions about my retirement. I would like to retire, and I want to make sure that

0:58.8

that's possible. Okay. Tell us a little bit about yourself. I am almost 62. I'm hoping to work

1:05.3

until 65. I work for the federal government, so luckily I have a pension. Nice. Yeah, that'll be

1:11.0

about $4,000 a month gross. I also have about 1.2 million in the TSP. Great. Is that all pre-tax? Yes,

1:20.5

because I've been working long enough that there was no wrath when I started. I also have about

1:26.8

600,000 in a fidelity account. I live in a place that's not that expensive.

1:33.6

And so I was hoping in three more years I'd be able to retire. I am maxing out on my

1:38.2

contributions to the TSP, and I get a match of 5% from the government. So, and I'm also doing

1:43.2

the catch-up, right? Because I'm over 55. So you got 30 grand going in plus the 5% match,

1:49.3

and your pension is accruing, and everything is good there. Yeah. So the 4,000 a month gross

1:56.3

is at age 65. And are you also entitled to Social Security or not? I am. I'm hoping to not take it

2:04.4

until I'm 70. If I can wait till then, I will get about $4,500 a month. Wow, that's great.

2:11.1

And how much do you figure you spend on a monthly basis? Probably about $5,000. We're done.

...

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