Prepping for Retirement
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 28 November 2023
⏱️ 9 minutes
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Summary
We're prepping for a retirement that includes a good amount of travel. Can we do it?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Show. It's Tuesday, November 28th. It's giving Tuesday. And I love this day. See, I may not like all the other holidays like Black Friday and Cyber Monday, but a day that you are focused on giving some money away, hmm, I can get behind that. So if you get a chance, |
| 0:22.9 | donate some money. If you like to do it at a different time, that's fine too. But if you do |
| 0:27.9 | have a question about charity or maybe charitable trusts or donor advised funds, which I love, |
| 0:34.5 | give us a shout. Go to jillunmoney.com. Click the contact us button. Let us know if you want to come on the air. While you're there, sign it for the free weekly newsletter, check out all that content that lives there and maybe even buy my book, The Great Money Reset. Right now, let's talk to Greg, who's on the line from Minnesota. Well, thank you, Jill. I am 60 years old, semi-retired. My wife is 10 years younger. Her plan is to work for about another three years. In total, we have about $2.6 million saved in various pension funds, brokerage accounts, IRAs, SEP IRA, a deferred comp that I had from |
| 1:13.8 | working for the Minnesota legislature for a number of years. And we're aggressive investors, |
| 1:21.0 | and we have some pretty expensive plans to travel in our retirement years. |
| 1:25.6 | You said that you are semi-retired. |
| 1:27.8 | How much are you making right now? |
| 1:29.8 | Probably about 20,000 a year. |
| 1:32.6 | Okay. |
| 1:33.1 | And how much does your wife earn? |
| 1:34.6 | She makes about 160. |
| 1:37.1 | You said you've got 2.6 million saved. |
| 1:39.8 | How much of that is pre-tax money? |
| 1:42.8 | 1.6 of it. Wow. Okay. That's a big chunk. So she's going to work for three more years. Are you going to keep working, you know, taking, you know, 20 something thousand a year? Or are you going to call it quits in three years also? I'll probably do a part-time gig of some sort. Okay. |
| 2:01.6 | Tell me some more. |
| 2:02.9 | Kids, no kids. |
| 2:04.4 | What do you got? |
| 2:05.6 | Kids in college. |
| 2:07.8 | We have 529 plans that are pretty well funded for them. |
| 2:12.1 | So I don't feel like unless they go to expensive graduate schools, I think we're pretty |
| 2:16.9 | well covered there. |
... |
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