Jill on Money with Jill Schlesinger

Episode: 70 and Still Working Full-Time

Date: October 1, 2025
Host: Jill Schlesinger, CFP®

Episode Overview

In this episode, Jill Schlesinger takes a listener call from Mimi in Southern California, a 70-year-old still working full-time in the nonprofit sector. They discuss Mimi’s finances, her reasons for continuing to work, and strategize about how to best use her Social Security income and prepare for retirement. Jill provides actionable advice tailored to Mimi’s circumstances and draws out broader lessons for listeners in similar situations.

Key Discussion Points and Insights

Mimi’s Background and Financial Situation

• Dedication to Service:
  Mimi has worked her entire career in roles focused on serving families in need, only focusing on her own retirement later in life.

  • “Most of my focus has been throughout my career on serving other people. And I really did not focus on myself in my retirement until much, much later.” (Mimi, 03:50)

• Current Employment:
  Still working full-time at age 70, earning $105,000/year.

  • “I find myself at age 70, still working full time. I was not anticipating this years ago that I would still be working, but I am, I'm, you know, fortunate that I have good work...” (Mimi, 03:50)

• Retirement Savings Status (All numbers approximate):

  • 401(k): $607,000 (pre-tax, max contributions, including catch-up)
  • Roth IRA: $264,000
  • SEP IRA: $23,000 (from prior side income)
  • CD: $46,000
  • Cash: $66,000
  • “You’re saving money, you’ve got retirement assets... That seems to be a good place to be.” (Jill, 07:11)

• Living Situation:

  • Renting in California at $1,500/month, well below market rate.
  • Mimi is single, no dependents, and has no immediate family to move in with if her rental situation changes.

• Income Streams (in addition to salary):

  • Social Security: $4,127/month (just began claiming)
  • Small pension: $278/month

Expense Analysis and Future Projections

• Monthly Expenses:

  • Current spending: $5,000–$5,500/month

  • Jill projects $6,000/month in retirement to account for increased health insurance costs after leaving her employer (transition to Medicare will be more expensive).

  • “So when you leave this and go on Medicare, it's going to be more expensive for you?” (Jill, 09:06)

  • “Yeah. Oh, yeah.” (Mimi, 09:10)

• Rent Risk:

  • Mimi’s rent is stable but contingent on her landlord’s situation; losing it could mean a jump to $5,000/month in rent.
  • “That would be a big change for you... [if the rent changed].” (Jill, 10:43)
  • “That's kind of the variable... as long as my landlord doesn't die...” (Mimi, 10:05)

• Working Horizon:

  • Plans to work full-time until age 75.
  • “At the moment I’m thinking I’ll work till I’m 75.” (Mimi, 09:32)
  • “Wow. So you are really going to be able to sock away some money over that period of time, right?” (Jill, 09:43)

Investment Strategy & Advice

• Social Security Income – What To Do With It:

  • Mimi saves her Social Security payments, as her salary covers all expenses.

  • Jill recommends leveraging those funds for additional investment.

  • “The new money coming in from Social Security... we could be putting it to work.” (Jill, 11:50)

  • “Correct.” (Mimi, 11:51)

• Recommended Next Steps:

  • Open a taxable brokerage account with Vanguard (where her Roth is held).
  • Invest the $4,100/month Social Security income in a balanced portfolio (e.g., 50% stocks/50% bonds) to grow assets and provide flexibility in the future.
    • “Because you've got this nice cash, you could probably establish a brokerage account at Vanguard and then you can start using that $4,100 a month and contribute that...I would say maybe 50-50 [stocks/bonds].” (Jill, 12:17–12:51)

• Required Minimum Distributions (RMDs) Planning:

  • While working, Mimi can avoid RMDs from her current employer's 401(k).

  • Once she retires, she will need to take RMDs, but these can be managed alongside Social Security and her small pension.

  • “When you stop working, then you will have to take [RMDs]...there’s no reason to worry about it. You’re going to be fine.” (Jill, 13:03–13:31)

• Rent Contingency:

  • Jill emphasizes the importance of building up non-retirement funds (brokerage account) because the biggest financial vulnerability is the possibility of losing low rent.

  • “The risk is the rent. And until we know anything further, that's another reason to capture this $4,100 a month...because that's going to help bolster your access to more money.” (Jill, 14:33)

Broad Takeaways for Listeners

• Don’t Abandon Good Rental Situations:

  • “If you got a good deal, don’t be so quick to abandon it just to buy.” (Jill, 16:27)

• Every Situation is Unique:

  • Jill makes clear at the top: “Everyone’s situation is a little bit different... If you would like advice that is more attuned to what’s going on in your life, get in touch with us.” (Jill, 01:06)

Notable Quotes & Memorable Moments

• On Service and Purpose:
  “I oversee programs that are really making a difference in the lives of families. So most of my focus has been...on serving other people.” (Mimi, 03:50)

• On Surprising Financial Health:
  “Maybe things will have worked out well because you’re a do gooder...your good intentions, your good work and all of that, even though you are not hyper focused on money, that maybe the universe will have paid you back.” (Jill, 04:35)

• On Staying the Course & Worrying Less:
  “I wouldn't stress so much about the rent right now. What else are you going to...you could worry about it, or you could just move ahead, make sure you're taking advantage of the free cash that you have...use it and help yourself get to a slightly more stable position, but that's it. You're doing what you should be doing.” (Jill, 15:22–15:48)

• On Investing Risk:
  “I mean, it’s a little bit scary, but I, you know, I also want to, you know, do what is going to provide me with the best options.” (Mimi, 12:51)

• On Nontraditional Housing Paths:
  “It’s not just that you have to buy a house to be in a house... Sometimes these great, like, maybe it’s a rent stabilized situation. If you got a good deal, don’t be so quick to abandon it just to buy.” (Jill, 16:17–16:27)

Timestamps for Key Segments

• 03:46 – Mimi shares her background and current work situation
• 04:58–07:30 – Mimi’s retirement accounts, living situation, and nonretirement assets
• 07:37–08:33 – Income, Social Security, and pension details
• 08:46–09:20 – Monthly spending and health insurance coverage
• 09:32 – Mimi’s intended retirement horizon
• 10:05–11:03 – Risks of rent instability, no alternative housing options
• 12:15–13:03 – Guidance on investing surplus Social Security income in a brokerage account
• 13:03–14:33 – RMD planning and rent risk management
• 15:22–15:48 – Key advice: focus on building stability, don’t worry about what you can’t control

Summary & Actionable Recommendations

• Mimi’s steady work and frugal housing allow her to save aggressively in her 70s.
• Her main risk is housing; her low rent is a linchpin of her financial security.
• Jill recommends using excess Social Security income to grow a new brokerage account, creating flexibility and protection in case housing costs rise in the future.
• Mimi’s conservative spending and continued work allow her to approach retirement with rising confidence, despite her late start.
• The episode highlights the importance of personalized advice, the value of great rental deals, and prudent preparation for future uncertainties.

For more financial insights or to ask your own questions, visit jillonmoney.com.