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Support for today's episode comes from Square. Whenever I need a jolt in the afternoon, I head over to my local coffee shop and they use Square. It makes the entire experience effortless, from ordering online to checking out at the counter. When a business uses Square, you can just tell they've got their act together. And let's face it, running a business is hard work and you're constantly juggling at payroll, online orders and customer service. Instead of forcing you to manage multiple platforms that don't talk to each other, Square brings your entire operation into one. Smart Transparent with no hidden fees or contracts, it works in real time so you can focus on your passion instead of administrative headaches. If you're starting a business or running one that deserves better tools, Square helps you sell, manage and grow without slowing down. Right now you can get up to $200 off square hardware at square.com go jillonmoney that's sq u a r e.com go jillonmoney run your business smart Square get started today. Ever feel like you need one app for sales, another for inventory, another for accounting, and the list never ends? Managing a business shouldn't feel like a full time job just to keep your software in check. That's why Odoo exists. Odoo is the only business software you'll ever need. It's an all in one, fully integrated platform that handles everything. CRM, accounting, inventory, e commerce, HR and more. No more app overload, no more juggling logins. Everything works together seamlessly so your team can focus on what really matters, growing your business and serving your customers. Beyond simplifying your workflow, Odoo also saves you money. Instead of paying for multiple expensive platforms, you get one system for a fraction of the cost. And whether you're just starting out or managing a large company, Odoo scales with you. It's easy to use and fully customizable.
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Easy.
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It streamlines every process, giving you more time and freedom to focus on the parts of your business that matter most. Thousands of businesses have already made the switch. Why not you try Odoo for free@odoo.com that's o d o o.com welcome to the Jill on Money show. It is Monday, July 13th. However, I just want to say it's actually Monday, July 6th as we record this. And I must bring Mark on the microphone so we can discuss his fourth of July weekend, my fourth of July weekend, Independence Day weekend, and whether you're into the World cup or not. We're we're recording before the US Plays this evening. But I just want to get a little feel for this. So, of course, this is a program that takes the mystery out of your financial life. We answer your financial questions. If you have one, go to jill on money.com and click the contact us button. Mark. So how was your weekend? Did you partake in any festivities?
B
We had a gathering because our rooftop is like, you know, front row seat for the firework extravaganza over lower Manhattan. So yeah, we had a nice little gathering. It was great. So perfect view of the fireworks show.
A
And when did that show go off? Did it go off on time or not? Because there was this big storm, right?
B
They moved it up, which was actually good because Normally it's about 9:30 and they moved it up to. To 9, which has me thinking, if they did it at 9 this year, why not just do it at 9 every year? I don't know, maybe 9:30, 9:40. It's late.
A
Especially for the kids, it is late. You would be surprised to learn that I did a few activities because, you know, I wouldn't be out for the fireworks because my dog would go bananas. And we were securing her in house. But we did go down by the river to the Hudson river and, and we. It was very cool. We watched the tall ships. Did you guys watch any of that?
B
No, I did not do the ships. My goal is to not go into Manhattan for two months.
A
Oh, good try. Except you'll be going tomorrow. But we watched the tall ships. But you know what was wild was the, the flyover, the Blue Angels and all those.
B
Those we had. Those we had.
A
That was cool, right?
B
Saturday morning, 10 o', clock, the Goodyear Blimp was basically parked over our building.
A
Watching you, man, watching you.
B
We had all the flyovers starting around 10 o'. Clock.
A
All right, so now as I speak to you, let me just give you the recap of what happened to me yesterday where I spent many hours at the Schwartzman Animal Medical center on the far east side of Manhattan with one of my dog babies who got very sick. And we. It was insane and it was very intense and she's fine. Thank you everybody. But just to be a shout out to a 24,7 emergency medical center for any kind of animal on the island of Manhattan, it's simply incredible. The people there are great. The doctors there were great. Trixie's fine, but we did have a little scare and she's completely fine. It was a long day yesterday. So I will just share with you the moment when I, she. So I went there at Like I don't know, 4:30 in the morning and pretty much up all night. And then when I finally got there, drop her off. I feel like she's going to be okay. The doctor seemed to be okay. My vet, who is incredible, calling me at six o' clock in the morning, just like making sure everything's okay. And then, you know, you go through the whole day, it's exhausting. And my other dog is like freaking out a little bit because her sister's not there. So it was a very interesting moment when I went back over, all the way over to the east side, you know. Mark, do you know where it is? It's 62nd between York and the river. That's how far east it is. And so I go back, I pick her up, they put her in my arms and I started to cry. She's fine. Like she's really okay, but I just started to cry. Big release for me. So today I feel pretty good. Everyone seems to be normal. I hopped on the peloton this morning, feeling it good. And also, by the way, I did finally watch some of the World cup, which was exciting. We have Brazilian relatives, so it was a tough day for the that side of the family. But that Norwegian guy is insane, right? That he's like a Viking.
B
He looks like a Viking. Yeah.
A
He supposedly just like parenthetically eats 6,000 calories a day. And it's a lot of like raw milk and meat.
B
Probably a lot of salmon too, I
A
would think a lot of Viking diet. Anyway, I think he plays for Man City, so he's like, lives in, in Britain for most of the year. Okay, that's it. That is all we're doing. We're just giving you all of that. Hey gang, have you subscribed and followed our sister broadcast? It's called Money Move. We would love for you to do so how, how's that going, Mark? Do, are you looking at the numbers or. Not really yet.
B
Yeah, I mean, I, I, I have the page, so I see who's subscribing.
C
Yeah.
A
And we want to get to 100,000 YouTube subscribers in a week. Right?
B
Well, that's what the overlords would like to see happen.
A
Overlords would love that so much. I also want you to keep subscribing to the podcast because the podcast is kind of where we make the money. I, I don't know if anyone else is listening to this, but like the obsession with YouTube, great. I want a great audience. But like we still make money advertising on our show and I want, I Like advertising. You may not like it. The way I think of it is if I didn't have advertising, then I'd have to put this whole show behind a paywall. And I don't want to do that. Mark wants me to do that, but I don't want to do that. Right.
B
Maybe one day we'll see what the future holds.
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We'll see. Mark's open anyway. Check it out, please. Check out Jill on money dot com. Click the contact us button, write us a note and do search. You can go right down. Scroll down. Money moves. We've got a channel on YouTube. We got the whole thing going. Just do it. Subscribe. Send it around to everybody you know. Okay, now let's go to patient Nora, who joins us from California. And Nora told me before we went on the air that she is a pet mother. And so you can imagine how crazed I was yesterday. Right, Nora?
D
Absolutely. I felt your pain.
A
Oh, God. It's like. It's a lot anyway. You know, it's a good thing I don't have a human child, because I think I would be. I don't know what I would do. It's just too much Anyway, Nora, what's going on? How can we help you?
D
I am reaching out because my husband and I have quite an age gap, and so he is hoping to retire next spring. And I've got some years to go, so I just want to make sure that we're on a good path so that I can hopefully retire early and we can have some of those years together.
A
That sounds good. How old is he, Nora?
D
He is 66.
A
And how old are you?
D
I'm 44.
A
Whoa, that is big. First marriage for you or second?
D
It is both of our second.
A
Okay. Any kids from previous relationships? Both of you?
D
He has three grown launched kids and I have a 15 year old who lives primarily with us.
A
Okay. There's no ongoing commitment in terms of money for the three grown kids that he has. Right. They're on their own or do you help them out a little bit every now and then?
D
There's a little something, but they're. They're essentially. They're on their own.
A
Okay, and when he retires next spring, will he receive a pension?
D
He has an old pension from a previous employer that is quite small. It's about 920amonth and then a 401k and will also plan to collect Social Security then.
A
Oh, so he's going to collect at 67. What's the 67amount? Do you know that amount?
D
$3,201.
A
Okay, great. And you're still working, toiling, killing yourself while he's going to eat bon bonds. How much are you earning?
D
I earn right about 200 some years. It's up to about 225, but that's a little overtime dependent. Okay.
A
And for your 15 year old, are you looking at saving or helping for college?
D
He is probably on a either military or trade school kind of path. Okay. I have a fund within my fidelity count that's kind of earmarked for him with about 27,000 in it. And then his dad and I have a custodial Roth for him with 53.
A
Oh, that's great. That's awesome. Okay, wonderful. Okay, now let's talk about all the money you guys have saved together so that we can can kind of target what could happen in the next group of years. So why don't we start with your husband? You said he has a 401K. Is it a traditional 401 or a Roth?
D
It's all traditional.
A
Okay, got it. And how much has he saved?
D
$640,000.
A
Does he have any other old retirement accounts? IRAs, Roth IRAs, anything else floating around?
D
Nope, just that. Pension.
A
Got it. Okay. And for you, how much have you saved so far in your retirement account? 959,50. Great. Is that all traditional or is that also some Roth?
D
It is all traditional. And I had a question about should we start on the Roth path there, but possibly. Okay, can get to that later.
A
You mentioned you had a brokerage account because you said about the earmarked funds and the custodial Roth. Have you guys. Do you guys have a joint account or do you each have separate brokerage accounts? How do you. How do you look at that?
D
I had started my own about three years ago, and in the past maybe eight months, he started contributing to that as well. And so together in that we have 139.
A
But that's 139. Does that include the 53 and the 27 or not?
D
It includes the 27, not the 53.
A
Okay, got it, got it, got it. Okay. Anything else that you guys have saved together that we should know about? I'll do your savings, but like investments.
D
No other investments, just savings.
A
What have you put into safe savings
D
in a high yield savings account? Our emergency fund is $75,000.
A
Terrific.
D
And then we have an additional 10,000 kind of set aside in vaults you'll appreciate. One is for vet bills and one is for travel.
A
I like that. Very smart. Those vet bills are real. Okay. And you guys own your home?
D
We do. And it's a little bit of an odd setup. The property has two homes on it, and so we live in one and rent one out.
A
Okay. The one you live in, is it. Is it. Is it one deed, in other words?
D
Yes.
A
Okay, so how much is the whole thing together? Like, what do you think it's worth, the house?
D
Probably between 900 and 950.
A
Okay, so 900. And is there a mortgage outstanding still?
D
There is. 315 at 2.99.
A
Oh, my gosh. Okay. Amazing. Is that a 30 year or was it a 15? What do you know?
D
It's a 25 and there's 19 years left.
A
Okay, so you live on one side or on one home and the other home. How much income does that bring in for you guys?
D
1700amonth.
A
And is there someone normal living there? Is it like, turning over all the time? Like, how's that. How are you managing that part of it?
D
Over 11 years, we've had two renters, so it's been very.
A
That's great.
D
Yep.
A
The 1700amonth, is that after expenses or is that just kind of your gross amount?
D
That's the gross.
A
Okay, are you ready for your most important question? Anything else I missed, by the way, for the balance sheet?
D
I think that's everything.
A
Okay. The most important question, as you know, that we ask every single person, is how much do you spend a month? And don't groan yet. It's not so bad. And I want you to do it, you know, as if your husband's not working, like it's next spring. What do you think the number is?
D
Realistically, we're spending about 10,000amonth, which feels like it should feel differently, but that's right.
A
You feel like, oh, my God, I should be feeling like I'm living large. But you don't.
D
I him. It feels like we should eat only lobster all day every day, but we don't. So about 10,000amonth. And then we also spend about 30,000 a year between travel and either a optional or not optional property maintenance slash home improvements.
A
And so we could say instead of 10, let's say 13amonth just for the heck of it. Yeah, it's okay.
D
It's okay. Doesn't matter.
A
It's just a number. Let's not get freaked out about it. Here's a question for you right now. I mean, obviously, 13amonth is kind of what you. You could support the household. You would have the 13amonth. You would be able to pay for that with your 200,000, his old pension, his Social Security. You'll be fine. How much are you currently setting aside into your retirement account?
D
I'm maxing mine out.
A
Okay.
D
And I have a 8% employer match.
A
Wow.
D
Yeah.
A
Holy moly. You mean dollar for dollar up to 8% or they just put in 8%.
D
They put in 8%.
A
Wow. How much was your husband earning when, like. Or is he now, like, about.
D
His salary is 211.
A
You understand the math of this does work quite well. Right. You can keep maxing out, get the 8%. And we now know that you know, of your 13amonth, you can kind of absorb it with your salary. You're not going to feel great. You're not going to be like, oh, everything's. But you don't forget you do have this 3200, which will come for Social Security, plus you'll have his old pension, plus you'll have the $1,700 a month from your rental income. So it does kind of start to defray some of that 13 grand. Right. So that's the good news. The question really becomes, how much longer do you think you can maintain this? I mean, there's a few things. Number one is if you were to retire at some age before you're Medicare eligible, how would you. We'd have to add in some money for that because we got to pay for your health insurance, right?
D
Yes.
A
Okay, so when you said you would like to retire early, how early are we talking about?
D
My goal would be to, at 55, be able to transition to something either part time with less stress and less of a commute that at least covers my health insurance needs.
A
Okay, so like at 55, a nice off ramp. Making some money, not killing it. Like, even if it were 50 grand, whatever it is, you make it make it. You stay engaged and you have your health insurance covered for those 10 years. About. And Mark, let me ask you this. Remember how much Nora's putting away? I mean, the numbers are quite astounding because right now you are putting away the $24,500 plus the 8% match. So there's a lot of money that's going into these accounts. So the. So let's just pretend. Let's just stay with traditional for a second, because that's where you are. And we're not going to change anything yet. Mark, if we have 10 more years of growth we don't have to tap into. We may want to. I'm just saying. But we don't have to tap into his $640,000, 401 just yet, because, remember, he's going to be 67. So we have a few years between 67 and 75 to decide whether or not we want to take some of that money. There's $950,000 in the traditional. Let's not look at any of the brokerage. And we're going to keep assuming that you get that rental income, right?
D
Yes.
A
Okay. So, mark, how about 10 years for Nora? Does it look okay?
B
Yeah. I was worried that she was going to say she wanted to retire, you know, in the next year or two, then we were going to have to crush her dream. But I think the fact that she wants work for another 10 or 11 years and then, you know, still keep working just in a diminished capacity, I think this probably will work. It's just something, you know, you're going to have to revisit this as the years tick on by.
A
Yeah, I think that this can work. I think that there's a question, like, there's some, like, mechanical stuff that I want to deal with now. So for right now, you don't have to change anything with, you know, your, your Roth. However, I guess there is a case to be made that from his 67 right next year until he. So he is anywhere between, you know, he can obviously take the money out of that traditional account if he wants to. Your top tax bracket is somewhere around 22 to 24%, depends on, like, how much income starts to really, you know, like. So right now you're in 24%, because the top of the 24% is around 400. So you get all your deductions, you get all this stuff, but, you know, you're paying a lot of. That's your top bracket. I think when he retires, what will happen is if you feel like, oh, man, it feels a little tight, I would start taking money out of his traditional account. Not a ton, but if we have you move from going to. From a traditional to a Roth from start, you don't. Again, when he retires and you feel a little tight, you can start taking some money out of his traditional account to kind of bridge that gap. And it doesn't have to be a lot. It might end up being like 30, 40,000. It doesn't be. It's not huge. And I think that we can start to do that to help your cash flow more than anything else. And you see how it goes. Like Mark said, you keep testing it. In 10 years, he'll be forced to take money out for his required minimum distributions. So that's really going to be the source of, like, when you retire, it's your age, 55, you will want to be taking that money out from that required minimum distribution from his account. That will help you guys live your life. And you should do that until you get, you know, that should help supplement your 55 to 65 goal for you, your age, 55, 65. And then I think you're actually in good shape. But you're going to have to keep testing it. You know, if there is a surprise and all of a sudden you're like, oh, my God, we no longer are renting this house or we've lost that income. You keep testing it, but there could be an upside surprise. It might be that, like, you're saying, wow, like, we're doing really well. And even at 13 grand a month, we're okay. You might have more money than you think, but I do think we're gonna have to get money out of his account. We kind of want to use that as the first pot of money that you dip into and maybe sooner rather than later so that you don't. You guys don't feel under pressure. You don't have to feel pressure. You're in very good shape. I think this is doable. I do.
D
He does have an option as well to stay per diem at work.
A
And how do you feel about that?
D
Pick and choose. Open.
A
I mean, it depends how tired he is. Does he like what he does?
D
He likes what he does. But he's in the same high stress industry with a lot of travel.
A
Oh. I mean, then it really is up to you guys if he wants to do that to kind of like bridge the gap. Or maybe he wants to do that because he's like, oof. Going from like high pressure 100 miles an hour to zero is a little scary. You know, it's almost like I would say it has to do more with his emotional approach to this, you know, like, I don't think he has to do that. I think you can do it. I think that's up to him. And maybe he does it for a year and see how it goes. Right? You know, and then he might be like, huh, this is pretty good. I work a day or two a week. I can handle that for a year while you're still working. It's also because I know your commute is massive, that maybe he'll want to do something a little bit, you know what I mean? Like, maybe he'll want to do a little something. Or maybe he's like, you know what I want to do? I want to take care of our property and the rental property and I don't want to be bothered by anybody.
D
He wants to go fishing.
A
I understand, I understand. It's a beautiful thing to want to do. It's aspirational, but I mean, you still have this 15 year old and you got to like sort of get that process done. So it sounds like you have about five years to kind of get that one launched, whether it's trade school or military. And that's all good. Okay. Because of the big age difference, because it is second marriage. Do you guys have your estate documents done?
D
Yes, we do.
A
All right. Well done. What else do you need to know from us? You'll keep testing this, keep working through it. You said you had a Fidelity account. You can play with the numbers at Fidelity. And I'm not even, we're, you know, like, I'm just looking at a lot of where you are. I'm not even thinking about your Social Security, which you will receive. But I mean, I'm not think it's because it's a long time away for you. It's 20 years from now. Right. So, yes, I'm not going to think about that. But you know, you'll see how you feel. You see how he feels. You see, like, let's kind of be open, I think for the basic question. Can you. It looks likely that you can. And you just keep testing these numbers every year.
D
Great. My only other question was he has a small term life insurance policy and that expires next year in 27. Yep. And I don't know at his age if it's worth trying to extend negative,
A
negative, negative, negative because boy, does insurance get expensive as you get older. So that's, that's the real deal. Right.
D
So he has a long term care policy. Oh, seems like that's something worth.
A
That's awesome. Yeah, yeah, yeah, yeah. That's one of those things. If you have a good, you know, if you have an oldie, it's very, it's very important that you keep that because that these policies are very difficult to get now. So I, I presume it's an old one. It's probably good to have it and I hope he never needs it. I hope it's like I never needed to. Where I get it. Thank God. And we spent all this money and that. Good, good. I mean, I always love when people are like, oh, I spent all this money and I didn't make a claim. Would you want to get sick? You know, like, that's silly. If you are like Nora, you got a little age difference, give us a holler. I'm very intrigued in these situations because I think what happens is, you know, you have to do very careful planning. And by the way, we learned this when we did our Social Security episode with Heather Schreiber, which you'll all hear about. I mean, that was so interesting about, like, the different claiming strategies around Social Security when there is an age difference. So go check that out. And that is on our website, julenmoney.com and you have to go behind the paywall. So if you just want to pay for it. 15 bucks for that one Social Security episode. Or just shoot us a note. We'll figure out how to help you out. Don't worry, we're here for you. Give us a holler, Jill, and click the contact us button and be great. Mark will figure out how to get you on the air with us. Don't forget to subscribe and follow us wherever you get your podcast. Check out our other show called Money Moves and of course, lift someone up. Change your work, change your wealth, change your life. Thanks for listening and we'll talk to you tomorrow.
C
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Hey there, it's Jill Schlesinger. I'm launching a new show. It's called Money Moves and your money is going to move. We're gonna help you make better financial decisions. We're gonna call out the B.S. you're finding all over social media. We're gonna give you actionable guidance to make your financial life clearer, less stressful. We're gonna answer your financial questions and take the mystery out of your financial life. Follow and listen to Money Moves with Jill Schlesinger wherever you get your podcasts.
Podcast: Jill on Money with Jill Schlesinger
Episode: Age Gap Couple With High Paying Jobs
Date Recorded: July 6, 2026 (Aired July 13, 2026)
Host: Jill Schlesinger, CFP®
Theme: Jill takes a call from Nora, a Californian listener in a marriage with a significant age gap, to discuss how they can align their financial planning for an early, comfortable retirement, manage ongoing responsibilities, and optimize their investments, especially in light of the couple’s high earnings and blended family dynamics.
| Time | Segment | |----------|----------------------------------------------| | 08:07 | Nora introduces herself and family scenario | | 09:57 | Income, retirement savings & college funding | | 10:53 | Husband’s retirement, investments breakdown | | 12:41 | Real estate, mortgage, rental income | | 13:58 | Spending level, lifestyle discussion | | 16:49 | Retirement goals, plans for reduced work | | 18:17 | Feasibility analysis, stress-testing plan | | 21:19 | Husband's per diem/part-time options | | 22:58 | Estate planning, insurance review | | 24:05 | Advice: keep long-term care policy |
For more information, additional listener stories, and specialized content (like episodes on Social Security and age-gap planning), visit jillonmoney.com and follow the show or reach out via the "Contact Us" button.