Podcast Summary: Jill on Money with Jill Schlesinger

Episode: Am I on Track for a 2028 Retirement?

Date: February 19, 2026
Host: Jill Schlesinger
Guest: Allison from the Mid Atlantic (Federal Government Employee)

Overview

In this episode, Jill Schlesinger takes a deep dive into retirement planning, specifically helping a federal employee, Allison, evaluate if she can comfortably retire at age 60 (in 2028) or even earlier, should a government buyout come her way. The discussion covers Allison's financial situation in detail, strategies for drawing down assets, the nuances of federal pensions and supplements, and the realities of life and spending in retirement. The episode serves as a practical, jargon-free financial consultation, rich with actionable tips for anyone considering early retirement—especially those in the public sector.

Key Discussion Points & Insights

1. Listener Engagement Philosophy

• Jill emphasizes her show's openness to all financial questions, regardless of the audience's wealth or situation.
• Notably, Jill and producer Mark discuss feedback about including emails and maintaining an inclusive and comfortable environment for listeners.
  • "We don't really care how much money, how little money, if you have or you don't have. What we care about is...you would like to ask us questions and you would like to get an opinion or maybe just understand what some of your choices are." — Jill (02:19)

2. Jill's Personal Anecdote

• Jill kicks off with a story about a lasagna-induced kitchen burn, providing levity and establishing rapport.
  • "I sustained a big injury on Super Bowl Sunday...I burned the heck out of my hand because I was reheating lasagna..." — Jill (04:16)

3. Introduction of Allison & Her Circumstances

• Allison, single and 57, joins from the Mid Atlantic; she works for the federal government.
• She uses a meal service as a treat and splurge to maintain healthy habits and avoid cooking for one.

Allison’s Main Questions:

• Can she retire at 60 and spend $7,000/month?

• If she’s offered an early retirement at 58, can she still spend $7,000/month?

  • "I would like to retire at 60. And do you think I can do that and spend $7,000 a month?...Could I retire and still spend that $7,000 with retiring about two years early?" — Allison (06:26)

4. Federal Pension and Retirement Details

• If she retires at 60:
  • Pension: approx. $3,000/month ($36,000/year)
  • Federal supplement until age 62 (~$1,300/month if retiring at 60, ~$1,100 if at 58)
• Early retirement at 58 would slightly reduce her pension, but the impact ($250/month less) is not drastic.
• She would maintain federal health coverage and pay her share—much more affordable than ACA exchange plans.
  • "I stay on my federal health care and I pay for it and they pay for their percentage and I pay for my percentage." — Allison (10:24)

5. Social Security Projections

• Age 62: $2,400/month
• Age 67: $3,400/month
• Age 70: $4,500/month
  • Jill suggests waiting until full retirement age (67), but notes Allison could claim earlier if health dictates.

6. Assets & Savings Breakdown

• Income: $163,000/year
• TSP (Thrift Savings Plan): $952,000 (split: 2/3 traditional, 1/3 Roth)
• Roth IRA: $140,000
• Brokerage Accounts: $445,000 (majority from inheritance, stepped-up basis at $375,000)
• Inherited IRA: $89,000 (must be withdrawn within 10 years under SECURE Act)
• Condo: Paid off, valued at $220,000–$225,000
  • Considering potential future move, possibly upsizing to a $400,000–$450,000 home or renting for $2,100–$2,600/mo
• Cash & sinking funds: $25,000 emergency fund, $45,000 set aside for vacations, home, car, etc.

7. Retirement Strategy Recommendations

Near-term (if early retirement at 58):

• Use inherited IRA withdrawals aggressively while in a lower-income bracket.
  • "Where I would get rid of the whole inherited IRA over the next...this year and next, just use it because that will be—that will supplement. I mean, it's taxable to you, right?" — Jill (16:21)
• Pension and supplement cover about $3,850/month, so draw down inherited IRA and then brokerage accounts to cover the $7,000/month spending.

Medium-term (59.5–67):

• Withdraw from traditional TSP/IRA as needed to supplement pension/social security.
• Use Roth and brokerage only if needed, preserving Roth for last due to tax advantages.

Long-term (67+):

• Begin Social Security at full retirement age for higher benefit.

• Continue drawing down TSP as needed.

• Possible additional income from assets if/when home is sold or downsized.

  • "We can kind of get you to your 59 and a half, which is...a magic number...But it also allows you to just, you know, satisfy getting rid of this inherited IRA." — Jill (16:40)
  • "Once you get to 67, you got your extra $3,500 a month from Social Security...it does not look like an issue. I think this works." — Jill (18:24)

8. Other Key Considerations

• Allison's frugal living (modest home, paid-off mortgage, careful spending) is a critical factor in making early retirement feasible.
• Open to moving, but Jill suggests waiting until the offer and retirement plans are concrete.
• No significant financial obligations for family, but may leave something for special-needs nephew in estate.
• Allison’s commute (1-1.5 hours each way) adds to her motivation for early retirement.
  • "There are not enough Jill on Money episodes for you..." — Jill (20:26)

9. Flexibility & Contingency Planning

• Jill counsels flexibility; should Allison’s health decline, she can always claim Social Security earlier than 67.
  • "If something bad happens or your health takes a turn, you get a weird diagnosis. You can always claim earlier...I want to give you that flexibility." — Jill (21:35)

10. Travel Plans & Enjoying Retirement

• Immediate travel plans: A dude ranch (“I've always wanted to do that since I was a little girl”) and a “big retirement trip” to Indonesia to see orangutans and komodo dragons.
  • "I also love the idea...Do the trips you want to do while you are young and healthy, because it just—it gets harder. It just does. So do that now." — Jill (22:11)

Memorable Quotes & Segments

• [02:19] Jill: “We don't really care how much money, how little money, if you have or you don't have. What we care about is...you would like to ask us questions and you would like to get an opinion or maybe just understand what some of your choices are.”
• [06:26] Allison: “I would like to retire at 60. And do you think I can do that and spend $7,000 a month? And then...could I retire and still spend that $7,000 with retiring about two years early?”
• [16:21] Jill: “Where I would get rid of the whole inherited IRA over the next...this year and next, just use it because that will be—that will supplement. I mean, it's taxable to you, right?”
• [18:24] Jill: “Once you get to 67, you got your extra $3,500 a month from Social Security...it does not look like an issue. I think this works.”
• [21:35] Jill: “If something bad happens or your health takes a turn, you get a weird diagnosis. You can always claim earlier...I want to give you that flexibility.”
• [22:11] Jill: “Do the trips you want to do while you are young and healthy, because it just—it gets harder. It just does. So do that now.”

Important Timestamps

• 03:25: Jill & Mark discuss show format and audience engagement
• 06:26: Allison’s opening question about retiring at 60/early retirement
• 08:52: Allison’s Social Security estimates
• 10:24: Health insurance coverage in retirement
• 11:22: Breakdown of assets, TSP, Roth, brokerage
• 16:21: Jill’s advice on inherited IRA drawdown and general withdrawal order
• 18:24: Jill confirms Allison's retirement plan is solid
• 20:20: Allison’s long commute adds motivation for early retirement
• 21:35: Advice for flexibility with claiming Social Security
• 21:52: Fun plans for travel in early retirement

Tone & Language

• Friendly, approachable, and slightly humorous (Jill’s lasagna story, playful chiding about commute and travel).
• Focused on practical, actionable advice without financial jargon.
• Consistently inclusive and supportive of individual circumstances ("good for you," "you’re in great shape").
• Empowers listeners to believe financial planning is for everyone.

Summary Conclusion

Jill enthusiastically assures Allison she is on track for retirement in 2028 (or even earlier, if opportunity arises), thanks to her diligent saving, modest lifestyle, and the stability of a federal pension. The discussion highlights strategies anyone considering early retirement can learn from—like sequencing withdrawals for tax efficiency, leveraging pensions and supplements, and keeping options flexible. The conversation ends on an uplifting note, championing the importance of enjoying retirement through travel and pursuing long-held dreams.

If you’re facing a similar crossroads, Jill encourages you to reach out for individualized advice and reminds all listeners to be proactive, thoughtful, and a little adventurous with their financial lives.