Am I on Track to Retire Comfortably at Age 67?

Summary

Podcast Summary: Am I on Track to Retire Comfortably at Age 67?

Podcast: Jill on Money with Jill Schlesinger
Date: January 27, 2026
Host: Jill Schlesinger
Main Theme: Retirement Planning Check-in – Evaluating if a listener, Marie, is on track to retire at age 67, discussing her assets, plans, and strategies for a financially secure retirement.

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Episode Overview

The episode centers on Marie, a 61-year-old listener from Nevada, who wants to ensure she's financially prepared to retire at age 67. Marie shares detailed information about her finances, including income, assets, and expenses. Jill Schlesinger and her executive producer Mark review Marie’s situation, provide actionable recommendations, and discuss the importance of aligning investment strategies with retirement goals and finding the right financial advisory relationship.

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Key Discussion Points & Insights

1. Listener Recognition & Show Banter

• Mark shares a fun story about being recognized on the New York City subway by a podcast listener.
  • Quote (Mark): "Finally had my first New York City subway Jill on Money recognition." (03:02)
• Jill reciprocates with her own subway encounter, underlining the show's growing community.

2. Marie’s Situation: The Retirement Snapshot

• Marie’s Profile:
  • Age: 61, plans to retire at 67
  • Income: $170,000/year
  • Relationship: Partnered, finances are largely separate
  • One adult daughter (35), who lives in Marie's California home and helps with some costs
  • Main concern: Ensuring retirement savings and investments can provide a comfortable retirement

Asset Breakdown

• Pension: $1,400/month, lifetime (due to divorce)
• Retirement Accounts:
  • Voya 401(k): $18,000
  • Fixed (Standard) Annuity: $209,000 (locked until 2027)
  • Lincoln Indexed Variable Annuity: $185,000 (potential early action considered)
  • TSP: $7,200
  • Lincoln Financial IRA Rollover: $112,000
• High-Yield Savings: $277,000 (all in cash)
• California House: $890,000 market value, $355,000 mortgage at 2.74%
• No other significant debts except the mortgage

Cash Flow & Contributions

• Maxed out 401(k): $35,750/year
• Additional savings: $18,000/year to high-yield savings
• No Roth account available in her current retirement plan
• Monthly expenses: ~$7,500

Retirement Income Projections

• At 67:
  • Pension: $1,400/month
  • Social Security: $3,900/month (would be $4,200/month at age 74)
  • Possible sale of California house when daughter moves out

3. Analysis: Is Marie On Track?

• Jill and Mark perform a top-level assessment of Marie’s readiness:

  • Total pre-tax retirement assets: Roughly $515,000+ (not including potential proceeds from house sale)
  • Substantial cash set aside
  • Strong savings habit and low debt load

• Quote (Jill):

  • “By my count again, at your age 67, you’ll have about this… $5,300 a month will come in. That’s pre-tax… We need to fund the gap.” (11:12)
  • “This doesn’t look bad. It doesn’t look too bad, Mark, what do you think?” (12:20)

• Mark agrees:

  • “I think 67 is okay… by then, that house might be sold, she’s probably going to walk away with, you know, $400[k], give or take.” (13:05)

• Recommendation:

  • Shift some focus from further pre-tax retirement contributions to investment of after-tax savings.
  • Keep two years of expenses ($180,000) in cash for flexibility; invest at least $100,000 of her current high-yield savings for growth.

Addressing Investment Anxiety

• Jill: “It’s all in cash right now because… why? Because you’re anxious?” (13:52)
• Marie: “Yes.” (13:53)
• Jill reassures her and provides a plan for gradually investing.

4. Optimizing the Financial Advisor Relationship

• Jill asks about Marie’s current advisor (who manages only the IRA rollover):
  • Marie feels answers are adequate but not in-depth; she wants more proactive planning.
  • Jill suggests considering an upgrade:
    • Seek a Certified Financial Planner (CFP®) who can help consolidate and manage all assets and guide key transitions (rolling annuities to an IRA, integrating accounts, income generation strategy).
  • Quote (Jill):
    • “I think it might make sense for you to get involved and talk to somebody about that now, sooner rather than later… I feel pretty comfortable saying, yeah, I think your game plan looks good, but I’d feel better if we had someone to navigate through a couple of the big decision points.” (18:26)

5. Estate Planning

• Jill checks protection for Marie’s daughter:
  • Marie confirms she has a revocable trust and has completed her documents, giving peace of mind around estate matters.

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Memorable Quotes

• Marie (on anxiety about investing cash):
  • “I just want to retire comfortably… I do have a financial planner that I check in with… but I don’t necessarily know that I get the in-depth guidance…” (04:44)
• Jill (on consolidating accounts):
  • “Eventually that Voya 401k and everything’s going to get moved into that one IRA rollover account, and that account will be the generation of income that will meet your expenses.” (17:18)
• Jill (on working with advisors):
  • “Sometimes you have relationships with people and they’re in place for some period of time, which works. Sometimes it doesn’t… and I think in this case we can do better for Marie.” (20:01)
• Marie (on debt):
  • “The only debt that I have is my mortgage. That’s it.” (19:04)

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Timestamps of Important Segments

• 03:02 – Listener subway-recognition stories
• 04:44 – Marie introduces her retirement question
• 06:05-13:05 – Detailed breakdown and review of Marie’s assets, income, and expenses
• 13:52 – Discussing cash anxiety and how much to invest
• 15:23 – Evaluating relationship with current advisor
• 18:26 – Jill recommends seeking a more comprehensive financial planner
• 19:04 – Marie confirms low debt load
• 19:49 – Marie confirms her estate plan is in order

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Conclusion: Am I on Track?

Jill and Mark agree that Marie is in strong shape for retirement at age 67, with considerable savings and retirement income sources and minimal debt. The final recommendations are:

• Continue putting enough in the 401(k) to get employer match, but focus additional savings on after-tax investments.
• Keep two years of expenses in cash; invest the remainder for growth.
• Consider seeking a full-scope certified financial planner to help optimize and consolidate accounts, roll over annuities, and develop a tax-efficient income plan.
• Maintain updated estate plans, which Marie has already addressed.

Jill: “You definitely, it definitely sounds like you kind of know you’re in good shape, but it’s the details that are going to be important for you.” (19:12)

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For Listeners

If you’re considering your own retirement track or frustrated with your advisory relationship, Jill encourages you to get in touch at jillonmoney.com for practical, jargon-free guidance.

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Tone: Friendly, supportive, focused on clarity and actionable advice.

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End of Episode Content.

Transcript

[A]

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[B]

You didn't do anything wrong. Yeah, we were just talking about it. I forgot to tell you this. It has finally happened, Jill.

[A]

Finally. What happened?

[B]

It's taken what, 15, 16 years of working together.

[A]

Yeah. What happened?

[B]

Finally had my first New York City subway. Jill on money recognition.

[A]

Stop it.

[B]

Not kidding.

[A]

Stop it. Talk to me. I want to know everything about it.

[B]

This happened last week. I picked Theo up from school in Manhattan. So we're coming back to Brooklyn on the. On the F train. And we got to J Street, doors open, and this woman, right before she got off, she came up to me and. And she said something, and I didn't quite catch it because, you know, the train was making the announcements. People were moving. I'm like, I'm sorry, what was that? And she goes, jill, on money. I love the show.

[A]

Oh, my goodness. An F train sighting. A train that I've only been on, like, five times in my life and twice for Mark. But you are recognized and you are loved, Mark, and we are so grateful for that.

[B]

I want to know who this person was. So if she's listening, you know, send us an email. Like, let me know who you. Who are you? What's the story?

[A]

So delighted. What a wonderful story. That's awesome.

[B]

Theo got a kick out of it.

[A]

That's great. By the way, I also was cited. I think I told you this. I was sighted on the subway also. When a guy said looked at me, he goes, jill, cbs, right? And I go, right. I would look terrible. I had no makeup on. My hair looked like crap. I knew I was really in a funny thing. And he kind of looked at me up and down. I know what he was thinking, which is, boy, they do a good job in hair and makeup for you. That's what I could read the. Between the lines of those looks.

[B]

That's a whole different scenario. If someone says, mark, cbs. I'd say, well, that kind of depends. But Jill, on money, I feel safe.

[A]

I love it. It's great. Well, hey, gang, thanks for the recognition for Mark because he is a very important part of this program. Okay, so let's get to the caller, because right now we've yacked a lot. So. Joining us today is Marie, who's on the line from Nevada. Hello, Marie. How are you? And what can we do for you?

[C]

Hi, good morning, Jill and Mark. I appreciate you having me on the show. I wrote in because I'm 61 years old. And I plan to retire at 67. And I would say for the last few years I've really been doing research and making sure that where my income streams are going to come from, how they're invested, are they invested correctly, and what my expenses will ultimately look like when I retire. I just want to retire comfortably. I do have a financial planner that I check in with probably once, maybe twice a year, but I don't necessarily know that I get the in depth guidance, if you will.

[A]

That's kind of scary if you're coming to us, but okay, we're going to walk you through it. So let me ask you a question. So you are, you're 61, you have your site set on retirement at 67. And are you happy in your position right now? Like as you work, is working another six years, like horrendous? Fine. Like how does, how do you feel about it?

[C]

Kind of a mixed feeling. I really, I do love what I do, but it is an extremely stressful position.

[A]

All right, so can we go through some of the stuff to see if you're on track for 67?

[C]

Yes.

[A]

All right, so number one, are you married, single, partnered?

[C]

I'm partnered.

[A]

Okay, and do you guys split everything? Are you partnering in terms of your financial lives or are you somewhat separate in your financial lives?

[C]

I would say somewhat separate.

[A]

Okay, so we're not going to take into account anything about your hopefully rich partner, right? Hopefully. Okay. Do you have kids?

[C]

I do, I have one daughter.

[A]

How old?

[C]

She's 35.

[A]

Oh, totally grown. Do you help her at all?

[C]

She lives in my home in Northern California and she does help with offsetting some of the cost of the mortgage, etc. But she's pretty self sufficient.

[A]

Oh, okay, fair enough. How much do you earn?

[C]

Right Now I earn $170,000 a year.

[A]

Okay. And will you be entitled to a pension?

[C]

I actually do get a pension. I have been from my divorce. And so I receive, and I will receive $1,400 a month for the rest of my life.

[A]

Oh, okay. And so that is not included or is included in your 170?

[C]

It is not included.

[A]

Okay, gotcha. And for the 170 that you're earning now, do you put money into a retirement plan?

[C]

I do. I put the max, which is the 35, 750. And then on my own, I put 18,000 additional dollars a year into my high yield savings account.

[A]

Oh, okay, very nice. I'm going to go back to the retirement. I'm skipping around a little bit because you mentioned A California home. How much is your California home worth?

[C]

$890,000.

[A]

I'm calling it 900. Okay. And mortgage that remains is how much?

[C]

355,000.

[A]

And what is the interest rate?

[C]

2.74%.

[A]

Oh, my God. And your daughter is living in there paying you some rent, but it costs you some money out of pocket to maintain it.

[C]

It does.

[A]

Okay. So you're putting away a ton of money. My goodness. Do you own a home in Nevada?

[C]

I don't.

[A]

You live with your partner?

[C]

I do, yes.

[A]

And so are you paying any rent?

[C]

I pay about, you know, $300 a month to him. And then also we split the groceries and some. So it ends up being probably about 8, $900 a month.

[A]

How much money have you saved in your retirement plan?

[C]

So I've got retirement plans. I've got quite a few. So the company that I'm with right now, where I'm doing the max, I have about $18,000 in that. That's a Voya IRA. Okay, that's one.

[A]

Got it.

[C]

I have two annuities. Which one is a fixed annuity? The standard. I have about $209,000 in that. I am tied into that until 2027.

[A]

Oh, that's. That's pretty close. Okay.

[C]

I have a Lincoln indexed linked variable annuity. Supposed to auto renew in 2028. I don't know that I'm going to.

[A]

Will not. It will not without us getting involved. Right. How much money is in there?

[C]

Right. 185,000.

[A]

Did your current financial advisor sell you those two annuities?

[C]

No, no, this was somebody from a previous company.

[A]

We blame for that. Okay. Sorry. The Voya IRA, you said that's your current plan? Yes, it's an IRA.

[C]

It's 401K. Excuse me.

[A]

Okay. All right. Just want to make sure.

[C]

Okay.

[A]

And that's a tradition. These are all traditional assets?

[C]

Yes.

[A]

The annuity, the fixed annuity, is it a retirement or is it a non retirement annuity?

[C]

It is a retirement annuity.

[A]

Okay. And also the same for the va, the variable annuity. Both are retirement. Okay.

[C]

Yes. And then I have a TSP account, and that only has 7,200 in it. I have a Lincoln Financial IRA rollover. I have $112,000 in that. Lastly, I have a high yield Savings account with $277,000 in it.

[A]

Okay, that's great. Okay, so that's it for the assets. We got a house. What are you gonna do with this house in California? What do you think? Like, is your daughter gonna Be there forever. Do you think you want to sell it or you want to move back? What do you think?

[C]

When? I don't want to move back, but when she buys her own home, I would say she's looking to do that in the next few years. I will go ahead and sell it.

[A]

How much do you spend, Marie?

[C]

Monthly average, about $7,500 a month right now.

[A]

Okay, so we know that you'll have your $1,400 pension. And what about your Social Security? What does it look like at 67?

[C]

$3,900 a month.

[A]

And what does it look like at.

[C]

$74,100, $4,200, something like that.

[A]

Any other income that we can expect coming in at age 67? Would you continue working part time? Would you do anything else?

[C]

I don't want to. If I were going to do it, it would have to be something that I just absolutely loved that was not too stressful. So, you know, I'm not against it, but the hope is not to.

[A]

Okay, I understand. So we have a lot of money that you have accumulated. So what we. By my count again, at your age, 67, you'll have about this five grand. $5,300 a month will come in. That's pre tax. I know that. So I get it. We need more than that. But will be coming in. You say you need 7,500. So we need to fund the gap. To fund the gap, you have a few different forms of assets. Most of it hasn't been taxed yet. So we have your current 401k, we have the two annuities, we have your thrift savings plan, and we have your rollover ira, all of which total. Let me see if I can do this quickly. 2, 3, 4, like 550, 60. Did I do that right quickly? Yeah. 515 if I put it all in together. So a half a million dollars pre tax. And then there is the high Yield Savings at 277. And your expenses look like. Okay, so, you know, this doesn't look bad. It doesn't look too bad. Mark, what do you think? Half a million dollars pre tax. I'm somewhat interested to figure out whether or not we should wait until age 70. How's your health? You have good health?

[C]

I do have good health.

[A]

Mark, what do you think about where we are? Because we got five more years where she's saving a ton of money. The 35, 36 grand in retirement. Plus don't forget, we've got, you know, another 18 going into high Yield savings. What do you think? How do we, how do we think Marie stands for a 67 checking out of the workplace?

[B]

I think 67 is okay because she's got nearly three quarters of a million right now. Plus I'm assuming by the time she's 67, that house might be sold and she's probably going to walk away with, you know, 400, give or take.

[A]

Yep.

[B]

Yeah, I think, I think 67 is good. I would not do any more pre tax money for the next.

[A]

I wouldn't either. Do you have a Roth option anywhere in there or not?

[C]

I don't.

[A]

And there's a match on this 401k that you have current. So I'm fine with you certainly, you know, putting money into it up to the match. I just wonder whether it makes more sense for us to get you putting some of that high yield savings account money and start investing that a little bit as well. I mean, it's all in cash right now because. Why? Because. Because you're anxious?

[C]

Yes.

[A]

Okay. All right. I mean, I just want to make sure that we were on the same page on that. Let's pretend that you were retiring even just next year. Okay. And you said, you know what my expenses are $7,500 a month. Right. So if you were like a nervous Nelly and you're retiring, you know, next year, I would say you would want two years of cash. That's a, that's 180 grand for you. Okay. So I think if I could get you comfortable, if Mark and I can get you comfortable to invest some of this, like let's just say that you, we could you invest like 100 of the 277 and get that invested. How do you feel about that? And keeping 180 set aside?

[C]

I feel okay about that.

[A]

Okay. So there's a couple of things. I think there's some asset management that we would want to think about doing. Number one is I would probably so just keep doing your Voya thing. Don't worry about it. Okay. The money that goes in the high yield savings, as long as you have 180, as long as you have two years of expenses. And I also want to, you know, kind of add in one other thing. And you know, obviously if you had to buy a car in the next year, you'd leave that money in cash, like the money you think you're going to need in the next year or two. Beyond that 180, keep that in the high yield savings, but the rest should be invested. Okay. Now the current financial Advisor. Is that person managing any money on your behalf?

[C]

Just the LPL financial account.

[A]

And that is what, that's your.

[C]

That's the IRA rollover. That's the 100,000. Yeah.

[A]

Okay. And what's inside of that rollover? What kind of investments is that? Mutual funds?

[C]

Yes.

[A]

So that's, that's an LPL mutual fund. And you're not so sure. How does this person charge you? Do they charge you a commission or an asset under management fee?

[C]

I think it's asset under management fee.

[A]

Do you like this person? Do you really. I mean, like, because you're calling us, you're getting in touch with us. And of course I'm worried when people say I have an advisor and they want to. I mean, I get it, it's nice because it's another set of ears on a situation. But I wonder if you're getting in touch with us, maybe this means that you might need to be rethinking your relationship with the, with the LPL person. Do you like this person?

[C]

I do like this person. I just find that the more research I do and the more questions I have, that person answers the question. But we never really go into depth about it because I'm not an expert on investing my money. And so that's why I rely on somebody else who has that expertise to help guide me. So I think that's, that's where I'm sitting with it right now.

[A]

I get you. If they're not like investing on your behalf, you know, sort of as like the side thing, but just doing major financial planning for you, which should be the main thing you're paying for. I worry about that, not worry. I, I'm. I think you might be able to do better. So maybe we need to reestablish or establish a relationship with someone else who can help you manage these funds as a means to accomplish your financial goals. A real financial planner. And that, I think makes sense for you because you're at this perfect moment, like five years before, six years before retirement. I think this is a good time to do that. And I'm pretty sure that a certified financial planner who is really got your best needs, you know, who's looking at your, like the lens through which you can accomplish your goals. I think what they're going to say is, hey, you know what? The two annuities, they're going to go eventually. That Voya 401k and everything's going to get moved into that one IRA rollover account, and that account will be the generation of income that you will need that will meet your expenses. I think it might make sense for you to get involved and talk to somebody about that now, sooner rather than later. So I feel pretty comfortable saying, yeah, I think your game plan looks good, but I'd feel better if we had someone to navigate through a couple of the big decision points. So especially as those two annuities need to get rolled out and put into the IRA rollover, you're again, it's kind of helpful because you're really going to have one account, the IRA rollover, the two annuities, the Voya 401K and the TSP. You're going to have this one account that's going to hold all that money. None of that money's been taxed yet. And then a separate account that's going to be an investment account. And again, you don't have to put the $100,000 to work yet. I think your first task will be to find somebody who can help you work through this process. And it's like there's a lot of moving pieces, but generally speaking, I think you're in very, you're in good shape. So that's the good news because if you weren't in good shape, we'd have other conversations. Now we're just saying, well, yeah, but it's going to be a pain in the neck to deal with this. Right. So anyway, that's what I'm thinking. Do you feel okay about that?

[C]

Yeah, that sounds like a really great plan. And the other thing I wanted to mention too is the only debt that I have is my mortgage. That's it.

[A]

Yeah, I get that. And that mortgage is really cheap. So you're going to end up having two accounts, one investment account, one pre tax retirement account. You'll have your cash on the side and you, you definitely, it definitely sounds like you kind of know you're in good shape, but it's the details that are going to be important for you. So I'll tell you what. So hang on and I'm going to give you a couple of ideas off the air. Don't tell anyone. All right, everyone's listening. Any other questions for us?

[C]

No, I think you've answered everything. I really appreciate you both having me on the show and giving me some great advice.

[A]

Fantastic. Oh, last thing do we have because you're not married, you have estate documents for your 35 year old daughter to get all your moolah and all that.

[C]

I sure do. I have a revocable trust in place. Everything's in place.

[A]

Great. Perfect. All right, Marie, we hang on the line and we were, we're going to chat a little bit on the other side. Hey, if you are contemplating a new game plan or more importantly, you know, I think the sometimes you have relationships with people and they're in place for some for a period of time, which works. Sometimes it doesn't work and I think in this case we can do better for Marie. So if you find yourself in that situation, get in touch with us. Go to Jill on money dot com, click the contact us button, write us a note and if you'd like to join us on the air live, check the box. We would be happy to do everything else. Don't forget to sign up for the free weekly newsletter which comes out every Friday that will also entitle you to the blog. All right. You can subscribe to us on the Odyssey app or wherever you find your favorite podcast. Please try to lift someone up. Change your work, change your wealth, change your life. Thanks for listening and we'll talk to you tomorrow. 2026 is calling and it's your year to launch that business you've been dreaming about. We all have ideas, talents or projects we putting off, but the magic happens the moment you take action. Don't let another month slip by. January is short, and the fastest way to turn your vision into reality is to start your business with Shopify. With Shopify, you get everything you need to sell online and in person. Millions of entrepreneurs have already taken the leap. Shopify gives you all the tools to build your dream store. Hundreds of beautiful templates. You can customize AI powered tools to write product descriptions and headlines, even edit your photos in minutes. Marketing is built in too. Reach your customers with email and social campaigns wherever they scroll. And as you grow, Shopify grows with you, letting you handle more orders and expand into new markets, all from one dashboard. In 2026, stop waiting and start selling with Shopify. Sign up for your $1 per month trial and start selling today at shopify.com jillonmoney go to shopify.com jillonmoney that's shopify.com jillonmoney hear your first this new year with Shopify by your side. Hey, this is Richard Deitch, the host of the sports media Podcast. If you're interested in what's happening with all the places where you consume sports, the sports media podcast has you covered.

[B]

I've been turning down interviews all week. Hoda Kapi reached out. Oprah, George, Stephanie, Phenopolis. So I said no. I was booked on the Deitch podcast before the Taylor Swift phenomenon. I must live up to my responsibility.

[A]

Listen, wherever you get your podcasts.