Podcast Summary

Podcast: Jill on Money with Jill Schlesinger
Episode: Can We Retire Now if We Get Laid Off?
Date: February 18, 2026
Host: Jill Schlesinger, CFP®, with co-host Mark
Listener Questions Format

Episode Overview

In this episode, Jill Schlesinger and her co-host Mark tackle listener questions focused on high-stakes, real-world financial decisions. The central theme revolves around the viability of early retirement in the face of layoffs, with follow-up discussions on mortgages, credit cards, investment strategy for seniors, student loan payoff stories, and investment advisory fees. As always, Jill brings her trademark blend of empathy, blunt honesty, and practical advice—eschewing jargon to help listeners make sound money decisions.

Key Discussion Points & Insights

1. Can We Retire Early If We're Laid Off? (Listener: Benny)

[02:15–06:14]

• Situation: Benny and spouse, late 40s, high cost, high tax state, both facing potential layoffs and health issues.

• Finances:

  • $2.5M in 401(k)s
  • $1.3M in taxable brokerage
  • $1M in cash/savings
  • $400/mo pension at 55
  • $5,600/mo Social Security at FRA
  • $12,000 monthly spending, soon including $2,000/mo for healthcare
  • $30,000 left on mortgage

• Jill and Mark’s Analysis:

  • While $5M sounds enormous, the effective spendable value of tax-deferred assets is much less after taxes, especially in a high-tax state.
  • At their age (50-ish), withdrawing $12,000/month ($144,000/year) safely—without much room for error or market downturns—poses serious risks.
  • “I can tell you right now it’s not great.” – Jill [04:34]
  • After taxes, $2.5M in 401(k) is closer to $1.8M.
  • Portfolio may reliably generate $100–$120K/year, which is just at or below their needs—without accounting for cost increases, health issues, or market risk.
  • Conclusion: It's “tight,” and a forced full retirement at this stage is risky unless monthly spending can be trimmed or part-time/alternative income is possible.
  • Advice: Consider part-time work if possible, and revisit spending levels.

  Notable Quote:

  “It’s not a slam dunk anyway. They’re young. They’re young. 50 years old.” – Jill [05:53]

2. Should I Pay Off My Mortgage or Invest? (Listener: NP)

[06:13–07:24]

• Situation: $500,000 in savings; mortgage rate 5.5%; contemplating paying off mortgage vs. investing.
• Jill’s Take:
  • Decision depends entirely on overall financial picture—age, alternative investments, existing cash.
  • Generally hesitant to recommend moving cash into home equity and losing liquidity, UNLESS the interest rate is significantly high and alternative investments aren’t compelling.

3. What To Do With Unused Credit Card with an Annual Fee? (Listener: Gary)

[07:25–08:03]

• Situation: Should one keep an unused credit card (for credit score), even with an annual fee?

• Advice:

  • If borrowing or planning to borrow soon (car, house), it can be worth keeping it.
  • For high annual fees ($150+), it may be worth closing.
  • Consider the impact on credit score vs actual cost.

  Exchange Highlight:

  • Jill: “If it’s a $35 fee, maybe and you’re about to go get a car or something. Maybe I wouldn’t get rid of it.” [08:00]

4. Investing in Retirement: ETFs vs CDs for Seniors (Listener: Linda, age 74)

[08:03–09:11]

• Situation: Recently widowed, most assets in CDs (currently 3.75%), friend suggests S&P 500 ETFs for higher returns.
• Jill’s Guidance:
  • A sudden jump to equities at this age can be risky.
  • CDs are virtually risk-free; S&P500 funds offer higher gains at the cost of volatility.
  • If uncomfortable with risk, consider a small allocation (e.g., 10%) to stocks, but no need to change if stable CD income supports current needs.
  • “As soon as you make that investment and buy SPY...it will probably go straight down.” – Jill [08:18]
  • Assess risk tolerance first.

5. Paying Down Massive Student Loans and Next Steps (Listener: Jasmine, healthcare professional)

[09:11–11:52]

• Situation: Paid down $275K to $40K in student loans in a few years, now earning ~$150–$200K, plans for family and city move, considering working with a financial planner.

• Jill’s Assessment:

  • Impressive progress, strong saving habits.
  • Need a holistic approach for her and her husband—look at their combined finances, cash flow, and goals before deciding on next steps.
  • A fee-only planner could be beneficial for accountability, but not essential right now.
  • Max out available IRA, husband maxes retirement plan, continue building cash as needed.

  Mark on Jasmine:

  “Long term, this is not a person I’m really worried about because this person just paid off more than $200,000 in loans in five years. She knows how to save.” [11:52]

6. Portfolio Advisory Fees in Retirement (Listener: Scott, retired at 54)

[12:03–13:21]

• Situation: $2.4M managed portfolio, 1.5% annual fee.
• Jill’s Take:
  • 1.5% is high for that amount, especially for asset-only management.
  • If planner provides comprehensive planning (scenario analysis, retirement planning), some fees justified; otherwise, should be lower.
  • Encourages shopping around for lower-fee, more comprehensive advisory options.
  • “1.5% on a $2.4 million portfolio with no financial planning—that’s way too much.” – Jill [13:15]

Notable Quotes & Memorable Moments

• Jill on tight retirements:

  “I can tell you right now it’s not great.” [04:34]

• Jill on investing at 74:

  “As soon as you make that investment and buy SPY...it will probably go straight down.” [08:18]

• Mark on young savers who paid off student debt:

  “She knows how to save.” [11:52]

• Jill on fees:

  “1.5% on a $2.4 million portfolio with no financial planning—that’s way too much.” [13:15]

Important Timestamps

• [02:15–06:14] Main question — Early retirement after layoff
• [06:13–07:24] Mortgage payoff vs investment
• [07:25–08:03] Credit card annual fee dilemma
• [08:03–09:11] Senior investing: CDs vs ETFs
• [09:11–11:52] Student loan payoff, new phase planning
• [12:03–13:21] Investment advisory fees in retirement

Tone & Takeaways

Jill and Mark tackle questions with approachable expertise and humor, often pausing to contextualize each situation while remaining highly practical. They reinforce the importance of cash flow, risk tolerance, and comprehensive planning at every financial stage.

Core Lessons:

• Early retirement at a young age with high spending requires substantial—sometimes uncomfortable—adjustments.
• Financial decisions require a holistic view; context is everything.
• Be wary of high investment fees, especially if value-added services are lacking.
• Risk tolerance and liquidity are key in both late-life investing and debt strategy decisions.
• Celebrate financial wins, but always plan for what’s next together.

For more questions or to appear on the podcast, visit jillonmoney.com.