Podcast Summary: "Convincing Hubby We're Okay"

Podcast Information:

• Title: Jill on Money with Jill Schlesinger
• Host/Author: Audacy
• Description: Host Jill Schlesinger, CFP®, addresses sometimes uncomfortable and controversial money and investing topics without the financial jargon. Each week, Jill takes listener calls and interviews informative guests to uncover surprising insights and provide actionable information for financial empowerment.
• Episode: Convincing Hubby We're Okay
• Release Date: June 25, 2025

Episode Overview

In the episode titled "Convincing Hubby We're Okay," host Jill Schlesinger navigates a listener's concern about retirement readiness and financial security. The discussion centers around DeeDee, a 57-year-old woman, who seeks reassurance that her and her 67-year-old husband's financial portfolio is sufficient for a comfortable retirement. The episode delves into detailed financial analysis, addressing fears, and providing actionable advice to ensure both partners feel confident about their financial future.

Detailed Discussion

Introduction to the Concern (02:04 - 03:10)

Mark introduces the episode by emphasizing the importance of tackling significant life decisions that impact one's financial life. He highlights that such decisions shouldn't be made in isolation and encourages listeners to engage with the show for personalized advice.

• Mark: "Sometimes when you send us an email, we'll say, hey, you know, get back in touch with us. We need more information." (02:04)

DeeDee, the caller, is brought into the conversation to provide her perspective and the specifics of her financial situation.

DeeDee’s Financial Breakdown (03:10 - 04:20)

DeeDee outlines her and her husband's financial assets:

• Savings: $437,000 in cash (pre-tax) and a 401(k) totaling $1,746,000. (03:23)
• IRA: $711,000 (traditional, requiring taxation upon withdrawal). (03:38)
• Brokerage Account: $103,000 in cash and $335,000 in stocks and bonds. (03:38 - 03:55)
• Real Estate: A home owned outright valued at approximately $750,000. (04:02 - 04:20)

Income and Social Security Plans (04:27 - 05:54)

DeeDee shares their monthly expenses of $6,300 and details their Social Security plans:

• Husband’s Social Security: Plans to claim at age 70, expecting $5,060/month. (04:34 - 04:37)
• DeeDee’s Social Security: Plans to claim at age 70, expecting $2,960/month. (04:43 - 04:54)

Mark responds positively to the numbers, suggesting that their financial situation appears strong, aiming to reassure DeeDee.

• Mark: "I love that. Let's call it $1,075,000,000." (03:34) – (Note: This appears to be a humorous exaggeration for effect.)

Addressing the Husband's Concerns (05:03 - 07:15)

Despite the strong financial figures, DeeDee’s husband, George, remains unconvinced about their retirement readiness. He doubts that their savings are sufficient to ensure they won't outlive their money.

• DeeDee: "He's thinking, you know, you mentioned before you and Mark laughed and thought that our money would outlive us. Now he's thinking, well, how much should we really spend so it doesn't outlive us?" (11:02)

Mark’s Financial Analysis and Reassurance (05:17 - 13:49)

Mark undertakes a comprehensive analysis to demonstrate the adequacy of their finances:

1. Tax Consideration: Assuming a 30% tax on their $2.45 million in pre-tax accounts, leaving them with approximately $1.715 million post-tax. (05:26 - 06:02)

2. Investment Strategy: Proposes a conservative withdrawal rate of 3.5% from the $1.715 million, generating an additional $60,000/year ($5,000/month) to add to Social Security income. This total exceeds their current monthly expenses of $6,300. (07:54 - 09:20)

3. Contingency Planning: In the event of George's untimely passing, DeeDee would still receive survivor benefits and continue with sufficient income, ensuring financial stability. (08:00 - 09:21)

4. Adjusting Spending Habits: Encourages DeeDee to assess their true spending needs and consider adjusting their lifestyle if necessary, suggesting that even an increase to $8,300/month is feasible without jeopardizing their financial security. (11:07 - 12:14)

• Mark: "If you want to spend $8,300 a month, it'll still work. You should invest some of the cash. It'll work better if you invest some of the cash." (12:11)

Psychological and Emotional Factors (10:36 - 13:49)

Mark addresses the emotional aspect of financial planning, recognizing that financial comfort goes beyond numbers. He discusses the importance of mutual agreement between partners and the challenges of differing financial comfort levels.

• Mark: "If you have a partner, especially when there's an age differential, we have to take that into account." (12:14)

He emphasizes the need for open communication and joint decision-making to ensure both partners are aligned and feel secure about their financial future.

Conclusion and Takeaways (13:49 - End)

Mark and Jill wrap up the discussion by reiterating the importance of financial planning and mutual understanding between partners. They encourage listeners facing similar dilemmas to reach out for personalized advice and to utilize available resources, such as the free weekly newsletter.

• Mark: "If you have a partner who is not on board with a plan that you want to execute, let's get going. We want to talk to you." (13:49)

• Jill: "Please do something nice for someone else today. Change your money, Change your wealth. Change your life." (End)

Key Insights and Lessons

1. Comprehensive Financial Analysis: A detailed understanding of assets, liabilities, and income streams is crucial in assessing retirement readiness.

2. Tax Implications: Considering tax impacts on retirement accounts can significantly affect net income projections.

3. Conservative Withdrawal Rates: Utilizing lower withdrawal rates can enhance financial security and extend the longevity of retirement savings.

4. Contingency Planning: Preparing for unexpected events, such as the sudden loss of a spouse, ensures financial stability remains intact.

5. Emotional Alignment: Financial planning must account for emotional and psychological comfort levels to achieve mutual agreement and peace of mind.

6. Open Communication: Transparent discussions between partners about financial goals and concerns are essential for a harmonious retirement strategy.

Notable Quotes with Timestamps

• Mark on Financial Security: "If you want to spend $8,300 a month, it'll still work. You should invest some of the cash." (12:11)

• DeeDee on Feeling Held Back: "Definitely we are." (12:06)

• Mark on Mutual Understanding: "If you have a partner who is not on board with a plan that you want to execute, let's get going." (13:49)

• Jill’s Closing Thought: "Please do something nice for someone else today. Change your money, Change your wealth. Change your life." (End)

Final Thoughts

"Convincing Hubby We're Okay" provides a comprehensive look into the complexities of joint financial planning for retirement. Through DeeDee's real-life scenario, Jill and Mark illustrate the importance of detailed financial analysis, proactive planning, and emotional alignment between partners. The episode serves as a valuable resource for listeners facing similar challenges, offering both reassurance and practical strategies to achieve financial peace of mind.

For personalized advice or to share your own financial concerns, visit Jillonmoney.com and engage with the community. Subscribe to the podcast on your favorite platform to stay informed on crucial financial topics.