Get Out of Here and Enjoy Your Life

Summary

Podcast Summary: Jill on Money with Jill Schlesinger Episode Title: Get Out of Here and Enjoy Your Life
Host/Author: Audacy
Release Date: July 31, 2025

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Introduction

In the episode titled "Get Out of Here and Enjoy Your Life," Jill Schlesinger, CFP®, hosts a compelling discussion aimed at helping listeners navigate their financial journeys. Focusing on real-life scenarios, Jill provides actionable insights without the heavy financial jargon, making complex topics accessible to everyone.

Guest Introduction: Deborah from Maine

The episode features Deborah, a 71-year-old nurse from Maine, who shares her financial situation and seeks guidance on retirement planning. Jill introduces Deborah's case early in the show, highlighting the common concerns faced by individuals approaching or considering retirement.

Notable Quote:

• Jill Schlesinger [03:07]: "This is a program that is not about me. It is about you guys."

Financial Overview

Deborah provides a comprehensive overview of her financial standing:

• Employment: Currently working part-time (24 hours per week) as a nurse, earning an estimated $72,000 annually.
• Social Security: Began receiving benefits at age 70, amounting to $4,100 gross monthly ($3,800 net after taxes).
• Retirement Savings:
  • 403B Account: $350,000 in a traditional 403B, contributing 30% of her pay.
  • Savings: $46,000 in checking and $126,000 in high-yield savings.
• Real Estate: Owns a condo valued around $425,000 with an outstanding mortgage of $180,000 at a favorable 2.8% interest rate. Monthly payments, including escrow and association fees, total approximately $1,500.
• Monthly Expenses: Ranges between $3,600 to $4,000, covering mortgage, association fees, utilities, food, entertainment, and travel.

Notable Quotes:

• Deborah [03:36]: "I've been working pretty much all my life. And the idea of not working and spending savings is kind of foreign to me."
• Jill Schlesinger [09:39]: "You have a beautiful combination of facts that allows you to get out of here and enjoy your life."

Discussion on Pension and 403B Options

Deborah is faced with a critical decision regarding her pension benefits. She has the option to either:

1. Take a Lump Sum: Approximately $351,000.
2. Opt for an Annuity: About $2,871 per month for life.

Jill's Analysis:

Jill leans towards the lump sum option, considering Deborah's financial stability and low monthly expenses covered by Social Security. She suggests integrating the lump sum into Deborah's existing 403B or converting it into an IRA rollover account. This strategy would provide Deborah with greater flexibility and control over her funds, allowing for periodic withdrawals that align with her spending needs.

Notable Quotes:

• Jill Schlesinger [12:08]: "You have the money to do this. And I think that not working is an option for you."
• Deborah [05:22]: "I have a will, power of attorney, financial power of attorney, all of that."

Retirement Planning and Lifestyle Considerations

Jill emphasizes the importance of giving oneself permission to enjoy the fruits of decades of hard work. She encourages Deborah to view retirement not just as a cessation of work but as an opportunity to engage in fulfilling activities like volunteering, travel, or reduced work hours.

Key Recommendations:

1. Financial Security: With Deborah's Social Security covering her monthly expenses and her substantial savings, Jill reassures that Deborah is financially prepared to retire.
2. Flexible Work Options: Should Deborah choose to continue working, she can reduce her hours further or switch to per diem shifts, maintaining a connection to her profession without the demands of full-time work.
3. Spending Plan: Establishing a systematic withdrawal from her savings can provide a steady income stream, enabling Deborah to spend freely without financial stress.

Notable Quotes:

• Jill Schlesinger [14:18]: "Get out of here and enjoy your life."
• Deborah [07:28]: "I would like to retire, and then I would be doing some volunteer work and then also do some things that I enjoy doing."

Estate Planning and Final Considerations

Deborah confirms that her estate documents, including her will and advanced directives, are up to date. Jill takes this opportunity to remind listeners of the importance of having these documents in place to ensure that one's wishes are respected and that beneficiaries are correctly designated.

Notable Quote:

• Jill Schlesinger [16:59]: "Because you have adult kids, I just want to make sure you've got the estate documents and all that stuff done."

Conclusion

Jill wraps up the episode by reinforcing the message that retirement is a personal journey tailored to individual needs and desires. She encourages listeners in similar situations to reach out for personalized advice and to take proactive steps toward enjoying their financial independence.

Closing Thoughts:

• Jill Schlesinger [18:50]: "Hey, if you're like Deborah in Maine and you are working and you've saved money and you live frugally and life is good. Maybe it's time for you to give yourself permission to take a different route."

Key Takeaways

• Financial Preparedness: Assessing income sources and expenses is crucial for a secure retirement.
• Flexible Retirement Options: Combining lump-sum benefits with existing savings can provide financial flexibility.
• Lifestyle Choices: Retirement doesn't have to mean complete cessation of work; reduced hours and fulfilling activities can enhance quality of life.
• Estate Planning: Ensuring all legal documents are in order is essential for peace of mind and protecting loved ones.

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Additional Resources: Listeners are encouraged to visit jillonmoney.com for more content, including blogs, videos, and a free weekly newsletter. For personalized assistance, listeners can contact Jill and Mark through the website.

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This summary captures the essence of the "Get Out of Here and Enjoy Your Life" episode of Jill on Money with Jill Schlesinger, providing a comprehensive overview for those who haven't had the chance to listen.

Transcript

[Jill Schlesinger]

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[Kristen Bell]

Hi, I'm Kristen Bell and if you know my husband Dax, then you also know he loves shopping for a car. Selling a car, not so much.

[Deborah]

We're really doing this, huh?

[Kristen Bell]

Thankfully, Carvana makes it easy. Answer a few questions, put in your van or license and done. We sold ours in minutes this morning and they'll come pick it up and pay us this afternoon.

[Deborah]

Bye bye Truckee.

[Kristen Bell]

Of course, we kept the favorite.

[Jill Schlesinger]

Hello other Truckee.

[Kristen Bell]

Sell your car with Carvana today. Terms and conditions apply.

[Jill Schlesinger]

Welcome to the Jill on Money show. It's Thursday, July 31st and we are here listening to you and what's on your mind and trying to hear what it is you wish to accomplish in your financial life. And I say that because this is a program that is not about me. It is about you guys. If there's something that is either upsetting or bothering you, or you're just worried, or you just have a mild concern, or you just want to float an idea by us. Both Mark and I are certified financial planners. We don't practice anymore. We just do media stuff. So, you know, it's just this is fun for us. But what we do is we listen to you and we try to help you get wherever you want to go or at least try to unravel what's going on for you and give you some guidance. So if that sounds appealing to you, all you need to do do is go to our website, jillonmoney.com, click the contact us button, write us a note. If you'd like to join us on the air live, you check the box and Mark will do everything else. Hey, all of our content [e-mail] website. We've got another podcast called Money Watch. We've got a radio show, there's a blog, there are videos, there's resources, and there's also the ability for you to sign up for our free weekly newsletter which comes out every single Friday. Mark does a great job with that. Today we are going to speak to Deborah, who is on the line from Maine. Deborah, here is the burning question as we speak to you in the middle of the summer in Maine. When can you actually go into the water in Maine and not feel like an ice cube?

[Deborah]

Oh, that would be around September 5th.

[Jill Schlesinger]

I love your candor because some of my, I have a very dear friend who lives in Portland and, and she's always not that bad and I have a feeling she's lying. So I think it's not that bad if you're from there and you're used to it.

[Deborah]

But no, I know I'm never used to it. You need a wetsuit.

[Jill Schlesinger]

Gosh, that's rough. So, Deborah, first of all, thank you for joining us. What is on your mind today? What can we do for you?

[Deborah]

Well, thank you for having me on the show. I've been listening to your show for approximately maybe about a year. And you know, the big burning question of retirement is always on my mind, especially since I'm past that expiration date.

[Jill Schlesinger]

What do you mean, the past? You sound like young and spry. Come on now.

[Deborah]

Well, you know, right Now I'm, I'm 71. I still work, so I'm working part time now. I dropped down my hours, let's see, about a little bit more than a year ago when I turned 70, and then I started my Social Security. Then I went down to 24 hours a week from 36.

[Jill Schlesinger]

How much do you earn in your part time? 24 hours a week.

[Deborah]

Well, since this is really going to be about the first year that it's all part time, I'm estimating that It'll be about 72,000.

[Jill Schlesinger]

Wow, that's a lot.

[Deborah]

Well, you know, I, I work as a nurse. I'm, I used to work three shifts a week, 3:12. Now I'm 2:12. I, I, before that it would be over a hundred thousand, but by knocking it down, it's still, you know, a fair amount.

[Jill Schlesinger]

Yeah.

[Deborah]

And then with my Social Security, I might actually make more than when I was full time.

[Jill Schlesinger]

But how much is your Social Security that you waited till age 70 to claim?

[Deborah]

4,100 gross. And I have some tax held from it, So I have 3, 800. And then I'm still contributing 30% of my pay to my 403.

[Jill Schlesinger]

Oh my gosh. How much money's in the 403B?

[Deborah]

Well, that's, this is the burning question since I had also gone through a divorce at age 65, which is not prime time to do.

[Jill Schlesinger]

Oh, I have a lot of questions about that, but we'll get back to that in a second.

[Deborah]

The 403 is right now. $350,000 because you had to have it.

[Jill Schlesinger]

Because you had to give the bad person who we hate half of your.

[Deborah]

Nope, only a smaller amount of it for. Yeah.

[Jill Schlesinger]

Did you see how I took your side? Immediately. I want to tell you that there is a greeting card that my sister found. We had a friend who got divorced, and my sister found this greeting card. And in the front it Sundays, there are two sides to a divorce. And you open it up and it says yours and the A holes. So that's where we're rolling. We're on Team Deborah right now. So 350,000 in the 403 is all traditional. It has not been taxed yet, right?

[Deborah]

That's correct.

[Jill Schlesinger]

Okay. What else have you done in terms of saving?

[Deborah]

Well, I also have checking right now is $46,000, and in a high yield savings is $126,000.

[Jill Schlesinger]

Okay, that's good. Yeah. And you own your home?

[Deborah]

I did buy a condo as soon as I was divorced. I was lucky because it was 2019. Have a condo that is currently valued around, I'd say, the last ones that sold in my association. 420, $425,000. I've got a 2.8% mortgage.

[Jill Schlesinger]

Oh, my God. What's the outstanding mortgage amount?

[Deborah]

180,000.

[Jill Schlesinger]

So affordable, obviously.

[Deborah]

Very much so. Very much so. My monthly mortgage, along with. And the escrow for insurance and property taxes. $1,100 a month.

[Jill Schlesinger]

And what about the association fees?

[Deborah]

400Amonth.

[Jill Schlesinger]

All right. That's not bad.

[Deborah]

Yeah. Cheaper than rent right now in Portland.

[Jill Schlesinger]

Incredible. And so do you feel like this is a place you can stay, right, for a while?

[Deborah]

Oh, yes. Yes.

[Jill Schlesinger]

Okay.

[Deborah]

Yeah.

[Jill Schlesinger]

Great. So, Deborah, you like being a nurse enough that you're still doing two shifts? How long do you think. Do you. I mean, do you have any aspirations for, like, a timeline where you say, okay, well, I'll do this two shifts, and then maybe I would do one shift? Like, do you have a game plan?

[Deborah]

Well, you know, I think part of it, too, is I have a hard time wrapping my head around the idea of not working. I've been working pretty much all my, you know, all my life. And the idea of not working and spending savings is kind of foreign to me, but. Yep. But I know that's how it works, you know, and that's. That would be the goal. But I think I would, you know, I would kind of like to retire, and then I would be doing some volunteer work and then also do some, you know, things that I enjoy doing, possibly just Working per diem. And I could do like one day a week if I wanted to, or.

[Jill Schlesinger]

Yeah, if I looked at your expenses right now. Okay. We've just. We did the condo and the fees. That's 1500amonth. What else do you spend money on? Like, when you look at your. All of your spending, your food and your entertainment and your utilities, is that another couple thousand dollars a month? What do you think that is?

[Deborah]

Yeah, I'm. I mean, I'm. I'm, you know, I'm not a spendthrift. I do enjoy doing, you know, I get together with friends, we go to dinners, I do some traveling. But when I travel, I always travel very economically, which I prefer anyway, you know, and whether that's in Europe or locally, but, you know, it's not frequent, but maybe once per year. But because I use my credit card for all my expenses and then I have everything else on auto payment, it's very easy to track my expenses. And I do pay that credit card at the end of every week, so there's never a balance on it, but I collect the points.

[Jill Schlesinger]

Yeah, you're good. So do you think that it's fair to say that your total monthly nut is $3,600 a month?

[Deborah]

Actually, it is pretty close to that. I would say it's somewhere between there to 4,000.

[Jill Schlesinger]

Okay, perfect.

[Deborah]

But sometimes I've been way under that too.

[Jill Schlesinger]

Okay, but what's interesting about that is essentially you're telling me that the net Social Security, that $4,100 a month gross, which is $3,800 a month net, that essentially your Social Security mostly covers your net, your nut.

[Deborah]

Yeah, you know that's right. Yes.

[Jill Schlesinger]

Is there something related to a pension as well?

[Deborah]

Well, yes, that's the other part of it, too. So I do have a pension. And when I. I can take it two ways. I could take it as an annuity for life and. Or I could do a lump sum, which is what I am tending to lean to. The lump sum was about 351,000. And if I were to take it as a monthly payment, it would be about 2871. 2,871 per month.

[Jill Schlesinger]

Do you have children? I forgot to ask you that.

[Deborah]

Adult children, all grown up, very successfully launched.

[Jill Schlesinger]

I am also, when you gave me those numbers, lump sum or annuity? I'm leaning lump sum also, because if you were to take an annuity, I mean, I don't think you need that month like your Social Security pretty much does it? I think you're gonna want Access to that chunk of Money, along with the 350 you have right now, that's $700,000 that would be in a traditional account. We have to get that money out eventually. Because obviously at age 75, that money is going to need to come out. Maybe you start to do that. If you wind down some of your part time work, you know, maybe at 72 or 73, you say, okay, I'm done. And then you gotta start taking some money out of the account just to get it out of there and pay some tax on it. But it won't be terrible and I wouldn't worry about it. Because if you're happy working. Okay, this is what I wanna tell you. We are talking to people all the time, just like you, Deborah, meaning that there are people out there and you can add zeros to their net worth, you can take zeros away, but it is still the same critical issue. I have been working for decades, four decades, five decades. I know how to work, I know how to save. I'm very frugal. You said. And even though you went through an event, which is usually a pretty seismic event for people, not just emotionally, is that divorce can be a financially devastating event also. You are good. Your financial world is excellent. So the question is, how do we get you to give yourself permission to spend some money? And I think there's two ways to think about this. You ready?

[Deborah]

I am.

[Jill Schlesinger]

One is you. You could say to me, look, I'm going to take this annuity and I'll make sure that like my kids are the beneficiary so that if I were to die in the second day that I got that annuity, annuity, that someone would get that money, that they could get the money out. Okay, or you could just say, I'm going to take the lump sum and you pop it in with your traditional money. And now you've got about $700,000 in traditional money. And then what you might do is set up a system so that maybe this is in an IRA rollover account, maybe it just stays in your 403 and we'll see. You set up a system where money comes out maybe every quarter, maybe even every month, so that you're used to having money come to you. That is money that you can say, oh, it's like I'm getting a pension payment, I can spend this. You can now set up a system where whatever's coming out to you is money that you know you can spend and have a good time with, because it is only because of those Five decades of work that you are able to do this, that you are able to actually spend the money. The way that you frame the question of how not to work, this is also about how to give myself permission to spend. And you have the money to do this. And I think that not working is an option for you. But if you really like it and you say, you know what? I could do one shift a week for a long time, or I can do a few days a month because it's per diem, and I feel good about that. And that feels like a connection to a profession that I love that's given me these great benefits and these great opportunities. You should do that. You have to set up a system so the money is flowing into you, into that High Yield savings account, and you say, whatever's in there, I get to spend. Or you say, I'm taking 25 grand a year, and you decide, okay, I'm going to spend. That's my. That's my vacation budget. I get to do one big vacation a year, and you spend it, but you got to give yourself permission to do it.

[Deborah]

Okay, so. So overall, if I. If I felt like retiring at the end of this year, you think I would be okay to do so?

[Jill Schlesinger]

Okay, come on, Deborah, let me just say something. If you had what. What kind of nursing do you do?

[Deborah]

Oh, gosh, I've done so much over the years. Right now I'm in a medical surgical area.

[Jill Schlesinger]

Okay, here we go. So let's. It's a little heavy duty, right? So here's your surgical patient who has had this, you know, had some procedure, not. Not because of bad health or anything. Just unlucky. Right?

[Deborah]

Yeah.

[Jill Schlesinger]

And they've been in that. That hospital, or they've been in their. This condition, and now they're walking and they're peeing and pooping, and life is good, and their care at home is. And they say to you, I'm scared about leaving this hospital because the care has been so good. What do you say to that patient?

[Deborah]

Get out of here and enjoy your life.

[Jill Schlesinger]

That's exactly right. Go take your own advice, lady. Get out of here and enjoy your life. Now, I also want to be clear that if work is fun for you and you can do it in a way that's manageable for you, and it doesn't feel onerous, and you feel like it's invigorating, just do this for, like you're doing this for a year. Fine, maybe one next year you go to one shift a week, then maybe you try A per diem, but you give yourself permission to get out of there and enjoy your life.

[Deborah]

Sounds good to me. I guess the biggest thing, too, is where the economy has just been so topsy turvy right now and.

[Jill Schlesinger]

But pretty good for you. I got to be honest, because I look at, like, if someone like you, it's like, hey, I have money that's invested in the market because of 403B and the money is there for you. You're in a profession where there's people that you're always needed. Like, honestly, I'd rather be a nurse today than a doctor. Like, it seems to me that nursing is in. We are in great need of nursing. And so you can do whatever you want to do. And even if the economy is top sea turvy, you've got your Social Security, you don't spend a lot of money, and you've got. You've saved a lot of money. So you've got this beautiful combination. You've got this beautiful combination of facts that allows you to get out of here and enjoy your life. Maybe that's the episode name, Mark. Get out of here and enjoy your life.

[Deborah]

Oh, I plan to do that.

[Jill Schlesinger]

All right. Now, do you have. Because you have adult kids, I just want to make sure you've got the estate documents and all that stuff done.

[Deborah]

Oh, yes. Yeah, I have. I have a will, power of attorney, financial power of attorney, all of, all of that. It's all beneficiaries were updated the day that my divorce was final.

[Jill Schlesinger]

Good. Okay. And Deborah, last question about just because you're in healthcare, it is true that every time you walk into a hospital, you have to sign a do not, a do not intubate or do not resuscitate order. It's not like you, you have to do it every time. So just remind people that, hey, this is a rule, right?

[Deborah]

Yeah.

[Jill Schlesinger]

There's nothing that's in your documents, gang, that says, oh, they don't have to resuscitate. You have to actually sign that proactively. And they want. And they look at it. Right. They're not going to go against it. That would. Correct.

[Deborah]

Yeah. You have an advanced directive. You. You have, you know, what you want, what you want or don't want, you know, life support.

[Jill Schlesinger]

That's what I turned to, Deborah, and I say, pull the plug, Deborah. Hurry up. That's what we do. All right? Get out of here and enjoy your life. Hey, if you're like, if you're like Debor in Maine and you are working and it's you've saved money and you live frugally and life is good. Maybe it's time for you to give yourself permission to take a different route. And the next chapter is so exciting. And so some of this is about this glide path. We've talked about this on the show that you know, after Covid and what you know, I recount this a lot in my book the Great Money Reset. A lot of people were saying I'm not ready to retire, but I don't want to work as hard as I was working. And so if you need a glide path, if you're so lucky like Debra, that you have a profession that's in demand and you can kind of slowly titrate down from what you're doing, this is a wonderful example of how that can work. So give us a holler if you need some help. Go to jillonmoney.com click the contact us button. Write us a note if you want to join us live. Check the box. Mark does everything else and you can check out all of our content that lives on our website, jillonmoney.com you can subscribe to this show on the Odyssey app. By the way, while you're there, you can also subscribe to our sister broadcast called Money Watch. So it's all at the Odyssey app or wherever you find your favorite podcasts. We ask that you do something nice for someone else today. Change your work, change your wealth, change your life. Thank you for listening. We'll talk to you tomorrow.

[Kristen Bell]

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[Brian]

Hey there cats and kittens. It's Brian from the commercial break. The mediocre comedy podcast where my best friend Chrissy and I attempt to make sense of the world. We talk about the absurd, the ridiculous, and the stuff no one asked for, like Internet weirdos, pickup artists, and why everyone is obsessed with crystals and colonics. It's all got to stop. The show is free, it's frequent, and it's probably not for everyone. You can go to tcbpodcast.com, [e-mail] thecommercial break, or check out the show wherever you listen to podcasts. We'll see you on the next commercial break. And best of you.