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
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:
- Take a Lump Sum: Approximately $351,000.
- 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:
- Financial Security: With Deborah's Social Security covering her monthly expenses and her substantial savings, Jill reassures that Deborah is financially prepared to retire.
- 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.
- 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.
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.
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.