Jill on Money with Jill Schlesinger: Episode Summary – "How Far Behind Am I?"
Release Date: July 21, 2025
Host: Jill Schlesinger, CFP®
Platform: Audacy
Introduction and Episode Theme
In the episode titled "How Far Behind Am I?", Jill Schlesinger delves into personalized financial planning, challenging conventional rule-of-thumb methods and emphasizing the importance of tailored financial strategies. The episode centers around a listener's concerns about retirement readiness and navigating financial uncertainties.
Jill’s Perspective on Financial Independence 2025
Jill opens the discussion by referencing her blog post, "Financial Independence 2025," where she critiques generic financial benchmarks like the often-cited need for a million-dollar nest egg or saving ten times one's income. She advocates for customized solutions that consider individual circumstances rather than relying on broad-based rules.
"I doesn't take into account a lot of other things or 25 times your annual expenses. There are so many calculators that are out there that can create more customized solutions."
– Jill Schlesinger [02:00]
Jill encourages listeners to seek personalized financial advice to better understand their unique financial landscapes and make informed decisions.
Listener Call-In: Ann from Texas
Ann, a 51-year-old single professional from Texas, joins the show to discuss her financial concerns. She expresses feeling “behind on retirement” despite having accumulated savings, and shares her frustration with a previous Certified Financial Planner (CFP) who was unresponsive.
"I just feel really behind on retirement, even though I just kind of pulled away from a CFP that was kind of unresponsive."
– Ann [03:13]
Ann’s Financial Situation
Ann provides a comprehensive overview of her financial status:
- Income:
- Base Salary: $140,000
- Total Earnings Last Year: $150,000 – $155,000 (including bonuses and profit sharing)
- Retirement Savings:
- 401(k): $104,000 (Traditional)
- Rollover to Fidelity: $136,000
- Roth IRA: $25,000
- Other Savings:
- Traditional Account: $2,300
- HSA: $1,100
- Emergency Fund: $32,000
- Brokerage Account: ~$9,000
- Monthly Expenses:
- Rent: $2,100 (Renting a beloved apartment)
- Other Expenses: Approximately $3,900
- Additional Financial Activities:
- Saving $250/month into brokerage
- Saving $250/month into savings
Ann highlights that she began seriously saving in her 40s after making less progress in her 20s and 30s due to less disciplined financial behavior.
Advice and Discussion
Jill and her co-host Mark dissect Ann’s financial scenario, offering strategic advice to alleviate her concerns about being behind on retirement:
-
Maximizing Roth Contributions:
- Jill suggests shifting more savings into a Roth 401(k) to capitalize on tax-free growth, considering Ann is in a 24% tax bracket.
- Mark agrees, recommending a gradual increase in Roth contributions to assess financial comfort before committing fully.
"Maybe do, you know, like 12% Roth, 8% pre tax. See if you can change that up and then see how you feel."
– Mark [09:18] -
Emergency Funds and Brokerage Investments:
- With a robust emergency fund of $32,000, Jill advises that sizeable bonuses should be directed primarily into the brokerage account to enhance investment growth rather than adding to the already sufficient savings buffer.
"If you have a big bonus, I think I would probably put it in the brokerage."
– Jill Schlesinger [17:26] -
Beneficiary Designations and Estate Planning:
- Jill underscores the importance of updating beneficiary designations to prevent unintended inheritance by Ann’s brother, especially since her mother is young at 72.
- She recommends clarifying her wishes through will creation to ensure that assets are distributed according to her preferences, potentially favoring her niece over her brother.
"If you don't have a will he go and get some money. So you want to prevent that and he's maybe not so great with money."
– Jill Schlesinger [16:25] -
Consideration of Relocation:
- Discussing the possibility of moving closer to her mother, Ann is advised to weigh the cost of living against her income and job opportunities.
- Jill emphasizes that relocation should be driven by personal preference and quality of life rather than solely by financial incentives.
"I wouldn't move to a place just because, oh, there's a lower tax rate. I would move to a place because I want to be there."
– Jill Schlesinger [14:10] -
Mental Reassurance and Financial Confidence:
- Jill reinforces that Ann is “not as behind as she feels” due to her consistent savings and strategic investments.
- She encourages a positive mindset, reminding listeners that being satisfied with their financial position is crucial.
"I would like to differ. I'd like to remind everybody who listens to this program that there are some people who have a ton of money. ... We want to tilt a little bit more towards Roth... you're doing what you should be doing."
– Jill Schlesinger [12:44]
Conclusion and Key Takeaways
In wrapping up the episode, Jill reiterates the importance of personalized financial planning over generic rules. Key takeaways include:
- Customized Financial Strategies: Use personalized calculators and professional advice to tailor financial plans to individual circumstances.
- Maximize Retirement Contributions: Optimize retirement accounts by balancing traditional and Roth contributions based on tax situations.
- Estate Planning: Ensure beneficiary designations align with personal wishes and establish a will to control asset distribution.
- Strategic Savings Allocation: Direct bonuses and additional income into investment accounts to foster long-term growth.
- Positive Financial Mindset: Recognize and celebrate financial progress to maintain motivation and reduce undue stress.
Jill invites listeners to connect for personalized advice through her website, jillonmoney.com, and encourages engagement via phone calls or live participation on the show.
"Change your work, change your wealth, change your life."
– Jill Schlesinger [18:40]
Notable Quotes:
-
"I doesn't take into account a lot of other things or 25 times your annual expenses."
– Jill Schlesinger [02:00] -
"I just feel really behind on retirement."
– Ann [03:13] -
"You are now saving money. You have found religion, if you will. You're doing it."
– Jill Schlesinger [10:44] -
"You're in good shape now because you're single."
– Jill Schlesinger [12:44] -
"I'm doing what you should be doing."
– Jill Schlesinger [12:44]
Resources Mentioned:
- Website: jillonmoney.com
- Podcast: Money Watch
- Newsletter: Free weekly subscription available on the website
- Contact: "Contact Us" button on the website for live participation or personalized advice
This episode of Jill on Money serves as a valuable resource for individuals feeling uncertain about their financial standing, offering both reassurance and actionable strategies to enhance their financial well-being.