Transcript
A (0:00)
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B (1:06)
You know, when Mark and I first started this podcast, we had no idea how many hats we would be wearing. Host, Producer, Editor, Social Media Manager. It was exciting, but also intimidating. We really wish that we had had a built in business partner from day one. A partner like Shopify. It's the commerce platform behind of businesses worldwide and powers 10% of all E commerce in the US you can build a beautiful online store with hundreds of ready to use templates that match your brand's style and their AI tools, help write product descriptions, create headlines, even enhance your product photos. Plus you can run email and social campaigns and manage inventory, payments and analytics all in one place. Start your business today with the industry's best best business partner, Shopify and start hearing. Sign up for your $1 per month trial today at shopify.com jillonmoney go to shopify.com jillonmoney that's shopify.com jillonmoney. Welcome to the Jill on Money show. It's Wednesday, March 4th and we are here trying to answer your financial question questions. If you've got one, all you need to do is go to our website, jillonmoney.com and when you're there, in the upper right hand corner, wherever you are navigating on that website, you will see a contact us button. When you click on that button, a form pops up. That's the email that we receive. If you're shy and you don't think you want to come on the program, give us a lot of details. And again, please don't forget about the whole what do I spend every month? That's our big one that we always say, oh, follow up with how much money you're spending and give us any other details, like, good, good highlights, good color commentary. If you do want to join us on the program, check the box. Mark will do everything else. He'll bring you on the air live with us. We love talking to you live. Why? Because then I get to ask you more nosy questions. And sometimes you'll notice that some of the big questions that we are tackling have to do with the emotions that are underneath the actual financial question that you are posing to us. So that's why we like having you on the air. And if you are shy, don't worry. You can change your name, you can change will protect you. But if you are shy, yes, we do emails. And today is an email show. So this is from Jill, not me, Jill, another Jill subject. Prenups thoughts. Okay, Jill writes, my daughter is in her early 30s. She recently got engaged. She's been working in a lucrative field, no debt, lives and works in California. She's got reasonable rent. She lives pretty cheap. And she's been able to save what I would consider a good amount of money. She maxes out her 401k. She's got $200,000 in brokerage and bank accounts. Her fiance is about the same age. He doesn't appear to have the same money saved. He's frugal. His career is not lucrative. Should I ask her to consider a prenup before getting married? Well, I think that what you can do is try to encourage her to make sure she's having conversations with her fiance about money and how they manage it and then have a real conversation about maybe what they should be doing is just keep their money separate. Because a lot of the law around matrimony is simply about commingling assets. So I think that if you want to not have an actual prenup, this may not be enough money to really do that, but to at least have a conversation, it can address it. And if you don't commingle assets and something goes south, then maybe you can have that. You'll have that money separate. On the other hand, I do understand that a lot of the younger generation, Mark, I'm sure you've read this also, they are very much more into prenups. If you look at a lot of the data on who's actually creating prenups and postnups, which is like you're already married and you want to have some sort of agreement. If things go south, they may be open to it. So just make sure that she has that conversation. I think that's more important than anything else. All right, next up, we've got a question from Stephanie. Greetings, Jill and Mark. I'm hoping to call it a career in two years, if possible. I'm 61, wife is 59. I've been in healthcare for my entire life. I'm hoping to turn the page within the next 24 months. Here is our current financial situation. Holy smokes. Stephanie's gross pay, 450 grand. Wow. I haven't always made this much money. It's only been for a few years. My wife runs the household. I will be entitled to a small pension when I turn 65. $600 a month. Social Security at age 67 will be 4,000. At 70, it's over 5,000. And my wife's Social Security, much less. Not sure the amount. Okay, here's what I got. A 403 with $1.2 million, all pre tax. I will begin Roth contributions starting this year. My wife has an IRA, $1.6 million. Some is Roth. The rest is a stock portfolio she inherited. And those funds are managed by her, her CFP. Oh, my gosh. We own three properties, all paid off. Okay, house number one, $1.1 million. House two, $350,000. And then the third house is also $350,000. One of those two they're going to sell when she retires. Emergency fund, 50 grand. We use a lot of money to pay for that third house. And she. There's a funny little side note that she basically is like, I needed an escape hatch, someplace to hide. Okay. They are trying to save a lot of money in the next two years. Debt free. Drive older cars. We want to have a little bit more fun. They spend $6,000 a month. And we anticipate an increase in our monthly spending in the early years of retirement, not by a crazy amount. Two adult children, financially secure. My father is 92. My mother is 84. I don't think I'm going to have to take care of them financially. Okay, here's the plan. Work another two years, then work part time. Remember that she's 61. So at 63, she says, I'm going to fill in for vacations. Ideally, I'd like to retire and be done. It's been a long career in trauma intensive care for the last 18 years. Mark, you thinking about our nurses in the pit or what? I love those nurses so much. Okay, ready for the questions can I retire in two years or should I extend for another year after that? That's number one. Number two, how can I lower my tax burden from that pre tax 403. Remember, she's got a $1.2 million pre tax 403. She doesn't have a CFP. She says the plan is in the hospital's plan. That 403. Third question is, should she move her retirement fund when she retires or leave it where it is and see if they have a cfp. Okay, so let's do big picture. It sounds like she and the wife are managing money separately. But just to be clear, they've got $2.8 million saved up. There will be another 350 right when the house number two is sold. So I guess the question is, can she do this in two years, be done making that 450 grand? And then maybe she just goes a little. Like when she says part time, I'm sure it's going to be much less. I don't know how much money she would make. What do you think, Mark? Do you think that that's a possibility? I mean she'll get. I'm sort of thinking that we wait for, so I don't know, her health, but, but let's just say she gets her small pension when she turns 65. Let's say she's at 63 to maybe she does like two years of part time just to get her to Medicare and keep some health insurance. Six grand a month. I'm just looking at this. So she'll have. I think I have the game plan. Mark, do you think she's okay for her retirement in two years?