B (3:19)

I'm going to be 69 next month. My wife is 63. We both were and are theater artists in the live theater.

A (3:30)

Really?

B (3:31)

And made our careers doing that our entire life. My top salary of all time was around $1,100 a week, which I know it seems sounds paltry to many people.

A (3:41)

Not paltry, but like I say, I go, hmm, like that. That's what I.

B (3:45)

Okay, that's a top salary in the regional theater. Together we've managed to save and be prudent and we've bought a couple of houses and we've done well anyway.

A (3:59)

Okay, wait, I want to know a couple things. So you were working actors, you supported yourselves, you've accumulated a bunch of money. So right now, are you both retired? Are you both working? What's the status?

B (4:14)

At this moment, I would call myself semi retired, but my wife is still in the thick of it.

A (4:19)

So for this year, how much money will you have made together? Gross.

B (4:24)

Oh, geez, I didn't know you'd ask that question. I was looking ahead to next year.

A (4:28)

All right, let's go to next year.

B (4:30)

Shockingly to me, with my Social Security and pension of 50k, my wife predicts she's going to make 40k, which is less than she could have made because she turned on some better paying jobs because they didn't suit her. Plus, we own a duplex. And our rental income.

A (4:47)

Wait, wait, do that separately. So Social Security pension is 50 and her work income is 40, right?

B (4:54)

40. Yeah.

A (4:55)

Okay. Can you guys live on 90?

B (4:59)

Yes. He's excited.

A (5:01)

Yes, we can.

B (5:02)

We could live on my 50 alone if we had to.

A (5:06)

Okay. Let's not say you had to, though. How much longer do you think your wife's going to work?

B (5:10)

At least until retirement age, which will be 66 or 67, probably.

A (5:17)

So basically, for three, four more years, you guys are going to have surplus. You are, with your Social Security and pension. And her work, even if she worked scaled back a little bit, you're still going to be net savers, right?

B (5:32)

I think so, yeah.

A (5:33)

That's great. What do you estimate your need is in general? Like, not if you had to. Like, what do you think you really would like to live on in the future? So if we wind the clock forward, it's three, four years from now. She's 66, 67. You're in your early 70s. What would you like to be living on either monthly or annually?

B (5:52)

I think it mainly depends on whether we actually do squeeze in the travel that I'd like to do.

A (5:59)

Let's say yes.

B (6:00)

If yes, then maybe 70. I think that would cover us.

A (6:06)

Okay, so 70 grand a year net to you guys, not gross net. So let's now talk about where you live, your primary residence. What's that worth?

B (6:15)

It's worth about 400 in this crazy market. We have about 150,000 outstanding.

A (6:22)

What's the interest rate?

B (6:23)

3.325.

A (6:25)

And the duplex. Now, let's talk about that. How much is that worth?

B (6:29)

Oh, that is our home.

A (6:31)

Okay, so you rent out part of it. Okay. And what is the rental income?

B (6:36)

They pay 945amonth, which is the kind of the friends and family rates.

A (6:41)

And you think that's going to stay that way?

B (6:44)

Well, actually, this is one little crook in the procedure here. We live in a nice apartment. We've renovated the attic, and we live on the second and third floor. We have three bedrooms, two baths. They're downstairs with two bedrooms, one bath. As we age, we've been thinking about moving downstairs so we don't have to do the stairs. And then we could charge close to 2,000amonth in rent.

A (7:13)

Okay. For now, I got the 945 with a potential for more Like, I love that idea of kind of thinking ahead when you don't have to do the stairs, which is good. So, all right. So plenty of room. You've got plenty of equity. This all looks good. Now tell us about the money you have saved. Let's start with the easy stuff. How about just money in the bank?

B (7:34)

Our money is automatically deposited from our checks and from my soc and from the pension. And I was surprised to find out that we had $74,000 in the bank.

A (7:43)

Good, good. That's good. That's perfect. I mean, what could be better? It's so funny. Wow. What a remarkable thing you have exactly one year of expenses in the bank. That's great. What other investments have you made? What other savings have you done?

B (7:57)

I have a brokerage account of $204,000, an IRA, a rollover IRA of $109,000, a Roth of $116,000 and an outstanding IRA with John Hancock at $27,000. That's my investments. We've kept our money separate.

A (8:15)

Okay. No judgment, dude. I'm good with that.

B (8:19)

My wife has a brokerage account of $105,000, a traditional IRA of 60, an inherited IRA of 265, and a Roth of 145.

A (8:30)

So you have a really fantastic situation. So is the question, is the money you have saved sufficient? That's sort of the quintessential question. And I think the answer is yes, because you're not really asking for a lot. You're asking for even in the worst case scenario. Let's just move forward. Let's pretend Your wife is 67, okay? And she's claiming her Social Security. Will she also have a pension?

B (8:59)

Yes, and as a matter of fact, she'll have two.

A (9:02)

What's the, what are the two pensions worth? Good question Mark.

B (9:06)

Probably. Well, SDC is her director's pension will be small because she's only been doing that for about 10 years. Actors pension could be about the same as mine. So combined it would be about the same as mine.

A (9:20)

Okay, so her Social Security and pensions are going to be 50. Your Social Security and pensions are going to be are 50. That's 100 grand. And you say you need 70. So even if we, we knock off money for taxes, you're in great shape. You're done, you're all set. There's no, you have no problems. What is she worried about? Yeah, I mean, I don't know what she, I don't know. Maybe you didn't like, basically drive the conversation to here's the income we're going to have and so we don't have to worry. Maybe she just doesn't want to stop working.

B (9:52)

I hadn't tried to encourage her to.

A (9:54)

Stop working, but do you think she's just nervous?

B (9:58)

I think she's a little bit of a worrywart. And she doesn't, she's not interested in finances, so she doesn't really know about this stuff at all. But I think your words will help reassure her.

A (10:10)

I am very clear that you have no problems. You, she should be clear that you have no problems. And I feel very strongly that if you guys could just chat about this in this way, just to say. Oh, well, listen. Listen to this conversation I had with Jill and Mark. And you hear us say things like, oh, my God, you're in great shape. Like, she just needs to hear that. Yeah. And I feel very comfortable. I don't know. Like, there's nothing in this plan that makes me nervous. Mark, what about you? No, I mean, they got the two pensions. Their cost of living is not very high. I'm not even really thinking about. Basically, the million dollars in investments that they have. They're golden. Golden. Okay, so wait a second. Let's just say that again. What's your wife's favorite character that she plays?

B (10:59)

Well, she just finished playing Prospero and the Tempest, and that might. That might be the one.

A (11:04)

Prospero. I want you to listen up. It is a perfect thing that you are called Prospero because you are going to be prosperous. And Mark and I are very happy that you have found a way to live a life. Be working actors and save and invest and be so smart about the way you've managed your lives. We are very excited that you have been able to do this. You can keep working as long as you'd like, but you should also know that you are in great shape.

B (11:39)

Thank you so much. That's exactly what I wanted to hear. And it will be music to her ears.

A (11:45)

If you've got something going on in your financial life, all you need to do is get in touch with us by going to jillonmoney.com that's our website. Why don't you bookmark it? It'll be so much easier the next time. When you're on that website, no matter where you go, there is a contact us button in the upper right right hand corner. Click that button, write us a note, and let us know. If you want to join us on the air live, you can subscribe to us on the Odysee app or wherever you get your podcasts. Don't forget to lift someone up. Change your work, change your wealth, change your life. Thanks for listening. We'll talk to you tomorrow. Other jewelers hate Stephen Singer. Why? Because Steven Singer has the best real natural diamond stud earrings in America. Everybody knows gold and diamond prices are crazy. Right now, gold is at the highest price in history. Lucky for you, Stephen Singer has locked in his diamond studs at the old prices. Steven has diamond studs available from a quarter carat all the way up to 10 carats total weight, all at the same perfect price as last year. Same incredible value. There's no better time to get a pair of diamond studs from Stephen Singer Jewelers. This can't last forever. Each pair is eye flawless and near colorless. Beautiful stuff. They come with his safety silicone back so you never have to worry about losing them. And with his unbeatable full value lifetime trade in, you know your diamonds are always worth what you paid. All backed by the best guarantee in the jewelry business. A full 100 day 100% no hassle money back guarantee plus fast and free shipping. Experience the difference at Stevensinger jewelers online@ihatestevensinger.com that's ihatestevensinger.com what's up world?

C (13:27)

It's Vaughn Miller, Super Bowl MVP, chicken farmer and now host of Free Range. This is a show where I go off the field and off the script. We're talking what's hot in music, film, trending news and everything blowing up your feed. If you love football, you'll feel at home. But if you're here for the vibes, the Internet deep dives, the conversation, this is your podcast. Join me every Wednesday. Follow and listen to Free Range with me, Vaughn Miller everywhere. You get your podcast.