Is One Million Enough?

Summary

Podcast Summary: "Is One Million Enough?"

Podcast: Jill on Money with Jill Schlesinger
Episode Date: December 1, 2025
Host: Jill Schlesinger, CFP®
Guest Caller: JP from Milwaukee

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Episode Overview

In this engaging listener call-in episode, Jill Schlesinger addresses a deeply personal and widely resonant question: "Is one million dollars enough?" JP from Milwaukee, a semi-retired theater artist, wonders whether the couple’s lifetime of savings and prudent financial decisions have left them truly secure, especially as his wife worries about their future. The episode focuses on defining the concept of "enough," practical retirement planning, spousal financial communication, and reassures listeners that financial peace of mind is possible—even without a seven-figure income.

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Key Discussion Points and Insights

The Meaning of "Enough"

• JP’s Origin Story for the Question
  JP shares a thought-provoking anecdote about two wealthy people envying a third’s success, only to reveal “I’ll have something he’ll never have. Enough.”
  • [02:08] JP: "It’s that striving for greater and greater wealth and I, I think we have enough. I’d like this conversation to convince my wife that we have enough."
• Jill’s Perspective
  Jill reframes “enough” not as a number, but as a personal equation balancing needs, lifestyle, and peace of mind.
  • [02:43] Jill: "It’s not the number. It’s, you know, what does everything else look like? How are you living your life?"

JP and His Wife’s Financial Situation

• Background
  • JP: 69 next month, semi-retired. Wife: 63, still active in theater.
  • Lives in a duplex, with a plan to rent out part as they age.
• Income Streams and Lifestyle
  • Projected annual gross income for next year: $90k ($50k in Social Security and pension for JP, $40k from wife’s work, plus rental income at friend-rate for now).
    • [04:24] JP: "...with my Social Security and pension of 50k, my wife predicts she’s going to make 40k..."
  • Current expenses: Can live comfortably on $50k, but $70k would allow for desired additional travel.
    • [05:02] JP: "We could live on my 50 alone if we had to."

Assets and Investments

• Home: Valued at $400k, with $150k left on a 3.325% mortgage. Plans to move downstairs and rent upper unit at higher market rates as they age.
• Savings: $74k cash (about one year’s expenses).
  • [07:43] Jill: "What a remarkable thing you have exactly one year of expenses in the bank. That’s great."
• Investments
  • JP: $204k brokerage, $109k traditional IRA, $116k Roth, $27k additional IRA.
  • Wife: $105k brokerage, $60k IRA, $265k inherited IRA, $145k Roth.
  • Both keep finances separate—no friction from Jill or Mark (producer).
• Rental Property: Duplex provides $945/mo currently, with potential to go up to ~$2,000/mo in the future.

Future Outlook and Retirement Planning

• Pensions: Both will have Social Security and pensions, estimated $50k each.
  • [09:20] Jill: "Her Social Security and pensions are going to be 50. Your Social Security and pensions are...are 50. That’s 100 grand. And you say you need 70."
• Assessment: Even after accounting for taxes, JP and his wife are in excellent shape; their cost of living is well below projected retirement income.
  • [10:10] Jill: "I am very clear that you have no problems. She should be clear that you have no problems."
  • Producer Mark agrees: "Their cost of living is not very high. I’m not even really thinking about...the million dollars in investments that they have. They’re golden." [10:45]

Emotional Side: Spousal Communication and Reassurance

• JP’s Concern: Wants reassurance for his “worrywart” wife, who is uninterested in finances and anxious about security.
• Jill’s Advice: Use this third-party professional opinion ("you’re in great shape") as reassurance; emphasizes open conversation tailored to the spouse’s concerns.
  • [10:59] Jill: "Prospero. I want you to listen up. It is a perfect thing that you are called Prospero because you are going to be prosperous...you are in great shape."
• Lighthearted Moment: Jill ties in JP’s wife’s theater work, referencing her recent role as Prospero in "The Tempest," to reinforce the message that “you are going to be prosperous.”

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Memorable Quotes

• On Defining Enough
  [02:08] JP: "I think we have enough. I’d like this conversation to convince my wife that we have enough."
  [02:43] Jill: "It’s not the number. It’s...what does everything else look like? How are you living your life?"
• On Financial Security
  [10:10] Jill: "I am very clear that you have no problems. She should be clear that you have no problems."
• On Being “Golden”
  [10:45] Mark: "They got the two pensions. Their cost of living is not very high. I’m not even really thinking about...the million dollars in investments that they have. They’re golden. Golden."
• Theater Tie-In
  [10:59] Jill: "Prospero. I want you to listen up. It is a perfect thing that you are called Prospero because you are going to be prosperous."

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Timestamps for Key Segments

• [01:59] JP introduces his question: "Is 1 million enough?"
• [02:08] JP’s anecdote about “enough” and why he called
• [03:19–04:19] JP shares his and his wife's personal and professional background
• [04:30–06:06] Discussion of income sources and lifestyle needs
• [06:15–07:13] Details about housing, current/future rental income
• [07:34–08:30] Reviewing savings and investments
• [09:02–10:10] Confirmation that projected pensions and Social Security will meet their needs
• [10:45] Mark's validation: “They’re golden.”
• [10:59] Jill’s theater metaphor and closing reassurance for JP’s wife

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Takeaways for Listeners

• “Enough” is subjective; it’s about aligning your resources with your life goals, not chasing arbitrary figures.
• Thoughtful planning, simple living, and steady saving—even on average incomes—can set you up for long-term financial security.
• Open conversations about finances with partners can provide much-needed reassurance, especially with support from knowledgeable third parties.
• Use your unique circumstances as levers for security (e.g., thinking ahead about aging in place and home rental strategy).

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Final Message:
Jill and producer Mark unequivocally reassure JP—and listeners in similar situations—that a sensible, prudent approach to saving and spending can be more than enough. If you’re wondering about your own “enough,” seek out guidance, tally your expected income, know your needs, and be aware that peace of mind is often closer than you think.

Transcript

[A]

This message comes from Jill on Money sponsor Charles Schwab. Independent financial advisors focus on building a relationship with you that goes beyond your portfolio. As fiduciaries, they must act in your best interest always. The relationship they have with you will be based on transparency and trust, and they're committed to bringing you advice that fits your values. That's why Schwab is proud to support them. Visit find your independent advisor.com Today's episode is supported by what Should I Do With My Money? An original podcast from Morgan Stanley. And like Jill on Money, this podcast makes understanding money and getting advice about what to do with it less intimidating. You'll hear candid conversations from people just like you who have money questions just like yours. They talk to experienced financial advisors about their goals, worries and dreams, asking questions like, can I retire early? Like, really early? How do I leave a financial legacy for my special needs child? Menopause is making me feel wacky and it's shifting how I think about my money. Help. The conversations can get emotional, but they're always practical. Find what Should I Do with My Money? On your preferred podcast player and feel empowered and supported when it comes to managing your life and finances. Welcome to the Jill on Money show. It's Monday, December 1st, and we are here trying to help you make better, less bad financial decisions. If something's going on and you need to hurry up before the year end to make a big decision, get in touch with us. Go to jillonmoney.com, click the contact Us button, write us a note, and if you want to join us live, check the box. Mark will do everything else because that's what he does. He's so great. While you're on the website, don't forget to sign up for the free weekly newsletter and and check out all of the content that lives there. Right now, let's talk to JP from Milwaukee.

[B]

My topic that I called in or wrote into you with was, is 1 million enough? And can I tell you a short story of how I came up with that question?

[A]

Sure.

[B]

I heard it was neither on the television or radio. Two wealthy people were at a party and they were talking about a third person that was not with them, saying to each other, my God, we're successful, but we'll never have as. We'll never be as rich as he is. And one of the other fellows said to this guy, oh, but I'll have something he'll never have. The guy said, what's that Enough? So it's that striving for greater and greater wealth and I, I think we have enough. I'd like this conversation to convince my wife that we have enough.

[A]

Okay. You know, it's so funny because when, when we talk about what is enough, often I'm, I'm left with this feeling like, well, the number, it's not the number. It's, you know, what does everything else look like? Yeah. How are you living your life? And we can determine whether what you've accumulated up to this point is enough for you and your family, predicated on all the other things going on in your life. So let's talk about all those other things. So tell us about you and what's going on, and let's determine if you've got enough to do what you want to do.

[B]

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

[A]

Really?

[B]

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]

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

[B]

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]

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]

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

[A]

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

[B]

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

[A]

All right, let's go to next year.

[B]

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]

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

[B]

40. Yeah.

[A]

Okay. Can you guys live on 90?

[B]

Yes. He's excited.

[A]

Yes, we can.

[B]

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

[A]

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

[B]

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

[A]

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]

I think so, yeah.

[A]

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]

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

[A]

Let's say yes.

[B]

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

[A]

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]

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

[A]

What's the interest rate?

[B]

3.325.

[A]

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

[B]

Oh, that is our home.

[A]

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

[B]

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

[A]

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

[B]

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]

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]

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]

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]

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]

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

[B]

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]

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]

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

[A]

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

[B]

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]

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]

I hadn't tried to encourage her to.

[A]

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

[B]

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]

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]

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

[A]

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]

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

[A]

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 [e-mail] that's ihatestevensinger.com what's up world?

[C]

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.