Podcast Summary: Jill on Money with Jill Schlesinger

Episode: On Track as We Approach Retirement?
Date: August 29, 2025
Host: Jill Schlesinger, CFP®

Overview

In this episode, Jill Schlesinger fields a call from Peter in New Jersey seeking advice for him and his wife as they approach retirement. The conversation covers their financial situation, retirement savings, mortgage status, Social Security timing, estate planning, and managing relationships with financial advisors. Throughout, Jill offers practical guidance with characteristic candor and empathy—breaking things down in relatable, jargon-free language.

Key Discussion Points and Insights

1. Peter and Wife's Retirement Profile

• Ages: Peter is 63 (turning 64); his wife is 61.
• Employment: Peter works for a company; his wife is a self-employed 1099 contractor.
• Income: Peter earns $185,000/year; wife makes $125,000/year.

Quote:

"My wife and I would like to get both of your opinions on our financial affairs as we approach retirement age."
— Peter (02:27)

2. Retirement Savings and Contributions

• Peter’s retirement plan: Contributes 10% of income to a traditional 401(k), no Roth option.

  • 401(k) balance: $580,000
  • Traditional IRA: $142,000
  • Smaller old 401(k): $15,000

• Wife’s retirement plan: Contributes $5,200/year to a SEP IRA.

  • SEP IRA balance: $86,000
  • Inherited IRA (wife): $353,000, appropriately using stretch IRA rules.

• Emergency Fund: $25,000 in cash.

3. Home Equity and Debt

• Home Value: $750,000 - $800,000
• Mortgage: None, but a $142,000 HELOC was taken for supporting their sons after college and for minor home improvements.

Memorable Exchange:

Jill: "Have they offered to help pay down that HELOC after all that help you gave them?"
Peter (laughing): "They have not offered, nor I asked."
— (05:58-06:08)

4. Social Security and Income Planning

• Pensions: None.
• Social Security (at Full Retirement Age):
  • Peter: $3,180/mo
  • Wife (at 65): $2,608/mo, but Jill recommends waiting for full retirement age.
• Peter at 70: Will get about $4,000/mo.
• Spending Need: About $10,000/mo (including travel and all expenses).

Key Guidance:

• Jill stresses the importance of delaying Social Security, especially for Peter’s wife, to maximize benefits.

"I definitely don't want her to claim early. So now when I look at the numbers... if you wait till your 70 and then we don't have to dip into your money, you don't have to keep putting money into retirement."
— Jill (08:10)

5. Advisor Relationship and Fees

• Current advisor at Merrill Lynch charges 0.75% fee; Peter describes a personal connection but is contemplating taking a DIY approach.
• Jill reassures him that managing his accounts (especially via index funds) is not "rocket science."
• Advises shifting the largest account (401k) to a self-directed setup and keeping the rest with the advisor for now.
• Suggests clear, honest conversation with advisor—honoring their relationship while moving towards more self-management.

Notable Quote:

"It isn't rocket science and I've done it for a living. ... I was there to walk through the same thing I walking through with you."
— Jill (09:26)

Script for Advisor Transition:

"I want to do this myself. ... And if I find myself that, like, it's too much for me, or, you know, if, God forbid, I drop dead and my wife doesn't want to do it, she'll have you manage it like you're still in our lives."
— Jill (11:26-11:38)

6. Tax Diversification and Retirement Strategy

• Jill notes most assets are pre-tax, so recommends building up some after-tax savings before retirement for better withdrawal flexibility.

7. Estate and Family Considerations

• Estate documents are in order: will, advanced directive, power of attorney.
• Jill lightly encourages Peter’s sons (listening to the show) to consider repaying their parents for the HELOC generosity now that they're doing well post-college.

Message to Sons:

"A really great gesture ... is to at least offer, hey, you know what, mom, dad, we're making money. How about we send you 300 bucks a month until further notice until, you know, we help whittle down your HELOC?"
— Jill (13:01)

Timestamps for Important Segments

• 01:29: Start of listener call segment.
• 02:27 – 04:27: Peter and Jill detail retirement accounts, income, and contributions.
• 05:19 – 06:10: Deep dive into home equity, HELOC, and support to adult children.
• 06:11 – 07:16: Social Security and spending needs.
• 07:34 – 08:10: Retirement timing; Peter loves his job.
• 08:10 – 09:26: Jill recommends delaying Social Security and explains why taxable savings are useful.
• 09:26 – 12:05: DIY investing discussion; emotionally navigating advisor transitions.
• 12:30 – 13:28: Estate documents and gentle nudge to sons to help with family finances.

Quotes & Memorable Moments

• On advisor relationships:

  "I'm an emotional guy, so I'm emotionally attached because I just am. You know, we're friends, kind of." — Peter (10:13)

• On easing into DIY:

  "Let's start with that. And you say to him, you know what? I want to manage this. ... And if I can't do it, ... she'll have you manage it." — Jill (11:38)

• On intergenerational generosity:

  "Sons, children, offspring, give that a whirl. Dad and mom would really appreciate it, and it shows that you're actually a financial grown up." — Jill (13:23)

Tone

The conversation is warm, engaging, and full of Jill’s approachable, humorous, and direct style. She simplifies complex topics without “financial jargon,” invites listener participation, and wraps practical advice with encouragement for smart, responsible, and considerate financial behaviors.