**Podcast Summary: "Retired With Various Streams of Income"
Podcast: Jill on Money with Jill Schlesinger
Host/Author: Audacy
Release Date: June 10, 2025

Introduction

In this episode of "Jill on Money with Jill Schlesinger," host Jill Schlesinger welcomes Marie from Connecticut to discuss her transition into retirement. The episode delves into Marie's multifaceted income streams, real estate investments, and strategic financial planning to ensure a comfortable and secure retirement.

Guest Background

Marie and her husband recently retired as of January 1st, 2025, after successfully running and selling their business to two key employees. With Marie turning 63 and her husband 65 this summer, the couple is navigating the complexities of retirement while managing various income sources and real estate holdings.

Financial Overview

Income Streams

Marie and her husband generate income from several sources:

• Business Sale Note: They hold a five-year note on the business sale, yielding a gross income of $92,004 annually ([04:14]).
• Rental Properties:
  • Commercial Building: Valued at approximately $800,000, this property grosses $80,000 yearly with a net income of $48,000 after expenses ([05:53]).
  • Vacation Rental: Worth around $1 million, this property brings in $75,000 gross and nets about $36,000 annually, though this can vary based on maintenance and repairs ([06:41]).

Additionally, the couple rents out their primary residence, which now includes an accessory dwelling unit (ADU). This property is valued at $1.2 million with a mortgage of $305,300, generating a gross income of $52,000 and a net income of $36,000 ([07:55]).

Retirement Assets

Their retirement portfolio includes:

• IRAs: Combined value of $1.1 million.
• Roth IRAs: Approximately $200,000.
• Health Savings Accounts (HSAs): $100,000.
• Brokerage Account: $170,000 in cash CDs and $45,000 invested ([09:38]).

Retirement Planning

Social Security

Marie and her husband plan to claim Social Security benefits at ages 67 and 70 respectively:

• Husband's Social Security: Approximately $4,100 monthly at age 70 ([12:09]).
• Marie’s Social Security: Around $2,800 monthly at age 67 ([12:18]).

This arrangement is expected to provide a total of about $7,000 monthly from Social Security upon full retirement ([12:21]).

IRA Conversions

Marie considered performing IRA conversions but was advised against it by Jill:

• Jill’s Advice: “Absolutely not.” ([17:21])

Jill recommended deferring IRA conversions until they have a clearer financial picture in a few years, emphasizing the importance of liquidity and flexibility in their current financial status ([17:24]-[18:00]).

Real Estate Strategy

Selling Properties

Marie is contemplating selling her rental properties to fund future investments:

• Primary Residence: Valued at $1.2 million with a mortgage. Selling this property could potentially free up significant capital, although it would incur tax liabilities due to the property's appreciation ([08:10]-[14:10]).
• Commercial and Vacation Rentals: Plans to sell the commercial building within the next year and possibly the vacation rental are in place to generate additional funds ([14:05]-[15:18]).

Purchasing a California Duplex

The couple is interested in purchasing a duplex on the West Coast to share with their daughter. They aim to avoid taking on a mortgage by using proceeds from sold properties or holding a note for their daughter's portion:

• Estimated Cost: Between $800,000 to $1 million ([15:20]-[15:25]).

Jill emphasized the importance of strategic asset liquidation to fund this purchase without compromising their retirement security ([14:49]-[15:25]).

Investment Strategy

Jill provided insights into managing their investment portfolio to sustain their desired lifestyle:

• Current Portfolio: With an estimated $2 million, Jill suggested that their portfolio could comfortably generate the additional income needed beyond Social Security.
• Caution on Spending: While acknowledging their flexible spending goals, Jill advised caution to ensure that their withdrawal rates remain sustainable over the long term ([17:39]-[19:54]).

Advice and Insights from Jill

Jill commended Marie and her husband for their meticulous planning and diverse income streams:

• Estate Planning: Emphasized the importance of having comprehensive estate documents, especially during the transition of their business ([20:20]).
• Future Financial Flexibility: Encouraged them to delay major financial decisions like IRA conversions until they have a more stable financial picture in the next few years ([17:24]-[18:00]).

Conclusion

Marie and her husband are well-positioned for a secure retirement through diversified income streams and strategic asset management. Jill Schlesinger’s guidance helped them navigate the complexities of retiring from a business, managing real estate investments, and planning for long-term financial stability. The episode underscores the importance of flexibility, strategic planning, and professional advice in achieving a comfortable and enjoyable retirement.

Notable Quotes:

• Jill Schlesinger: "Absolutely not." ([17:21]) — Advising against immediate IRA conversions.
• Marie: "It's a lot of work to be a property manager and just take care of the properties." ([19:54]) — Highlighting the challenges of managing rental properties in retirement.
• Jill Schlesinger: "Change your work, change your wealth, change your life." ([21:00]) — Encouraging listeners to take proactive steps in their financial journeys.

This episode offers valuable insights for retirees managing multiple income streams and real estate investments, illustrating how strategic planning and expert advice can lead to a fulfilling and financially secure retirement.