Retirement Spending Check-Up

Summary

Podcast Summary: "Retirement Spending Check-Up"

Jill on Money with Jill Schlesinger
Episode: Retirement Spending Check-Up
Release Date: March 19, 2025

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Introduction

In this episode of Jill on Money with Jill Schlesinger, hosts Jill Schlesinger and Mark T. O'Connor delve into the complexities of retirement planning by conducting a live check-up with listeners David and Rachel from New England. The episode focuses on assessing their current financial standing, exploring potential lifestyle changes post-retirement, and strategizing for sustainable spending.

Callers' Financial Overview

At [03:29], David introduces himself and Rachel as a retired couple navigating their first year of retirement. They are contemplating changes to their living arrangements and seek professional guidance to ensure their financial stability during this transition.

David:
"We just retired last year, beginning of last year, and we're sort of going through that retirement transition..."
[03:29]

Mark:
"Sounds great. David, how old are you?"
[03:54]

David is 61, and Rachel is 55, enabling them to retire before the traditional retirement age. They have two grown children who are financially independent, though still included on their cell phone plan, a point Mark humorously critiques ([04:00]).

Current Retirement Situation

David and Rachel do not have pensions, relying primarily on their savings and investment accounts. Their total retirement assets include:

• Retirement Accounts: $2.7 million

  • Traditional IRA: $2.5 million
  • Roth IRA: $200,000
    [05:13]

• Taxable Brokerage Accounts: $3.8 million

  • Cash Holdings: $500,000
  • Donor Advised Fund: $200,000
    [05:53]

Additionally, they own two mortgage-free homes in New England, each valued at approximately $1.2 million.

Managing Expenses and Cash Flow

Rachel shares their monthly expenditures, totaling $14,000 ([09:15]), which Mark commends as impressive given their lack of mortgage obligations:

Mark:
"It's very impressive to have no mortgages and still spend four..."
[09:52]

Their current income streams include:

• Deferred Executive Income: $50,000 annually for the next 6-7 years
• Brokerage Account Withdrawals: Occasionally from cash and dividends
• Social Security: Projected to receive $5,000 monthly together when delayed until age 70
  [10:11]

Potential Relocation and Housing Adjustments

David and Rachel are considering selling one of their homes to purchase a new residence in a warmer climate, potentially leveraging rental income. However, both express reservations:

Rachel:
"We wouldn't do it ourselves. We wouldn't manage that. We would have a property manager handle that."
[08:54]

David:
"I don't want to rent it..."
[09:00]

Mark explores alternatives, suggesting maintaining their current tax-friendly residence while renting in a warmer area to maintain flexibility:

Mark:
"Why don't you just see how it goes?"
[15:17]

This approach would provide liquidity without the commitment of purchasing a new property, allowing them to adapt based on future needs and preferences.

Managing Brokerage Accounts and Investment Strategy

A significant portion of the discussion centers on their $3.8 million brokerage account, which includes a concentrated position in a single stock valued at $800,000, down from a previous higher value.

Rachel:
"It's down to 800 now that we've chipped away at it."
[17:03]

Mark advises diversifying their portfolio to mitigate risk and suggests that selling portions could reduce the emotional burden of holding a large stake in one company:

Mark:
"The 800 grand doesn't feel quite as daunting, you know, when it's part of an almost $5 million portfolio."
[17:45]

He also recommends maximizing Roth conversions to address the "retirement ticking time bomb" in their traditional IRA, advocating for strategic withdrawals to stay within favorable tax brackets.

Tax Strategies and Roth Conversions

David and Rachel have begun converting their traditional IRA to a Roth IRA, initiating with a $100,000 conversion last year to manage their taxable income effectively:

David:
"We did initiate our first conversion. Last year, 100 grand."
[18:42]

Mark underscores the importance of continuing this strategy to utilize their current 24% tax bracket, potentially increasing conversions to optimize their tax situation:

Mark:
"You can definitely do another 100, 150. Do you work with a CPA or a tax preparer?"
[19:08]

They are working closely with their CPA to ensure they remain within their desired tax bracket, allowing their savings to grow tax-free in the Roth IRA.

Final Recommendations and Conclusion

Mark concludes by reassuring David and Rachel of their solid financial footing, encouraging them to enjoy their retirement without feeling pressured to make hasty decisions about purchasing a new home:

Mark:
"You guys are in good shape. Just have fun, enjoy it. Don't have to buy something. It's all good."
[22:07]

He emphasizes the importance of maintaining liquidity, diversifying investments, and continuing tax-efficient strategies to ensure long-term financial health.

Rachel:
"Okay. It seems extravagant for us."
[13:37]

Despite initial concerns, Mark's analysis offers a clear pathway for the couple to balance their lifestyle aspirations with prudent financial management, highlighting the value of personalized financial planning in retirement.

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Notable Quotes

• Mark T. O'Connor at [05:29]:
  "We're going to convert it. But, Mark, what would you say to me, Jill, if I said to you, we're selling house number two..."

• David at [17:03]:
  "It's down to 800 now that we've chipped away at it."

• Mark T. O'Connor at [19:18]:
  "You're in the 24% bracket. I would be taking more money out."

• Rachel at [22:07]:
  "It seems extravagant for us."

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Conclusion

This episode provides valuable insights into managing retirement finances, particularly for couples contemplating significant lifestyle changes. By addressing real-world scenarios, Jill and Mark offer actionable advice on investment diversification, tax strategies, and maintaining financial flexibility, making it an essential listen for anyone navigating the complexities of retirement spending.

Transcript

[Jill Schlesinger]

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[Mark T. O'Connor]

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[Mark T. O'Connor]

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[Mark T. O'Connor]

Welcome to the Jill on Money Show. It's Wednesday, March 19th and we are here trying to help you make more considered financial decisions. You know, sometimes I think that Mark and I are really like mentors or coaches and you know, we want to try to help you get the most out of whatever is going on in your financial life. So if you would like some assistance from two certified financial planners. I say it like that, sort of in a snobby way. But you know, listen, neither of us is ever giving that up. I'll keep paying that fee forever, Mark. Just as long as I don't have to take the test again. If you've got a question, you need some assistance, you want some guidance, you want a little a reality check? Give us a shout. Go to jillonmoney.com, click the contact us button and if you'd like to join us on the program live, just check the box, Mark. We'll do everything else. Hey, while you're on the website, all sorts of fun stuff including there is a blog, there are videos, there are resources. And we've got a link so that you can join our subscription service. It's called Jill on Money Live. That is where you have access to quarterly live webinars. Four of them. See quarterly. We know how to do math. Bonus audio and video content, the entire back catalog of all those great webinars. And you get that all for 45 bucks for the next 12 months. So check that out. If you join right now, you can go watch the Ed Slot webinar that we just did recently. And it's so much fun and he's the best, but you know, you'll be ready to queue it up next year. So we'll have Ed back because he is probably the most popular guest that we ever have. Today we are lucky enough to talk to a couple, David and Rachel, who are on the line with us. They are from New England. Hello, David and hello, Rachel. What brings you to us?

[David]

Well, we just retired last year, beginning of last year, and we're sort of going through that retirement transition, you know, are thinking about making some changes to our living condition or locations and things, and thought it might be a good time to have a checkup with you in terms of where we stand.

[Mark T. O'Connor]

Sounds great. David, how old are you?

[David]

I'm 61.

[Mark T. O'Connor]

And Rachel, how old are you?

[Rachel]

I'm 55.

[Mark T. O'Connor]

Oh, look at you retiring early. Big shot. Do you guys have grown children or are you child less?

[Rachel]

We do. We have two children. They are fully launched. Other than we keep them on our cell phone plan.

[Mark T. O'Connor]

What is with cell phone plan? It's like the last basket. It moves beyond, you know, it's like, okay, health insurance. I get that to age 26, but you know, the self my sister has same thing. It's like, how are all these people on your cell phone bill? Get them off. I, I was lecturing her because someone had a little identity theft and it infected the entire family. And I'm like, this is insane. How are your kids who are in their 30s still on your plan? So she kicked them off. Maybe you'll kick.

[David]

That's a good example.

[Rachel]

We'll. We'll approach that the next time we're together.

[Mark T. O'Connor]

Yeah, exactly. Okay, Tell us about how you're managing in your retirement. Do either of you have pensions?

[Rachel]

We do not.

[David]

No pensions.

[Mark T. O'Connor]

Okay. So have you saved a boatload of money?

[David]

I don't know about a boatload.

[Mark T. O'Connor]

I'll be determined. I will determine that.

[David]

Yeah, you're the expert here.

[Mark T. O'Connor]

Let's see if it's a boatload or if it's a Sailboat full, you know. So what have you accumulated? Let's start with retirement assets. What have you accumulated?

[David]

So retirement accounts, the total is 2.7 million.

[Mark T. O'Connor]

And is that, is that all traditional or is that all roth and traditional?

[David]

2.5 in traditional, the rest in Roth.

[Mark T. O'Connor]

Okay, let's keep going.

[David]

What else have you accumulated in taxable accounts? Brokerage, et. 3.8 million.

[Mark T. O'Connor]

It's starting to sound like a boatload, my man. Okay, 3.8 million in brokerage relative.

[David]

3.8 million in brokerage and about 500.

[Mark T. O'Connor]

In cash within that. 3.8 or another.

[David]

Yes, within that.

[Mark T. O'Connor]

Okay, so of which. And any cash accounts beyond that? 500 grand from the 3.8 million?

[David]

No, no. The only thing is we have a donor advised fund that has about 200k in it.

[Mark T. O'Connor]

Oh, great. I love that. Okay, perfect. So what about your house, your home? You say you're from New England, so how much is your house worth?

[David]

So the house in New England is about 1.2 million. And then we have another house also in the New England area worth another 1.2.

[Mark T. O'Connor]

You got to have two houses in the same ish area.

[David]

No, we're trying to fix that problem.

[Mark T. O'Connor]

Okay, are there mortgages on either of them?

[David]

No.

[Mark T. O'Connor]

Okay, and how are we going to fix this? And where do you want to be? I mean, because you said maybe make a change, I presume that's geographically. So where would you like your home base to be?

[Rachel]

You know, we're still in the process of determining that and we were thinking that we would sell one of the homes. Purchase a home in a warmer climate that also had some rental potential.

[Mark T. O'Connor]

Why can't you just buy a house and like live in it and not have to deal with the rent?

[Rachel]

Well, what do you think we're discovering that it would be considerably more.

[Mark T. O'Connor]

Okay, wait. So if you to buy your home in your warmer climate, how much would it cost the house you want to be in?

[Rachel]

I would say minimum 2 million, maybe up to 2. 5.

[Mark T. O'Connor]

Okay. Are your kids in one of these areas?

[Rachel]

No.

[Mark T. O'Connor]

Oh, interesting. Are they married?

[Rachel]

They are not. It'll be a bit before they settle into.

[Mark T. O'Connor]

Maybe after they get. Maybe they start paying their own cell phone bill. They'll find an appropriate spouse. Maybe that's the key here. Okay, is there a possibility. Just stay with me here. I'm not saying you can't do this, but I know the two states that you live in. I would like you to, if, if possible. What would be nice is for you to keep the house in the more tax favorable State. And you know which one that is also.

[Rachel]

Yes.

[Mark T. O'Connor]

Or keep some six months and. Right. Like six and a half months in that state and then warmer climate for the other. Okay, yes, exactly. But do you have to keep the exact house you have? Could you downsize in that state?

[Rachel]

It's not.

[David]

It's a.

[Rachel]

It's a modestly sized house, but it's.

[Mark T. O'Connor]

In a good area. Okay, I got you.

[Rachel]

Yeah.

[Mark T. O'Connor]

All right, so let's say we sell House 2 for $1.2 million. Now, we've got to be able to think about your two and a half. I mean, two and a half million. The thing is about renting. Then someone's in your stuff. How much could you rent it for?

[Rachel]

We wouldn't be there in the summer months. This. This new warm weather.

[Mark T. O'Connor]

Exactly.

[Rachel]

So it's pretty easy to do through. Obviously we wouldn't do it ourselves. We wouldn't manage that. We would have a property manager handle that.

[David]

So maybe the first thing I should tell you is I don't want to rent it and she does. So it's not really.

[Mark T. O'Connor]

Yeah, I don't want to rent it either, but that's because I'm lazy. Okay, hold on. Let's. Let's see if you can do it without renting.

[David]

Yeah.

[Mark T. O'Connor]

How about that? Okay, so I know you've got these two homes right now, so the numbers are not going to be right. But how much are you spending right now?

[Rachel]

All in. And this is absolutely everything. About 14, 000amonth.

[Mark T. O'Connor]

It's a nice number. Well done.

[Rachel]

Feels like a lot to us. And compared to some of your other cl. I'm going to call them clients. You're called.

[Mark T. O'Connor]

Let's call them listeners. Let's talk about community members. I don't want to be. I'm never going to be in the client business ever again. Trust me. Ever.

[Rachel]

It's high.

[Mark T. O'Connor]

Well, they might not live in the same way place. They don't own two. You know, like, whatever. Who cares about them?

There are no mortgages.

There are no mortgages.

[Rachel]

Mortgages.

[Mark T. O'Connor]

It's very impressive to have no mortgages and still spend four. I mean, it's been 170 grand a year is like. It's nicely done. You get a little crown, little TRs, both of you. All right, so right now, how are you floating that from the brokerage account?

[David]

Yeah, basically from the cash. We also have. We have deferred executive income that's coming in.

[Mark T. O'Connor]

How much is that?

[David]

It's about 50,000 a year for the next. I don't know, six or seven years.

[Mark T. O'Connor]

Good.

[David]

So there's that plus the cash that we have on hand, plus taxable dividends that I sometimes sweep in.

[Mark T. O'Connor]

But that 50 grand is a real number because now that. Now we're down to ten grand a month. Right, right, right. So if you wait to claim Social Security until you're 70, do you know what those numbers are? 5,000amonth together for me. Okay.

[David]

For her, it'll be 1900, I think. 1967, that full. Full retirement age for her.

[Mark T. O'Connor]

Okay, great. You know that you've got a retirement, as we. Ed Slott would call it, the retirement ticking time bomb in that $2.5 million, right? Because you have 200 in the Roth. You have $2.5 million in that account.

[Rachel]

Yes.

[Mark T. O'Connor]

So we know that that's our ticking time bomb. So we got to try to get some of that money out of there. Either that or we're going to convert it. But, Mark, what would you say to me, Jill, if I said to you, we're selling house number two, you've got our 1.2 million. We're taking a million bucks out of the brokerage account, and we're gonna. Because we don't want. They're not gonna want a mortgage at this point in their lives. And also, I can just tell, like, constitutionally, that's gonna hurt you guys, right? Would you agree with that? Yes. Okay. Yes. She says quickly. So we're going to take 1.2 plus another million bucks. Then let's say probably take another 1.2, because we got to pay some tax on that second house that we're selling. So we're going to take out of the 3.8 million. What happens, Mark, if we take 1.2 out for house purchase? Okay. Will they make it? Will they be able to generate the money they need? They want 14 grand a month net to them. They've got 50 grand in the executive comp right now. They have money in their retirement. Again, this two and a half million dollars that's floating in that retirement account, they'd have two. Let's just call it two and a half left in the brokerage account. Because you had a new house, you got to move. You got to have. What do you think happens to their game plan under these circumstances, Mark?

You know, just because they saved so much money, I actually think they're fine, as you like to say, quick back of the envelope. I think they would still generate, I'm not even counting to $50,000 a year, just their investments probably generating around 13 grand.

[Rachel]

A month.

[Mark T. O'Connor]

So. And that's not, and that's not the executive comp. And that's not the Social Security. That's bound to kick in.

[Rachel]

Right.

[Mark T. O'Connor]

So I think you can do this. Now the question is, how do you feel about selling? You know, it's very difficult to have these conversations because what happens is you guys look at these amounts and it gives you comfort. Right. But you would have to be comfortable saying like, okay, it was 3.8. It's two and a half million dollars. Yeah. Which doesn't even account for the fact that we have to pay some taxes getting out also.

[David]

Right. Which we all talk about. But.

[Mark T. O'Connor]

Well, he doesn't sound thrilled.

This dude wants to stay in tax happy state.

[David]

Yeah, I, you know, I'll let, I'll let my wife speak.

[Mark T. O'Connor]

What do you think about that? Let's do what do you.

[David]

I don't want to get in trouble here, but it's not a comfortable thought.

[Rachel]

It seems extravagant for us.

[Mark T. O'Connor]

Hold on, slow down. Let's like pull the label and the judgment off of it. Okay? I'm not talking about extravagant. And it's what seems this or that. The other thing, I want to know how you're going to feel when $3.8 million brokerage statement turns into 2.5 million brokerage statement. Even though the asset, the money is still on your balance sheet, it's just now instead of in a brokerage account, it's in your warmer climate home. How are you going to feel about seeing that much lower number?

[Rachel]

Concerned. And I mean, there are also some other considerations that are giving us pause. You know, living close to the coast, increases in flood insurance, wind and all of those things. I think that it's going to possibly drive our monthly spend up. And that has me concerned.

[Mark T. O'Connor]

Okay, how about a, what if we look at a different plan B? Are you ready?

[Rachel]

Yes.

[Mark T. O'Connor]

Okay. We sell second home in tax unfriendly state. We got our $1.2 million, but you pay some taxes. Fine. Why don't we just use that to rent wherever you want to be and take the pressure off and see how it goes. And let's see where these. Look, these kids are going to get married. Maybe, maybe they're going to have kids. You're not going to want to be necessarily locked into being in this one place, even though it's beautiful on the coast and all that. Why don't you just see how it goes?

[David]

Yeah, that's definitely a consideration we've discussed at length. Right now we're renting a place for A month to check out a, you know, a particular area. We've done that before.

[Mark T. O'Connor]

So how much is it costing to rent for a month?

[David]

10,000.

[Mark T. O'Connor]

And if you did it for like longer, if you did like let's say five months, would it be 10 times five or do you get a little.

[David]

You might get a little bit, you get a little help.

[Mark T. O'Connor]

But I mean, listen guys, if you did 50 grand for five months or 50 grand for four months and go to even a fancier place, to me that's a no brainer. I would do that all day long. I'd sell my second, the one that I don't want, I'd sell that house and for a few years I would just, I would do one month this year, let's do three months next year, let's see how we like it. But sell that house. What's the downside of this? Let's think about it. Well, you know, you're renting so that always feels like you're throwing money out the window. But if you sold your second that, that other home in the tax unfriendly state, and that is a very tax unfriendly state as far as I'm then I think what it does is it builds your liquidity. And what it also may do is get to your second question because I think you're going to ask me about low basis stock in your brokerage account, is that right?

[David]

One of my questions. Yes.

[Mark T. O'Connor]

So let's talk about that because this might solve two problems. So what of the 3.8 million you got a huge gain in some stocks? Is that what's going on?

[David]

Yeah.

[Rachel]

Yes.

[David]

Yeah. And in particular one which was a large amount of stock that I incurred when I at a company I worked for for a long time.

[Mark T. O'Connor]

Okay, so what's that value of that one stock?

[David]

It's down to 800 now that we've chipped away at it.

[Mark T. O'Connor]

How nice. Geez. Okay, so of the 3.8, 800 is in one stock.

[Rachel]

Yes.

[David]

Yeah.

[Mark T. O'Connor]

And if you sold it, if you were to sell it, that would be like, that's scary, right? Yeah.

[David]

Plus I'm emotionally attached to it.

[Mark T. O'Connor]

Okay. Could you be less emotionally attached to it? Like you know, could you be like 200 attached to it? That's rather than 800.

[David]

Of course we've chipped away at it quite a bit.

[Mark T. O'Connor]

How so how have you done that?

[David]

We felt we basically used that to feed the donor advised fund.

[Mark T. O'Connor]

Yeah.

[David]

We gave it to other charity, we've given some to our kids, we've sold Some.

[Mark T. O'Connor]

Well, here's something that's kind of cool. Like if you think about it, if you had 3.8 and you can keep doing that with that stock. Right. But if you then sold second home and had a million dollars added, now you're at 4.8 right now. All of a sudden the 800 grand doesn't feel quite as daunting, you know, when it's part of an almost $5 million portfolio. Right. And now you're getting it down from like 20% to 15%. So you might be able to kind of trade around it a little bit, which would help me feel more comfortable that the position looks right now. Of course, the other thing that I would say is, you know, you can pull some of the cash and the dividends out of the brokerage account or maybe it's time for us to really start thinking about what we're doing with this two and a half million dollar account, which is your traditional retirement account, because that account's going to get going and really start to cause problems later on.

[David]

Right. So, so I, we did, we did initiate our, our first conversion.

[Mark T. O'Connor]

Yes.

[David]

Last year. 100 grand. And we have, you know, the plan was to keep doing that.

[Mark T. O'Connor]

Great. I think I would do that. Yeah, I'd loved. I love that. And, and I would even maybe do. Well, what's your taxable income? Did you guys file taxes yet? We did. Okay, so what was that bottom right hand corner? What was that number?

[David]

Do you know the AGI is what you're asking? I think it was 220. I think we kept it down to 220.

[Mark T. O'Connor]

All right, so 220 including your conversion, right?

[David]

Yes, that's right.

[Mark T. O'Connor]

Okay, so we got a ways to go. You're in the 24% bracket. I would be taking more money out. I don't know.

Yeah, I don't know that 100,000 a year is going to. I mean, you're going to earn way more than you're converting.

Right. So you could go up this year. You can go up to 394six. So if you go at 220 right now. Right. And we could jam that up, you would really want to try to push that more either. Just pull it out, convert it if you don't want to burn up your cash again. Another reason, if you sell that home, you'll have cash to burn up. But I imagine you're going to have to be converting 200 grand a year at least.

[Rachel]

Okay.

[David]

Okay. Yeah. I mean, I knew the hundred thousand wasn't Good. But I wanted to just start somewhere and, and that 394 will keep us in the 24%, right? Yep, yep.

[Mark T. O'Connor]

And it'll keep getting, you know, adjusted for inflation, but, you know, you can definitely do another 100, 150. Do you work with a CPA or a tax preparer?

[Rachel]

We do.

[David]

Yeah.

[Mark T. O'Connor]

So, you know, just let them know, hey, we are going to continue. They can test it for you. Right. At the end of the year, you're like, you know what? We're going to convert another slug of money. We're going to stay in the 24% bracket. That's it.

[David]

Yeah.

[Mark T. O'Connor]

Just let them know to plan on it. Right. And, and that, I think, is a great idea for you guys. It really do. And, you know, then your money grows and then, you know, the, the single stock doesn't become such a huge position. You can kind of trade around it a little bit in your retirement accounts. You can get new money to work. You can use the, I mean, are you giving away the donor advised fund money these days? You are. Okay, so you're, you're being conscious about that. And if you have a big Year or something wild happens or, you know, I don't know, the accountant's like, oh, we floated up into a different tax bracket. You can use more of the stock to go into the DAF to help you to alleviate that tax situation. Right, right. I think you're in great shape. Rachel, I know that you're going to get divorced from this throuple right now, but I have to say I'm not a huge fan of buying this house in the warmer climate right now. I'm just not.

[Rachel]

Okay.

[Mark T. O'Connor]

It feels like she's not even a huge fan.

You can hear it in her voice.

I know, right? She's like, she's like the coast. I just, you know, I'm talking to you looking at home insurance, housing insurance premiums up by 11% from last year. And if you are on a coast, it's going to be like 25, 25% every year. Every year it's going to go up. They're not going to lock you in year to year and be like, oh, yeah, it's the same as last year. It's going to keep rising, so why take that risk? You can be there and enjoy yourself. A lot of people are moving to that warmer climate to be in a really tax friendly state. You are in a tax friendly state already. Right.

[David]

So we don't need that for the answer.

[Mark T. O'Connor]

Yeah, no. If I thought that you could Buy this house in the warmer climate. And you had said to me, like, all right, we're going to sell the second house. It's 1.2. We got to pay 1.8 for the next house. That would be one thing. But now I'm at two and a half, and two and a half can turn into three fast. So I'm like. And I hate the idea of renting because I think it's a pain in the neck. And who wants people in your stuff? You don't sound like people who want people in your stuff.

[David]

It's not my preference.

[Mark T. O'Connor]

Not mine. Rachel's like, I'll sell anything. Rachel's about to Airbnb the. The primary residence, so get used to it. David, you're gonna have some company. You guys have your estate documents done?

[Rachel]

We do, yes.

[Mark T. O'Connor]

Okay. What else do we need to know about you guys?

[Rachel]

I think that was it. Those were our big questions.

[Mark T. O'Connor]

You guys are in good shape. Just have fun, enjoy it. Don't have to buy something. It's all good. It really is. You're. You. You're very fortunate. You've worked hard. You've saved a bunch of money. Go and enjoy it. But you don't have to go out and buy the second home to have the lifestyle that you're seeking. That's the thing that's important. And so let's go and have some fun. Mark, we got a new second home to visit.

[Jill Schlesinger]

This is great.

[Mark T. O'Connor]

In a warmer climate, anytime.

[David]

Come by.

[Mark T. O'Connor]

Even if they're. Even if they're renters. It sounds like retirement's going pretty well for you guys, so congratulations.

[David]

Thank you.

[Mark T. O'Connor]

And if you would like to think about buying that second home in a warmer climate, maybe you think David and Rachel are crazy and they should buy it. Maybe you want to buy something for yourself, maybe not. Give us a Holler. Go to jillonmoney.com, click the contact us button, and, of course, let us know if you'd be willing to come on the air. Hey, David and Rachel, make sure that you're. You're leeching children who still are on your cell phone. They'll listen to Money Watch on the weekends because that's our other podcast for youngsters, oldsters, anyone who needs to kind of go back to basics. We have the Money Watch podcast. It's releasing every Saturday and Sunday, which is a lot of fun. You can subscribe to both podcasts on the Odyssey app or wherever you find your favorite podcast. Please leave us a rating and review wherever you listen. And, of course, do something nice for someone else today. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you tomorrow.

[Jill Schlesinger]

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[Alex Asurin]

Hi, I'm Alex Asurin and I'm inviting you to listen to Asulin's official podcast, Culture Lounge. For the last 30 years, Assurin has created books at the center of culture and luxury, covering everything from wine and watches to fashion, travel and Formula One. Now we're inviting you into our world through a new and exciting medium. Join me on Cultural Lounge, where you will hear intimate conversations with icons like Erin Lauder, Linda Fargo, Mario Carbone, curators from Sotheby's, and the world's best sommelier all gathered like old friends at a beautiful bar, discussing their deepest passions, sharing stories and giving us their best advice. It's like eavesdropping on the most interesting conversation you could ever imagine. Culture Lounge is available wherever you get your podcast. Tune in now to be inspired and learn something new.