Podcast Summary: Jill on Money with Jill Schlesinger
Episode: Saving in the Wrong Places
Date: December 11, 2025
Host: Jill Schlesinger
Producer: Audacy
Overview
In this episode, Jill Schlesinger answers a listener call from Linda in Atlanta, who shares her anxieties about saving too conservatively for retirement after past losses. The conversation dives into issues of risk aversion, retirement readiness, asset management, pension choices, downsizing, and planning for a special needs child. Jill and co-host Mark guide Linda through her finances, offering reassurance and actionable steps, while highlighting common retirement planning mistakes and how to course-correct without panic.
Key Discussion Points & Insights
1. Linda's Background and Concerns
- [03:21] Linda explains her “coffee can in the backyard” metaphor, describing decades of saving that turned extremely conservative after stock market losses during 2008.
- She and her husband, married 42 years, have three adult children. Linda, 61, retired in 2013 to care for a special needs child.
- Her husband, turning 70, enjoys his work in tech and may do consulting post-retirement, not wanting to quit fully.
Memorable Quote:
"We've been saving, saving, saving, but our money isn't really growing. It's been sitting in very conservative accounts."
— Linda from Atlanta [03:39]
2. Current Financial Snapshot
- Retirement Accounts:
- $1.2 million, mostly in cash or target funds, due to fear of market volatility. [05:34]
- Non-Retirement Accounts:
- $270,000 in a “growth savings” account. [05:58]
- Real Estate:
- Primary “city home” (valued at $850,000, paid off); plans to downsize. [06:10]
- “Country home” (120-acre farm, valued at ~$500,000), used for recreation, with a remaining $155,000 mortgage. [06:32]
Memorable Quote:
"We work it, but we have some horses on it and we do a lot of specialty produce. ... We just play with it. It's just our way of getting away."
— Linda from Atlanta [06:32]
3. Retirement Income and Expenses
- Current Income:
- Husband earns $211,000–$280,000, depending on year and bonuses. [07:58]
- Monthly Living Expenses:
- $6,800/month for both homes. [08:35]
- Pension & Social Security Projections:
- Husband has a pension:
- $4,800/month single life option, or
- $2,416/month for joint survivor annuity, with options for higher survivor percentages. [09:08–09:43]
- Social Security for husband at 70: $4,166/month. [09:43]
- Husband has a pension:
Jill’s Reassurance:
"You're in great shape. Even though I wished that you didn't go super duper conservative, it probably gave you peace of mind. You're in great shape. There is nothing bad that's going to happen here."
— Jill [09:43]
4. Investment Philosophy and Risk
- Jill and Mark note that while extreme conservatism (keeping most funds in cash) limited investment growth, Linda’s pension and assets offset the potential harm of not investing more aggressively.
- Suggest using laddered CDs, government bonds, or low-risk investments for peace of mind, since growth isn’t as critical in their situation. [11:51]
Mark’s Advice:
"Because you don't like risk, you can just make it really easy. Really, really easy and simple and low risk."
— Mark [12:34]
5. Real Estate and Downsizing
- Linda and her husband are considering downsizing their large city home and possibly selling the country property eventually.
- Jill and Mark advise against rushing this—only downsize or sell the country home when it feels right, not out of financial necessity. [11:16]
- Expected cost for a downsized residence: $400,000–$500,000, to be paid in cash from home sale proceeds. [11:45–11:51]
6. Pension and Survivor Decisions
- With Linda being 9 years younger and risk-averse, Jill and Mark recommend opting for a joint survivor pension for security. [12:36]
7. Planning for a Special Needs Child
- Linda confirms estate planning and special needs trust are complete, as advised. [13:06–13:25]
Jill’s Reinforcement:
"Your conservative nature has not harmed your long term retirement plan. ... You are in fine, I would even say really good shape."
— Jill [14:35]
8. Required Minimum Distributions (RMDs) and Taxation
- Jill reminds Linda that RMDs will come from retirement accounts, but it’s just a matter of paying appropriate taxes. [13:56]
Memorable Quote:
"So pay the tax that's due. Don't worry about anything else."
— Mark [13:56]
Notable Quotes & Memorable Moments
-
On Emotional Security:
"We've just been saving, saving, saving, and I've kind of been the CEO at home. But now we're realizing this is what we've been working for and ... we want to make sure that we spend it wisely into the future so that there's enough there."
— Linda [04:53] -
On Retirement Readiness:
"There is nothing bad that's going to happen here. Okay? ... You're in great shape."
— Jill [09:43] -
On Risk and Peace of Mind:
"Even though I wished that you didn't go super duper conservative, it probably gave you peace of mind."
— Jill [09:43]
Segment Timestamps
- [03:21] – Linda explains her financial worries and backstory
- [05:34] – Breakdown of retirement and non-retirement savings
- [06:10] – Home ownership and possible downsizing
- [07:58] – Income details and expenses
- [09:08] – Pension and Social Security analysis
- [11:16] – Discussion of downsizing motivations and options
- [12:34] – Safe investment strategies in retirement
- [13:06] – Estate planning for a special needs child
- [13:56] – Managing taxable RMDs
- [14:35] – Final reassurance
Conclusion
Jill and Mark’s expert advice validated Linda’s careful, if overly cautious, approach: thanks to a significant pension, balanced assets, and thoughtful planning, Linda and her husband can afford peace of mind in retirement. The episode is an encouraging reminder that conservative savers may not be “saving in the wrong places” if their overall structure is sound—especially if they’ve avoided major pitfalls, secured guaranteed income, and planned for their loved ones. Jill’s signature warmth and humor help turn fear into confidence, making this episode essential listening for anyone worried about “too little risk” in their nest egg.