Radio Show #123: When can you retire?


The question "When can I retire?" pops up frequently. Unfortunately, there's more to the answer than a few calculations. The decision is a big one and varies based on your life circumstances.

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Richard from MN is considering retirement after being laid off. He and his wife are both working part-time, but with a nest egg of $850K, can he continue as is, or should he seek full-time employment?

Dan from CT is in his late 50’s and has a similar question, though his wife will be entitled to a pension, which makes the decision a bit easier.

Mike from IL and his wife have accumulated a $2.3 million nest egg and are looking to downsize for the next three years. Should they buy or rent?

Susan from Texas is a 55 year-old widow, who wants to make a change in her life. With savings and investments of $1.3 million, can she afford to quit her job as a teacher and do something else?

Michael is already retired, but his wife is weighing a lump sum pay out versus a stream of income – which is better for them?

Mark is 66 years old and is thinking about partial or full retirement based on the following facts that I will offer. He will have a pension, Social Security and $500K saved. He has the option of reducing his hours, which may be a perfect way to slide into retirement.

A few insurance questions popped up this week. Joe from OH needed help figuring out which kind and how much life insurance to purchase, while Jacob and Rita are concerned about long-term care. Lynn wrote in asking about purchasing whole life insurance for her 8 month-old daughter – JUST SAY NO!

The youth listenership of the show weighed in with questions about credit scores. Marvin and his wife want to buy a house, but he has a very low credit score and Jeromy is trying to keep a broken lease off his credit record.

Wes is 28 years old and trying to bounce back from some earlier financial mistakes. He is diligently paying down his car loan. His next step should be to establish an emergency reserve fund and then to begin contributing to his employers retirement plan.

Thanks to everyone who participated and to Mark, the BEST producer in the world and Christina, who is vying for "Intern of the Year". If you have a financial question, there are lots of ways to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE