Can I Retire From a Demanding Career at 55?

I'm in my late 40s and wondering if I'll be able to accomplish my goal of retiring at 55. Have a money question? Email us ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.jillonmoney.com/contact Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jill on Money Newsletter⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.jillonmoney.com/newsletter/substack YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.youtube.com/c/JillSchlesinger Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@jillonmoney⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ https://www.instagram.com/jillonmoney "Jill on Money" theme music is by Joel Goodman, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.joelgoodman.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ http://www.joelgoodman.com/.

• 0:00Speaker 00

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• 0:49Speaker 00

  Welcome to the Jill on Money Show. It's Thursday, November 5th, and we are here answering your financial questions or maybe just kind of helping guide you along your financial journey. If you'd like to get in touch with us, it's very easy to do that. Just go to jillonthemoney.com, click the Contact Us button, write us a note, and if you'd like to come on the air with us, just check the box and you will be happy you did because coming on the air is a fun experience. I promise, it really is. Now, while you're on the website, you're going to see all bunch of stuff that's there, all of our content. You'll also see our service, Jill on Money Live. That is where you have access to quarterly live webinars, the back catalog of those webinars, bonus audio and video content.

• 1:33Speaker 00

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• 2:14Speaker 02

  I would say this, yeah, this one, Medicare and Social Security so far. I mean, those two topics, they're such lightning rods.

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• 3:06Speaker 00

  Okay, let us now move away from us and get to you. We've got John who joins us from Pittsburgh. John is a Steelers fan, and so we've gotten that off the table. John, what can we do for you today?

• 3:19Speaker 03

  Well, as I, as I wrote to you, Jill, I'm 48. I'm looking just at the future. A lot of things have happened over the last couple of years and just kind of puts things into perspective and just want to see, you know, where I'm at and, you know, when I can actually retire or just have the thought of it.

• 3:43Speaker 00

  Do you like what you do right now? Or are you finding conditions have changed? What's driving this just general inquiry?

• 3:52Speaker 03

  I've always thought of, well, I guess over the past couple of years, I've, I've said to myself, you know, I'd love to have the opportunity to retire at age 55. I work with, you know, an advisor and so forth, and we meet like once a month and, and I always tell them like, that's kind of a goal. I don't know, I just kind of set a goal. Whether that happens or not, it really depends on the numbers. And that's kind of, I'm just trying to get an idea if, if that's possible. If not 59, 59 and a half is like, you know, it seems like that would be like a dead end for me, like that, you know, I definitely want to, you know, try to step back a little bit.

• 4:37Speaker 00

  So what did the advisor say when you said, I want to retire at 55? Doable or not doable?

• 4:42Speaker 03

  He thinks that it really depends on a lot of things, such as how much, you know, like anything, how much do you need to, to live month to month and so forth? He thinks it's a possibility. He uses me as, as an example with young clients when saving and getting ready for retire, these types of questions and, and really investing young.

• 5:09Speaker 00

  But has he run the numbers for you? Did he do a plan for you?

• 5:11Speaker 03

  Yeah, he did a plan for me and it looks great on paper.

• 5:15Speaker 00

  But you know what? I, okay, I just want to say that I keep telling many advisors out there. I said, you know, all of your clients are calling us and getting a second opinion on the stuff that they, that you are presenting. And so I, I point that out not to say anything except that, John, when you have an advisory relationship, I think it's fine to ask these questions. I'm hearing from you that you don't necessarily trust that the advisor has run through the scenario in a way that you want. So let's run through the scenario with you.

• 5:53Speaker 03

  Okay.

• 5:53Speaker 00

  Okay, so John, you said, are you married or single?

• 5:56Speaker 03

  Married.

• 5:57Speaker 00

  And how old's your wife?

• 5:59Speaker 03

  She's 48.

• 6:00Speaker 00

  Okay.

• 6:01Speaker 03

  I'm sorry, I don't want to, she'll be 48.

• 6:04Speaker 00

  Okay, so you, you guys are the same age. How much do you guys earn? Is she working full-time as, as well?

• 6:10Speaker 03

  She works part-time.

• 6:12Speaker 00

  How much?

• 6:12Speaker 03

  Casual.

• 6:13Speaker 00

  How much has she worked casually?

• 6:16Speaker 03

  Um, three days a week. I'd say about 48 hours every two weeks.

• 6:21Speaker 00

  How much does she make?

• 6:23Speaker 03

  Um, on an annual basis, approximately around $35,000.

• 6:27Speaker 00

  Okay, great. And how much do you earn?

• 6:31Speaker 03

  That varies. It varies. I'd say roughly around 250 to 275.

• 6:37Speaker 00

  Let's say 250 just to keep it tight, right?

• 6:41Speaker 03

  Yeah.

• 6:41Speaker 00

  Tell us about how you have saved, how much you've saved so far.

• 6:46Speaker 03

  I have my, my company 401K.

• 6:49Speaker 00

  How much in there?

• 6:51Speaker 03

  It is about 175.

• 6:57Speaker 00

  1.75 million.

• 6:59Speaker 03

  Yeah.

• 7:00Speaker 00

  Okay. And is that all traditional or is there some part of that that's Roth?

• 7:05Speaker 03

  1.7 is traditional and, and I just started the last year, year and a half, putting into the Roth. There's about 50 in there.

• 7:13Speaker 00

  Okay. Would you be entitled to any pension benefit?

• 7:16Speaker 03

  Nope.

• 7:16Speaker 00

  Okay. And beyond that 401K, does your wife put money away on her part-time income in an IRA or a Roth IRA?

• 7:24Speaker 03

  We have a brokerage together.

• 7:27Speaker 00

  How much in there?

• 7:28Speaker 03

  We have in there about 400K.

• 7:32Speaker 00

  Great. That's awesome. So we got 1.75, 400 in a brokerage. You got some kids?

• 7:39Speaker 03

  I have one.

• 7:40Speaker 00

  Okay.

• 7:40Speaker 03

  Son, yes. He's 10.

• 7:43Speaker 00

  And have you saved money for college?

• 7:45Speaker 03

  Yes. I have about 86, $87,000 in there for him right now.

• 7:51Speaker 00

  In a 529 or in a different kind of an account?

• 7:54Speaker 03

  529.

• 7:54Speaker 00

  Okay, great. What about, what other assets do you have? If you have any, I don't, I don't want to like, you know, presume, but like any other financial assets, we'll do the house in a second.

• 8:06Speaker 03

  No, I just started an, for my son. That, that'll be his, but no, I have a property outside my house. I purchased a lot next to me just to protect my lot from getting built next door.

• 8:21Speaker 00

  How much is that lot worth?

• 8:23Speaker 03

  About 60,000.

• 8:25Speaker 00

  Okay. And how much is your house worth?

• 8:28Speaker 03

  My house is, is about 300,000, worth about 300,000.

• 8:32Speaker 00

  Is there a mortgage that remains on it?

• 8:34Speaker 03

  No.

• 8:35Speaker 00

  No mortgage? That's, okay. You want to stay there?

• 8:39Speaker 03

  Yes.

• 8:40Speaker 00

  Okay, got it. No vacation home, no rental property, right?

• 8:44Speaker 03

  Nope.

• 8:44Speaker 00

  Okay. Now, here's a big question that will help us determine. How much do you spend right now?

• 8:52Speaker 03

  On average, about 12,500.

• 8:55Speaker 00

  Okay.

• 8:56Speaker 03

  Um, is our annual average, uh, that includes bills, taxes, um.

• 9:02Speaker 00

  Is there any reason to believe that you would have to take care of parents, like for you or your wife? You have some parents that might need your help and eat like, just so we know, I'm not saying you have to like, you know, pinky swear with us, but just.

• 9:15Speaker 03

  Not finance, not financially, um, no.

• 9:19Speaker 00

  When you, if you got to 55, if you got there, right? Oh, wait, are you maxing out your retirement account by the way?

• 9:27Speaker 03

  Yeah, yep, yep, yep. And I'm do, and I'm also, um, my brokerage, I'm putting about, uh, I would say I'm maxing that out. And then on top of that, I'm putting about 30% of my, uh, gross income into.

• 9:40Speaker 00

  You're kidding? That's a lot. Like you're putting 30 or 40 grand in your brokerage account?

• 9:46Speaker 03

  I'm putting about, about $75,000 into my brokerage account.

• 9:52Speaker 00

  Wow, wow. Holy smokes. Okay. So maxing out the retirement, 75 grand a year in the brokerage. We're going to do this for seven more years. I'm just saying this so Mark knows that we're going to kind of do this. What happens at age 55 when you don't have health insurance? Are you going to be a greeter at Walmart, which used to be the job that people would make fun of? And now everyone's like, oh, wait, that's actually a good job because you got health insurance?

• 10:18Speaker 03

  So I, you know, and I, I don't know, I, I'm going to do something. I don't know what that is. I, I joke with my wife about, I'm going to go work for the township and, you know, hold the sign.

• 10:32Speaker 00

  Okay, that's very good. You could do that. You could also, you could be a crossing guard. Like these are the kinds of things that I would, uh, okay, but you want to do something, but you don't want to count on that something.

• 10:41Speaker 03

  Yeah.

• 10:41Speaker 00

  So whatever you're spending now, we just going to assume that for both you and your wife, we need to add money to your spend essentially to say that you would need health insurance of some sort. Know that, let, let's pretend for right now that, uh, from 55 to 65, that you're going to have to pay like, I don't know, a thousand or 1,500 bucks a month just to get your health insurance. Okay?

• 11:09Speaker 03

  Yeah, I figured, I figured about, you know, on the high end, it's probably like two grand a month.

• 11:13Speaker 00

  Yep, exactly. Okay. So then what, um, I'd like Mark to figure out is whether or not poor John, who sounds like maybe he's kind of can't see getting to 59 and a half. Could he get seven years? Could we get him out at 55, Mark? What do you think?

• 11:33Speaker 02

  I think we probably can. I mean, if he's saving a ton of money, so that obviously he's got that going for him. I mean, he may have to go beyond the standard, you know, 4% rule from 55 until they start collecting social security. So they're going to have to spend down quite a bit of it, but I think once they get social security, you know, that's going to help out immensely.

• 11:54Speaker 00

  You know, one thing that strikes me, John, is a, as something to keep in mind for yourself. And it's something that you can talk about with the advisor as time goes by. And that is, I think you ask yourself, would I rather work a couple of more years full time and sock away this chunk of money? Or would I be happier and perfectly content by saying at age 55 to 60 or 65, like, would I rather work a little bit longer part time just to get out of the rat race? And I think that that's a question only you're going to be able to answer at the time. I mean, how are you feeling about work right now? Do you like what you do?

• 12:35Speaker 03

  Yeah, I enjoy it and I have no intention of like, uh, exiting anytime soon. It's, it's just, um, it's just always been something on my mind. So I would be interested in either even stepping back or taking a different position within my own company. Maybe just to lose the stress and the, you know, the worry every day that I gotta get out there and hustle and, and, and, and make it, um, to survive. So it's, it's, it's really just, um, I love what I do. It just depends on how things change. You know, things change. You know, it's, it's a smaller company that developer, it's developing into a larger company.

• 13:17Speaker 03

  You know, more people are coming in, different people. I'm the older, I'm, I'm becoming that older guy everybody looks up to. And I'm just not sure how it will change in the next seven years, you know, with AI and everything else.

• 13:29Speaker 00

  You know what, John? I think you're smart to consider this and I think that, that part of, I think for, part of the advantage that you have as somebody who's 48 years old and has socked away a lot of money is that you will have options. And what I hear you saying is like, hey, life changes, could be okay, might not be okay. And you're having a few like plan A, plan B, plan C. I, I live my life like this. Mark knows this. I always have something cooking in the background. I always got a little something cooking. So if this doesn't work out, then we got this. If, you know, the overlords at CBS don't want to renew my contract, Mark and I have Jill on money.

• 14:09Speaker 00

  We're good. We got all this fun stuff started. He began, he said to me, let's do the paywall. Let's make a few extra bucks. Like all these things were part of our plan B and C. And I think what's really cool about it is that the benefit of being a really good saver is creating options for yourself. Like you said, hey, maybe you'll be the elder statesman. And maybe, you know, when you're 52, they say, hey, man, we're not going to pay you 250 anymore, but we're going to, you know, maybe we'll pay you 200 and maybe not work you so hard. And that could be a, a something you say, wow, I could do that for five more years. You know, like you don't know. So I like the idea that you are on top of this.

• 14:53Speaker 00

  I, I'm going to ask you a question. I'm not going to tell you like you're doing something wrong. And, and, but how much do you pay the advisor?

• 15:02Speaker 03

  Uh, 1%.

• 15:03Speaker 00

  And you're happy with this person? And what are they managing for you? The brokerage account?

• 15:08Speaker 03

  Yeah, the brokerage account, you know, the 529, the, uh, I really like them.

• 15:13Speaker 00

  Okay.

• 15:13Speaker 03

  Um, and, uh, we, we, we meet or talk on a, a monthly basis and he's involved.

• 15:21Speaker 00

  Okay.

• 15:21Speaker 03

  And he, the only thing about the, the plan is, is just like, the market's going to be the determining factor, right? So whatever they put on, put a, whatever they put on paper is like, you know, it, it looks great. I just want to know kind of like my, you know, I'm on the right path.

• 15:39Speaker 00

  You're on the, okay, first off, let me, big picture. You're doing great. I should have said that immediately. You're doing great, John. And you're on the right path. You've, you've created lots of opportunity for yourself. Um, I am not like, I am not suggesting that like, oh, you should change your broker, your advisor, and you should do this yourself. Like if you're happy with a person, fantastic.

• 15:59Speaker 02

  The 529 plan is a Pennsylvania plan?

• 16:02Speaker 03

  Yes.

• 16:03Speaker 00

  Okay, good. And, you know, I think that for you, uh, a lot of this, yes, you're right that it has to do with markets, but it has to do with you. You have a bigger, your influence on your outcomes is much different than someone who just is relying on markets. You are putting the money away. So maxing out the retirement plus the 75 grand in the brokerage, that's what's giving you all of these opportunities. Not, yes, it's nice markets have done well in the last few years. So that to me is really like the number one thing to consider. So you're in great shape. I think that, um, you're on the right track.

• 16:46Speaker 00

  And listen, you'll just keep, you, you will keep testing the plan.

• 16:52Speaker 03

  Yeah.

• 16:52Speaker 00

  You know, when you meet with the, when you meet with the advisor, you say like, let's look at it. Or maybe you're going to come out and you're going to say, you know what? We really want to spend 15 grand a month. Okay. What would that mean? Or you know what? We're not spending that much. The kid's getting older, doing his thing. You know, he's ready to go to, so all these things are changes that are out there. So I think you're in great shape. Um, I think that 55 is certainly a, a reasonable possibility, depending on whether or not you want to do that, but keep testing the plan. And then I think that you are quite fortunate and that fortune comes from your hard work that you and your wife have put this money together. So I'm all in on you. Okay? I'm all in on John.

• 17:33Speaker 03

  I have one more question, Jill, if you want to mind. Um, I just, I, I am about, I'm very aggressive on my retirement. I'm about 87% uh, stocks. Should I change that up or continue to, you know, go until 55 being that aggressive? And the second part of that is, should most of this money going into my, uh, 401k go towards Roth? Or should I have a percentage?

• 18:03Speaker 00

  Mark, would you like to ask that?

• 18:05Speaker 02

  Well, I would, yeah, I would do all Roth for sure. I mean, you've got a, a nice chunk of years before you potentially call it quits. So yeah, I, I would do all Roth. You have a ton of pre-tax.

• 18:14Speaker 00

  Yeah. I mean, all that is just going to create a lot of taxable income for you later in life, but that's okay. You also have time, you know what I mean? So it's really about your comfort level. I mean, you, you got a while to go before you need this money. So I mean, you're, you are young and if you're comfortable with this kind of risk, I am a wimp. I, you know, I would sort of probably be more like 70, 30, but you're not. If you're like, I'm fine being 80, 20, then just rebalance on an annual basis and, uh, and go from there. But if it, you know, obviously as you get closer to needing your money, what you'll need to be very focused on is how much money in that brokerage account are we keeping accessible for whatever we need?

• 18:57Speaker 00

  How much money do we need in cash from the 401k to start the rule of 55? But it really does depend because if all of a sudden you're like, nah, I'm going to work till I'm 60, then, you know, having high risk right now doesn't really matter.

• 19:09Speaker 03

  I did forget, I do have about 180,000 in cash.

• 19:13Speaker 00

  Oh, there you go. Okay.

• 19:14Speaker 02

  I'm, I'm the same age and let's say perhaps, you know, similar aspirations and I, I am 80, 20 as well.

• 19:21Speaker 00

  Yeah. And by the way, Mark's aspirations, I've already told him he does not get 10 more years or eight more years. He gets five more years. So John from Pittsburgh, keep us posted. You're doing great.

• 19:31Speaker 03

  Will do.

• 19:31Speaker 00

  Absolutely great. Uh, hey, gang, do you have aspirations about what's going to happen next? Do you have a game plan? Do you want us to help you work through your game plan? Get in touch with us. Go to jillonthemoney.com, click the contact us button, write us a note. And if you would like to come on the air, just check the box. Mark will do everything else. Hey, don't forget to sign up for our free weekly newsletter and also subscribe to our sister broadcast. It's called Money Moves and subscribe to us on YouTube because the overlords at CBS seem to want to see subscriptions there as well as on the podcast. So wherever you get your audio, subscribe twice. You never know. The episode, Mark, that, um, we did with Nate Burleson was a particularly good episode to watch rather than just listen to.

• 20:16Speaker 00

  You'll see why if you go to YouTube and subscribe to Money Moves. Okay, that is it. That is the program. You can subscribe to us here on the Odyssey app or wherever you find your favorite podcasts. We always ask that you lift someone up, change your work, change your wealth, change your life. Thank you for listening. We'll talk to you tomorrow.

• 20:40Speaker 00

  This episode is supported by What Should I Do With My Money? An original podcast from Morgan Stanley. You'll hear real people work through big, complex money decisions with their financial advisors. Diversifying concentrated stock, investing in private markets, adding crypto to your portfolio, combining finances with your partner. These are candid conversations about goals, trade-offs, and what's at stake. You'll hear the strategy behind each decision and the emotion too. Because no matter how advanced the question gets, money is always personal. Whether you're building wealth, protecting it, or passing it on, you'll come away with sharper questions to ask about your own money. Search for What Should I Do With My Money to listen in.