Thought I Was Okay, Now Worried
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Welcome to the drill on money show. It's sunday, november tenth, and we are here answering your financial questions. We're trying to help be good mentors to you, maybe a coach, someone who can prop you up, not wag their fingers at why done something wrong.

This is a show that wants to meet you where you are today. I don't care about what happened in the past. Want to get you where you want to go and if you need some help, little direction with a girl and money that com click the contact us button and of course, let us know you'd like to come on the air live with us.

Want to remind you that our next webinar is coming up oh my gosh. So soon on thursday, november fourteen, at seven eastern time, we are diving into year and tax planning. We are talking about tax loss harvesting moves you might want to consider right now before it's too late.

You know something sometimes a lot of these episodes that we've done too late in december. And I said to mark, we have got to do this sooner so people can do something proactively. Our guest will be C, F, P and C P A.

Michael goodmen. You can only join us if you are a member of jail on money life. And that will cost you a wapping thirty five box that's IT and that gives you access to this upcoming live web.

And are three more after that bonus content, the back catalogue all there, thirty five dollars. Jill, on money, life with love to have you. Okay, today, let's talk to korea, who is joining us from ilan away.

I am. I am a new listener. So let me be a front on that. I ve been going back listening to some of your podcast and honestly, I thought I was doing okay with our retirement settings and now i'm thinking I may not be. So i'm looking for some help because i'm starting to panic that we might not be on the right track.

So wait minute that the promise that I give is to try to take the the mystery and the anxiety out of your financial life. And in fact, i've done the opposite for you. I have made you feel worse, which is very bad, and I apologized for that.

No, and that's okay. I just, I i'm usually pretty comfortable. I, oh.

let's make you comfortable. Let this is our job. So maria, tell us a little bit about yourself. How old are you?

I am forty three years old.

okay. And are you married or single?

So I am single h way .

this second. This is, by the way, the second time in a row where the the woman on the line when I asked that question pauses, which I find so awesome and thank you so much for doing IT. So in other words, let me make IT easy for you in case your um a beloved lava is listening. Do claim single on your taxes.

I do claim singing my taxes.

That's why I get good. Not a Better way. okay. So single quote and quote just for tax purposes. Do you live with anybody or you alone?

We are living together. We've been together for seventeen years. Seventeen years. We are planning on getting married here, coming up in july. I have been the one to do our finances this whole time, so i'm really hoping i'm putting us in .

the right direction. Okay, spouse, is Howard, fifty eight kids or no kids?

We have four kids between us that all grown.

So your first marriage was very, you are Young. How could you have two kids already at couple of kids out of the house already? G, oh my god.

All right. So you working full time. Both of you full time. I ve been .

here twenty eight years. He has been IT with our employer. Twenty one.

okay, so you're forty three. How much do you earn?

I am at ninety thousand.

and he is fifty eight. How much is here? And and are you both contributing to retirement plans? yes. Are you maxing them out?

So he is doing twelve percent with A A four percent in flour match OK. I am now doing only four percent with a four percent in far match and explain why I went down to four percent. I really got into gear where I wanted to pay the market job. We were so close. So I will hand took mind down because my forewarn cake is as a higher baLance is how .

much money is in the plan total for you .

right now for are six fifty in mind, about one fifty and his?

Do you guys have other assets that are for retirement, maybe an area and old retirement account floating around?

Yes, I we have combined fourteen thousand in a ara. We have about forty thousand and cash.

And how about any investment accounts? no. Okay, house.

So the house mortgage paid off. What's the housework? Th.

the house is worth about three eighty. I do about twenty thousand dollars left on the march right now.

Will either you be entitled .

to A I have a quadro um which is only going about six hundred dollars month .

but still it's something by the way, quadro is a qualified domestic relations order for everybody listening and IT means that that marius x has a penchant and this is what he is entitled to as a result of that divorce so what's the game plan here in terms of what you guys think you want to do going forward in like retirement and targeting and dates and all that? Because is the age difference no judgment? But how do you look at IT?

I'd really like to retire by sixty and have him be able to retire about sixty five. And I am going to let you know sixty for me for a reason. My job is very physically demanding. And if I tried this, so I would like to to slow down if I can, at sixty. Okay.

that's a long time. That's seventeen years, correct? So alright, that's a lot of that's a lot of saving and working. And then he would have like another seven years. So when he is, say, sixty five, what would the game plan be at that point for him just to like be done or to downshift or could we get him to um maybe retire um maybe like two years later to wait for his social security for retirement age or what he is open to .

doing whatever is that we need to do financially okay.

Have you looked at your social security um estimates for both of you?

Yes, I have.

Okay, what is his full retirement age?

By the way, his full retirement age is sixty seven and I believe he would be getting about thirty one hundred.

okay. And for you money .

is also sixty seven and I believe is about twenty two hundred.

How much you guys think you need? I mean, pretend the mortgage is done. And now tell me how what do you think the expenses really are? So take the mortgage out and just think what do you need to live on.

So if we take IT out, i'm believing it's about four thousand llys a month. That's IT. That is that we are debt free in every aspect of cars pay off. Um i'd like to just really plug into saving cash. So when we are retired, we are we are good shape.

okay you're in great shape um because obviously I mean there's one little slight hick up. I mean again, if he doesn't like if he hates his job, then finds waited to your full retirement ages actually pretty good for him. He'll get a nicer bump. So if he can kind of greet IT out till sixty seven, that would be perfect. And he keeps putting money away and he gets thirty one hundred.

And then you know at his age sixty seven, and you know, if you work till you're sixty, then you know you're pretty close because what's onna happen is between sixty and between your age sixty and your age sixty seven, you're going to have to spend some your money down. But I I understand the point here, which is you're saying, hey, you know what? Instead of putting money into my retirement account, i've got to beef up my non retirement account.

I totally agree with you. I totally agree with you. So I mean, look at your age sixty, you'll have six hundred a month. You'll probably have to start a broken age account once the mortgage paid off. All that money that IT was going to pay the house down, start a broken account where .

your roth IOS held, held, they are held with a .

credit union, okay, and where your retirement plans held finality, all right. So open up a brokerage account, fidelity, okay. And then if there's any extra money that flows in, you're going to put IT into the fidelity and you're going to buy very low cost index funds, a stock index fund and a bond index fund and maybe a commodity fund.

You're going to salt that money away starting next year once your mortgage paid off. That's gonna be really critical for you. And there is even a case to be made. I would say you that if you guys are doing what I think you you will be doing, which is, you know, really starting to put a lot of money away. What are you paying down on mortgage every month?

Twenty hundred a month? I mean.

if you think about if you're saving twenty seven thousand and three thousand and a months, I know the money going to increase because you'll make a little bit more money. And I mean, you're putting away a lot of money that's gonna build up. You may even be able to go collection is a little bit early, if that you know, given that.

So you want to have the money that's available that you can live on and from really from eight sixty to sixty seven h, depending on what tax rates are, there may be a reason for you to start pulling some of your money slowly out of your retirement account, your traditional retirement account, just to some of that money out and tax at a lower bracket before your social security kicks on. You really are are on track to do exactly what you want to do. So you see, I have, you have. I now remove panic.

You have. And I, I just my shoulders just dropped. Well, also, thank you.

So good, very good. So you say you're getting married. Do you guys have a state documents done?

I do. I have everything is entrust h through mine and his everything of his estate documents or take.

well, okay, great. Any life insurance policies on each other at this point?

correct? We both have live insurance policies. Is a is five hundred minus. I currently have a five hundred one expires or will end in twenty five and that's for two five days. So more now collectively five hundred eight.

Okay, that's great. And then that's fine if you don't want to buy more when the when half of that disappears because you again, the more you save, the less you need life insure. Yes, if you got something going on, you need some help.

Just go to our website, jill on money 点 com， click the contact us button, we will get your note love to have you on there. All you need to do is check the box and mark will do everything else OK. Don't forget, you can also check out our youtube show is called jill on money powered by the compound is right on the front door of the website.

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