Jill on Money Radio Show: Can I Retire at 49 and Can I Quit in Five Years?

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[@susanmitchell8433]

Hey Jill what about interviewing the working poor on how to retire? Who the heck has all that cash just laying around? I don’t!

[@EvilGenius007]

Mary in WA (~37:30) - I agree she should be doing the Roth side of her 457, especially since she will be able to cover any gap between her retirement and reaching age 59.5 with her cash reserves (also it sounds like there may not be a gap in her case). For other listeners, note that Mary can contribute over $1900 month since she's over 50, otherwise she would already be maxing it out in 2024 ($23k is the limit for those under 50 and not eligible for any other catch-up provision). It sounds like she has enough margin to also max out her Roth IRA, though, and the IRA remains an excellent choice even for someone with access to a 457.
Mary & spouse's combined pension income of $7500 is equivalent to a retirement account balance of $2.25 million at a 4% safe withdrawal rate!