"I'm 68 and newly retired. Should I tap my $850K nest egg to renovate my bathrooms, or borrow instead?"

About this episode

Jean Chatzky discusses retirement financial decisions with listeners Nancy and Melissa, focusing on how to manage savings and investments while enjoying life in retirement.

What does it actually feel like to be on the cusp of retirement and wonder if you're doing it right? This week, Jean sits down with two listeners, Nancy and Melissa, who are both asking the same underlying question: How do I make sure I don't run out of money in retirement, while still actually enjoying my life? First, Jean talks with Nancy, 68, a soon-to-be retired nurse with $850K saved, a pension, and Social Security on the way. Nancy wants to renovate her bathrooms before she stops working, but she's torn between using her HELOC or tapping her nest egg. Then Jean hears from Melissa, 53, who, along with her husband, has $1.2M+ saved across tax-deferred, Roth, brokerage, and treasury accounts, and wonders if she's taking on too much risk. Jean helps her zoom out, look at the full financial picture, and think through what a bucket strategy or annuity could mean for her peace of mind. In this episode: HELOC vs. refinance vs. pulling from savings; how to think through home improvement financing in retirement The 4% rule and when it makes sense to use it RMDs, IRMAA penalties, and why timing your withdrawals matters more than you think What 72% stocks actually look like when you…

People in this episode

Host: Jean Chatzky

Guests: Nancy, Melissa

Topics covered

• retirement planning
• financial decision making
• home improvement financing
• investment strategies
• risk management
• income strategies

Keywords

• retirement
• nest egg
• HELOC
• financial planning
• home renovation
• 4% rule
• long-term care
• guaranteed income

Mentioned in this episode

Organizations: Social Security, HELOC, Roth, brokerage, treasury, The Forever Paycheck

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