Jill on Money with Jill Schlesinger Can I Retire Before Kids Are Done With College?
10 snips
Feb 4, 2026 A listener considers retiring at 56 while still funding three kids through college. The conversation breaks down income, pensions, business sale timing and FAFSA implications. Tradeoffs between working longer, part-time work after an exit, and healthcare and tax impacts are explored. Strategies for paying college without draining retirement are discussed.
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Lean Into A Slightly Later Exit
- Consider working a few extra years rather than fully retiring early to reduce financial pressure.
- Preserve employer benefits and grow pension and retirement balances by staying until 58–59 if possible.
Understand Your Cash‑Balance Plan Details
- Clarify how the defined benefit/cash balance plan works and whether it offers lump-sum or annuity choices.
- Confirm projected growth assumptions (e.g., 5%) to model future pension value accurately.
Sequence A Sale To Protect College Aid
- Time business sale income to minimize FAFSA impact on college aid by avoiding high-income years when kids apply.
- Work with a planner to sequence a sale so it doesn't trigger large aid reductions for multiple children.