Jill on Money with Jill Schlesinger Laid Off at 62, Will We Be Okay?
8 snips
Mar 26, 2026 Cindy calls in about her husband’s surprise layoff at 62; she’s a wife navigating pensions, Social Security timing, annuities, and retirement income. They discuss pension coordination, 401(k) withdrawals and annuitization, COBRA and near-term cash needs. Practical income-bridging options and boundaries around helping adult children are highlighted.
AI Snips
Chapters
Transcript
Episode notes
Late Marriage With Mostly Separate Finances
- Anecdote: Cindy and her husband married late and combined finances partially, keeping many accounts separate.
- They married two years ago, she retired at 58 with a pension, he is 62 and just got laid off after 20 years.
Staged Withdrawals To Bridge To Social Security
- Do plan a staged withdrawal from your husband's retirement accounts to cover living expenses until full Social Security at 67 or 70.
- Jill suggests taking ~$50k from the 401(k) the year of layoff, then larger distributions in subsequent years, paying tax as you go to bridge to Social Security.
Delaying Social Security Dramatically Raises Benefits
- Insight: Delaying Social Security yields a large monthly increase that materially reduces withdrawal needs.
- Cindy's husband sees $26,472 at 62 versus $41,436 at 67, so waiting meaningfully lowers the gap to fund.