Scary Facts About Retirement

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In the spirit of Halloween, we take a look at some of the scariest facts about retirement. From savings to the price of healthcare in retirement, these numbers will open your eyes to the realities about retirement and why it can be a challenge for many Americans


Confidence Corner

Retirement is a goal for nearly every American but you’d be surprised to find out that many of us aren’t anywhere close to being on track. Some of us waited a long time to start saving while others saved but decided to make early withdrawals from our retirement accounts. These and other missteps have caused our finances to get off track.

With Halloween approaching, we that we’d spook you a little bit with some scary retirement facts on this episode of The Financial Answer. The National Association of Insurance and Financial Advisors shared these statistics and they’ll give you chills. Retirement is supposed to be an exciting time but many of us are afraid of what lies ahead.

There’s good news though. First thing is to know you’re not alone. As these facts show, plenty of people are in the same situation as you so don’t feel like you’ve failed. The second thing to remember is that it’s never too late to save. We help clients all the time that have started their retirement journey later than they wanted to, but with the guidance of a professional, you can make up that gap quicker than you’d expect.

And since you’re reading this blog and listening to the podcast, there’s already a great chance that you’re ahead of the game.

Check out this frightful episode and click on the timestamps below to skip around to different topics. 

[0:52] – Excited for today’s show on scary facts.

[3:03] – First scary fact: Congressional tax reform could severely pre-tax contributions to retirement plans.

[5:34] – Nathan worries that these changes could hurt individuals because they’ll end up saving less.

[6:36] – Another scary fact: A couple expect $275,000 in out-of-pocket medical expenses in retirement.

[8:13] – Scary fact No. 3: 68% of Baby Boomers wish they’d saved more for retirement.

[10:59] – Scary fact No. 4: 55% of retirees retired earlier than they expected – most of the time due to health issues or a job loss.

[12:17] – Scary fact No. 4: 45% of Americans have saved nothing at all.

[15:02] – Scary fact No. 5: 20% of Americans with a 401(k) plan take an early withdrawal or a loan against.

[16:47] – Email question: Listener only has about $20K left on his vehicle until he is debt free and is considering taking money out of his 401(k) to pay that off. Is that a good idea?

[18:48] – Scary fact No. 6: According to Social Security, only 77% of benefits will be promised being in 2034.

[21:18] – We have to make sure we have investments that are outpacing inflation in retirement.


A Point Of Wisdom:


Related Content:

PODCAST: Halloween Spending and Retirement

PODCAST: How to Manage the Stress of Retirement

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