Scary Facts About Retirement

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
Share this episode with a friend:

Today’s Question:

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

Additional Resources:

Schedule A Meeting

Download Your Retirement Rescue Toolkit – Learn More About Our Firm

 

Your Guide:

Nathan O’Bryant – Contact

Share this episode with a friend:

EXPLORE MORE EPISODES

What Weddings and Retirement Planning Have in Common

Following the wedding of Nathan’s son, we wanted to discuss the many things retirement planning and wedding planning have in common. From financial management in the planning process to preparing for the needs and wants of multiple people, there’s a lot to think about. Everybody hopes it will be perfect, but you know that life is going to throw you curveballs. Having a plan will help you prepare, and having a good mindset will help you get through the tougher times in both marriage and retirement planning. 

Listen Now »

Breaking Down The Commentary After Recent Bank Collapses

After a string of recent bank collapses, should we feel comfortable with having money in the banks? What safeguards have been put in place by the government to offer some protection? A lot of talking heads have weighed in on this issue recently, so we’re going to discuss some of those quotes in today’s episode. We’ll take a closer look at what happened and what strategies you might want to consider as well.

Listen Now »

How Age and Wisdom Impact Your Financial Planning

One of the reasons that financial planning is not a one-size-fits-all answer is that everyone’s age, goals, and experiences are different. What you needed in your 20s might look very different from what you need to do in your 50s. Today we talk through the impact both age and wisdom have when you sit down and make a financial plan with a qualified professional.

Listen Now »

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

YOUR HOST

Nathan O’ Bryant is the founder of O’Bryant & Associates, Inc., a Registered Investment Advisory firm in the state of TN. He’s been helping people plan for retirement and their financial futures for more than 15 years.

The weekly podcast features discussion and excellent guidance on the important financial planning questions we all have. Whether it’s tax planning, retirement income, social security or the stock market, you’ll find that no topics are off limit on this show.

SUBSCRIBE