The Financial Answer

Financial planning guidance from West Tennessee’s Nathan O’ Bryant.

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

On this episode: 

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.

Show notes and additional resources:


Play this podcast on Podbean App