Episode 108: 5 Important Retirement Statistics

Today’s Prep:

What do these facts and figures tell you about what retirement could look like? How does you plan correspond with these statistics? We’ll dive into some important data on today’s show.

(Click the featured times below to jump forward in the episode)

Equipping Points:

What can we learn from these retirement statistics? Sometimes the data available can help guide you and your decisions when it comes to planning for retirement. On today’s episode of the Cover Your Assets KC podcast, we discuss five important statistics you’ll want to keep in mind.

To start, 17 percent of American workers are confident they’ll have enough money in retirement. What causes this lack of confidence? Maybe you’ve wondered about future healthcare costs or the inflation rate. Will you need long-term care insurance or have a disability? Will Social Security still be there? What happens if there’s a market crash? Having a financial plan will help build your confidence regarding what to do when facing what-ifs.

Did you know you might live almost a quarter of your life in retirement? The average 65-year-old woman has a life expectancy of another 20 years. Do you have enough money to last over 20 years from retirement age?

What happens if you need long-term care? What will it cost you to cover medical expenses over the course of your retirement? The average retiree spends almost $300,000 to cover these costs. How do you know if you’ve saved enough? Does your plan account for healthcare costs?

Finally, the majority of people say having a written financial plan is important when in actuality, few have one. A lot of people who come to see David for the first time have money saved but don’t have a plan. What’s in a written plan? How can an advisor help create one that works for you?

Listen to the entire episode or click on the timestamps below to skip to a stat you want to hear more about.

[1:35] – What are important retirement statistics?

[2:29] – 17 percent of American workers are confident they’ll have enough money in retirement.

[7:27] – The average 65-year-old woman has a life expectancy of 20.7 more years.

[9:31] – 16.5 percent of our population is over age 65.

[11:58] – The average retiree will spend almost $300k for out-of-pocket medical expenses.

[15:47] – 90 percent of people over 60 years old say a written plan is important.

Today’s Takeaway:

Once you’re retired, the money you’ve put away for yourself has to last an increasingly longer and longer amount of time.”

– David Dickens

Additional Resources:

PODCAST: 2021 Financial New Year’s Resolutions, Part 1

PODCAST: 2021 Financial Resolutions, Part 2

PODCAST: Are You Counting On Social Security?


More From David:

The host: David Dickens

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