Mar 18, 2019
In this episode of Inside the Plan, Bill Bush and Andy
Bush, Advisors at Horizon Financial Group, get down to business
with the hard facts and stats that affect all of our retirement
decisions. The importance of preparing for retirement can’t be
stressed enough. What are the retirement statistics for people’s
life expectancies beyond 65, the number of people retiring earlier,
and how gender, health, and fear play a role in this
- 0:38---Many Americans are relying on social security and
retirement savings for retirement.
- 1:23--- How much money is it going to take to retire?
- 2:10--- How traditional gender roles affect retirement
- 3:15--- Baby boomers have doubt about how much they have saved
- 4:21--- You have to deal with your debt before you get to your
- 7:25--- 35% of people 64-74 and 21% of people over 75 are still
paying mortgage debt.
- 5:52--- What is the average age for retirement?
- 7:09--- 55% of retirees retire earlier than expected.
- 8:00--- Employees may miss out on an extra $1,300 on retirement
matching each year.
- 9:01--- A couple will spend approximately $245-280,000 on
healthcare during retirement.
- 9:33--- Nearly 60% of retirees don’t budget for entertainment
- 10:12--- How much longer do men and women at age 65 tend to
- 10:31--- What is the saver’s tax credit?
3 Key Points:
- More than half of Americans have less than $10,000 saved for
- Women are 27% more likely to have no retirement savings.
- 76% of baby boomers aren’t confident that they have saved
enough for retirement.
- “One in three Americans
has nothing saved for retirement.” – Bill Bush.
- “If you are creating
habits of spending using both incomes, than you need to create
habits of saving using both incomes.” – Andy Bush.
- “The number of seniors
declaring bankruptcy has grown to 7% and nearly ⅓ of homeowners of
retiring age still have mortgage dept.” – Bill Bush.