Jul 16, 2019
In this episode of Inside the Plan with the 401(k)
Brothers, Bill Bush and Andy Bush, advisors at Horizon
Financial Group, talk about a Schwab survey of 1000 401k
participants. Learn from Bill and Andy some of the key truths
regarding retirement planning that were revealed and can be applied
to your own life.
- 0:20 – Bill Bush and Andy Bush introduce the topic of a Schwab
survey that involved 401k participants.
- 1:41 – How much money do the survey participants feel they need
to save for retirement?
- 2:07 – What is the safe withdrawal rate for annual retirement
- 4:38 – What is the typical view of investing and saving for
- 6:27 – Are people more likely to use a savings account for
- 7:37 – What are some less volatile investment options to go
beyond just a savings account?
- 9:01 – Half of the Schwab survey participants are contributing
10% or less to their 401k plan.
- 10:50 – One-third of participants chose a percentage for their
401k that they were comfortable with.
- 14:11 – 52% have said they have used a retirement plan
3 Key Points:
- The media typically convinces people that they need at least $1
million to retire with.
- Two-thirds say that a 401k plan represents their first
experience with investing.
- Most view themselves as savers rather than investors.
- “On average, (401k) participants (Charles Schwab retirement
survey) think they need $1.7 million saved for retirement.” – Bill
- (Annual retirement spending) “We always look at kind of the
safe withdrawal rate of being about 4%.” – Andy Bush.
- “Nearly 6 out of 10 people say their 401k is their only or
their largest source of retirement savings.” – Bill Bush.
- Contact Information: