In this January 20, 2026 episode of the One of a Kind Financial Show Daily, host Mike Milligan and co‑host Gary debunk a series of common retirement myths and explain why they can jeopardize a retiree’s financial security. They begin by reassuring listeners that it’s never too late to start saving, highlighting catch‑up contributions for those 50+. They then expose the myth that Medicare covers all health costs, citing Fidelity’s 2024 estimate that a typical 65‑year‑old will need about $165,000 (or $330,000 for a couple) in after‑tax healthcare expenses. Long‑term‑care inflation is described as outpacing even gas and milk prices, urging proactive coverage. The hosts warn against postponing savings until raises or bonuses, emphasizing the lost power of compound interest and recommending automatic payroll deductions. They clarify that retirement accounts do not automatically pass to a spouse without proper beneficiary designations, noting probate risks illustrated with Virginia intestacy rules. The episode challenges the belief that a default 3% 401(k) contribution is sufficient, referencing Dr. Wade Pfau’s recommendation of saving 15% of income. Finally, they refute the notion that retirees will live on a lower standard of living, arguing that many aim to maintain or improve lifestyle, with costs driven by inflation, travel, relocation, and health care. Throughout, Mike promotes One Oak Financial’s “one‑of‑a‑kind” personalized financial plan, offering a free, no‑obligation consultation via phone or text, and provides regulatory disclosures at the end.
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It's January 20th, and this is the One of a Kind Financial Show Daily, 20 days into the year. And, uh, as I see it, there's really 3 outcomes that could have already happened in this year. You are repeating 2025. You're either set out on a path of change and something has started and, uh, you're gonna continue that path for the better. Or 3, You're still building a plan. Remember, there's plenty of time left in this year to execute that plan. And so I would just tell you that if you're going down one of those 3 that you did not want to go down, you have time to change. Uh, recently on the One of a Kind Financial Show, uh, Gary and I did a segment that, uh, got a lot of feedback from our listeners in real time from actual calls. Thinking we have a retirement plan is very different than having an actual written plan. We outlined some common myths that could trip up even the savviest retirees and what you need to rethink when it comes to your personal strategy. Mark Twain famously once said, age is an issue of mind over matter. If you don't mind, it doesn't matter. So let's talk about that written plan. Talk about how One Oak Financial is there to build a one-of-a-kind financial plan for your one-of-a-kind life. Because that is you. Enjoy this segment from the show.
Former Defense Secretary Donald Rumsfeld once said, there are things we don't know that we don't know. Now, the statement is surprisingly relevant when it comes to preparing for retirement. Today, we're pulling back the curtain on some of those blind spots, myths that we assume are true that could leave your financial future on shaky ground. Here's the first one I want to discuss with you, Mike. Is it really too late to start planning for retirement?
People often assume that if they don't start saving in their 20s, they've missed the boat. But here's the truth. It's never too late. For those 50 and older, catch-up contributions on your IRAs and 401s can make a major impact. And Gary, did you know that Colonel Sanders didn't really start Kentucky Fried Chicken until he was 64 years old?
Oh, I know. Absolutely. Yes.
And I think, and I think KFC was a pretty good retirement plan for him.
Yeah, I think it's worked well for him. It really had. Absolutely. Won't Medicare cover all my healthcare costs? That's a big myth, Mike.
It is. Fidelity Investments' most recent retiree healthcare cost estimate released in August of 2024 indicates that 65-year-old individuals retiring in 2024 can expect to spend approximately $165,000 of after-tax money on healthcare expenses throughout retirement. For a 65-year-old couple retiring the same year, that projected cost is $330,000 after taxes. And so the answer is Medicare does not cover it all. You have to plan to be able to pay for the difference.
Especially for long-term healthcare. Am I right, Mike?
Long-term care is going to be— is going to continue to increase at inflation rates that are more than what gas and milk cost. And so it's definitely something that we have to include in healthcare coverage costs.
All right, how about this? Can't I just save more money when I make more money?
Well, there's always the temptation to wait until you get the raise or save when you get the bonus or put aside some of that tax refund. And people think they'll do that and that's a serious retirement strategy. But the power of compound interest fades the longer you wait. If you don't give your money the time element of compounded growth, You're not going to reap the benefits. And so there is a cost that you have when you wait to save. It's the opportunity cost of what your money should be. It's very, a very powerful discipline to have in your life is automatic savings deductions going into retirement accounts for your future.
Right. Great advice, Mike. The show is the One of a Kind Financial Show with Mike Milligan with One Oak Financial. I want to get you on the calendar, get you all set up with that comprehensive plan with that one of a kind financial plan that Mike's going to talk about in just a couple of minutes. That phone number is 800-748-1838. 800-748-1838. Or text the word ideas to 600-700. Do it right now. The folks at One Oak Financial standing by this weekend ready for your phone call. Won't my spouse just inherit everything automatically? Yikes.
It's a dangerous myth that assets like retirement accounts automatically transfer to a spouse without Paperwork, without a clear beneficiary designation on file with where your account is, and clear estate planning documents, these funds can wind up tied up in probate or worse, go to someone unintended. For instance, in the state of Virginia, if you die intestate without a will and an asset doesn't have beneficiary designations and you're married with kids, The spouse does not get everything. It's the spouse and then some to the kids. And that may not be something that you intended. So to avoid those unintended consequences, we need to review beneficiary designations and bust this myth that everything does go to the spouse.
Yeah, there's no question about that. Make sure you take care of that. Mike will help you with that as well. I've been putting money into my 401. Isn't that enough?
Well, most employers set a default 401 contribution at around 3%. But according to Dr. Wade Pfau, retirees may need to save 15% of their income annually to meet the future income retirement needs. So there, there is a danger in saying that the 401 will take care of it all. Trust me, folks, your future self will thank your past self for that extra savings into that 401 plan.
Got another minute or so left. This is something that's another big myth. I'll live less on retirement, won't I?
It's a lie, guys, that has been promoted by the financial advisory world and really those around the retirement space for decades now. And I hate to be so direct with you about that, but we're here to tell you the truth on the One of a Kind Financial Show. Nobody who retires expects to have a lower standard of living. People want to actually increase their standard of living in retirement. As Tom Hegna says, retirement is just a continual Saturday. And so there's— retirement living is simpler and therefore cheaper is the myth, but inflation, travel, relocation, and healthcare expenses often push those costs up, not down.
Yeah, you may not be commuting every day, but you're going to the doctor a lot more, that's for sure. All right, Mike, tell us about the one-of-a-kind financial plan.
Guys, I'm excited to, again, we're still in January and we're still seeing lots of call-ins and lots of people taking advantage of creating a one-of-a-kind financial plan for their one-of-a-kind life. We do this because what we see at One Oak Financial is people without clear tax strategies, a retirement income that they cannot count on if the market goes down, or if something radically changes in their life and they've got the same risk level in their portfolio that they had when they were working. Guys, the One of a Kind Financial Plan starts where you are, not where you were in the past, where you are today. It drafts a tax plan, a retirement income investment, long-term care, and legacy plan that is for you, By us. That one-of-a-kind financial plan is something we do to break the mold of the one-size-fits-all advisory world. And we do that so you can live a one-of-a-kind life.
Folks, there's no cost, there's no obligation. Get a better handle on your financial situation. Here's that phone number. Get on the calendar now, get you all set up with that comprehensive plan, that one-of-a-kind financial plan that Mike just talked about. 800-748-1838. 800-748-1838 or text the word ideas to 600-700. The folks at One Oak Financial standing by this weekend, ready for your phone call. 800-748-1838 or text the word ideas to 600-700.
This has been the One of a Kind Financial Show Daily with your host, Mike Milligan. Mike is an investment advisory representative with Advisory Alpha LLC. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. Mike is in partnership with Advisory Alpha to be able to provide financial planning and assets under management services to his clients. Coaching, education, financial, other financial services are offered through Ideas by Mike, doing business as OneUp Financial. All education, all content provided on the One of a Kind Financial Show Daily and the One of a Kind Financial Show is for education purposes only. Please consult a licensed financial professional before acting on any of the things discussed in the show. And as always, you have the opportunity of reaching out to Mike. By texting ideas to 600-700, getting on his calendar and spending time with him to discover how to build a one-of-a-kind financial plan for your one-of-a-kind life.
Be one of a kind with Mike's plan. In a face shot growth, take a stand. Visibility strategy, take the lead. Transformation's yours, fulfill the need. Mike's got the way to help you. You rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind. Take the flight. Mike's the guide, you'll shine bright.
