In this October 1, 2025 episode of the One‑of‑a‑Kind Financial Show Daily, host Mike Milligan and consumer‑advocate Gary Nolan walk listeners through the core components of a retirement plan that can replace a regular paycheck. They begin by noting that nearly 40 % of workers fear outliving their savings and then outline practical steps: (1) choosing a personalized Social Security claiming strategy—highlighting the 76 % benefit boost from waiting until age 70 versus early claiming at 62 and stressing that health, savings, and income needs dictate the optimal age; (2) coordinating all income sources—Social Security, investments, and other assets—while avoiding common pitfalls such as overly conservative allocations or relying on inaccurate advisor estimates (e.g., a $800 k portfolio earning only 1.5 % instead of the quoted 4 %); (3) accounting for major expenses like healthcare and long‑term care, with Fidelity’s estimate of $315 k for a 65‑year‑old couple; (4) understanding the financial upside of delaying retirement a few months, citing Stanford Center on Longevity research that a 3‑6‑month extension equals an extra 1 % annual salary saved over 30 years; and (5) integrating tax‑efficient strategies and legacy goals into a customized “one‑of‑a‑kind” financial plan. Throughout the segment the hosts repeatedly invite listeners to text “IDEAS” to 600‑700 or call 800‑748‑1838 to receive a free 45‑minute recorded presentation and to schedule a personalized plan with One Oak Financial. The episode ends with a full compliance disclaimer outlining Mike Milligan’s CFP status, advisory affiliations, and the informational nature of the content.
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Welcome to the One of a Kind Financial Show Daily with your host, Mike Milligan. It is October 1st, the beginning of the 4th quarter, and for many, a time of trepidation. There's a lot going on in the world today, and I just want you to know, despite that, you are one of a kind. You are unique. And as we begin this 4th quarter, I want you to know that you have a future that's bright. If you take control of it, you know you're retired when your nine to five has been replaced by a strict nap to snack schedule. That's something we recently talked about on the One of a Kind Financial Show. We talked about what's required to retire, when you should take Social Security. We looked at all of your income sources and what they can be, and then we even talked about the power of delaying retirement. Enjoyed the segment. We look forward to seeing you very soon. Be. One of a kind.
As you get closer to retirement, the financial questions feel bigger and the margin for error gets smaller. The biggest question of all, how do you replace your paycheck once it stops? Now, according to the Transamerica Center for Retirement Studies, nearly 40% of workers say their greatest retirement fear is outliving their savings. Now, today We're going to walk you through some practical steps covering Social Security timing, taxes, and smart income planning to help ensure your lifestyle stays steady when your work becomes optional. Here's the first question. It's a big one. What's required to retire, Mike?
Gary, I have a, I have a great recording that I can offer all my listeners, right? It's me giving a presentation on the principles of retirement planning. It's on, it is recorded. It's a 45 to 50-minute presentation on exactly what we're talking about in this segment, right? Getting the income you need in retirement and the income you want while also providing for long-term care and legacy. So if you want that, you could text ideas into 600-700 and I'll make sure you get a copy of that.
Sure.
But to answer your question, what's required to retire? It's not just about hitting a magic number in your 401. It's about All the pieces and how they work together. You need to consider when you should start Social Security, and that's a one-of-a-kind decision depending on who you are. Should you tap savings to delay Social Security? And how will you budget for big-ticket expenses like healthcare, long-term care, which Fidelity estimates can cost a 65-year-old couple over $315,000 in retirement? With so many moving parts, How do clients really know they're ready? Well, they come and get a one-of-a-kind financial plan. And when they have the one-of-a-kind financial plan, they understand that the vision that we help them create for retirement and the plan we put in place can reduce fear and anxiety.
And this is probably one of the biggest questions you get, Mike. I can almost count on it for sure. When should you take Social Security?
In that presentation, Retirement Planning, Principles of Retirement Planning, I talk about this pretty exhaustively. About the Social Security claiming strategy. In the one-size-fits-all world, people who don't customize plans, they give the same plan to everybody comes to the door, they either say take it at 70 or take it at 62. There's no middle ground. They just say, they just give you this advice that is so generic and is not applicable. But retirees can miss a lot of guaranteed income over their life by taking the wrong strategy. And so timing is really everything. Claiming at 62 locks in a smaller benefit, while waiting until 70 can boost payments by as much as 76% as compared to early claiming. But the right answer really depends on your health, how much you've saved, and the income that's needed. And if you don't have— if you're not going deeper to look at what the numbers are and what your need is, Well, you're just taking somebody else's advice. You're living someone else's retirement plan. That's why we ask you to come in. Let's build a one-of-a-kind financial plan and get a Social Security claiming strategy that's right for you.
Yeah, sounds like a good time to give the phone number. That 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 ready for your phone call this weekend. The show is the One of a Kind Financial Show with Mike Milligan. I'm Gary Nolan, your consumer advocate. Want to thank you for joining us, spending time with us this weekend. One more time on the phone number before we get back to the show: 800-748-1838, or text the word ideas to 600-700. Next point we want to make: look at all income sources together. Let's talk about that for a minute or two, Mike.
Well, too often retirees look at Social Security in isolation instead of as a part of a bigger puzzle. Some end up investing too conservatively, leaving money idle in savings instead of working for them. Just recently, somebody who came in on the One of a Kind Financial Show, we were looking through a statement and their advisor told them that they were earning over 4% on a money market account. And when we dove into it, when we actually dove into it, we found out that at one of the big firms, they were really only earning 1.5% on over $800,000. They were literally losing $20,000 per year of interest income because the advisor said one thing, but the reality was different. And so when we analyze statements and we put everything together, we're not going to miss the income that you deserve to have in retirement just by giving lazy answers. We're going to customize something just for you. And if that little example right there doesn't tell you the state of our current financial situation, where a big national firm just randomly throws out a number when the reality is different, it should show you that who you're dealing with may not— I'm not saying they don't, because there's some really good firms out there, but the firm you're dealing with may not have your best interest in mind because they're just generally at answering questions and don't have you at the heart of your financial plan.
Yeah, it's not that one-of-a-kind financial plan that Mike and his team will put together for you. 1 minute left, Mike. The power of retiring later.
Well, just a little— just working a little bit longer can have a bigger payoff, especially if legacy, leaving a bigger legacy to your next generation, is a big deal. Research from Stanford Center on Longevity found that delaying retirement by just 3 to 6 months Has the same financial impact as saving an additional 1% of your salary every year for 30 years. That's an amazing stat, Gary. Beyond the dollars, some find working longer provides purpose and structure. Now, working longer is not right for everybody. It's not, right? Some people need to go and live. They want to travel. They want to spend time with grandkids. They want to go out and do things that are meaningful and impactful to them. But for those who maybe haven't saved enough, or they feel like they're not ready yet, that extra 3 to 6 months can make a huge impact on the overall financial plan.
Absolutely. Great segment. I wish we had more time, Mike. What do you think?
Well, the retirement red zone is no time for guesswork. Your income plan should be as personalized as your life is. So coordinating Social Security, investments, and tax strategies So that you can enjoy retirement with confidence is what we do. We literally build a one-of-a-kind financial plan. It's a clear roadmap for replacing your paycheck. Now, now's the time for you to call us and sit down, because when we build the financial plan around taxes, retirement income, investments, long-term care, and legacy, you're going to have somebody on your side that wants and is cheering for you to have the best retirement you can have and live a one-of-a-kind life.
Folks, there's no cost, there's no obligation. Get a better handle on your financial situation. It starts by picking up the phone and dialing this number: 800-748-1838. 800-748-1838. The folks at One Oak Financial standing by, ready for your phone call this weekend. Get on the calendar. You could also hit them up on, uh, the text line, IDEAS, to 600-700. Text the word IDEAS to 600-700. And like I said, the folks at One Oak Financial standing by, ready for your phone call. One more time on the number before we take our next break: 800-748-1838, or text the word IDEAS to 600-700.
One last message from our compliance team. As a reminder, Mike Milligan, Certified Financial Planner, is an investment advisor representative of Advisory Alpha, LLC, an SEC-registered investment advisor. All opinions expressed by me, Mike, or any podcast guest are solely our opinions. and do not reflect the opinions of Advisory Alpha. This recording is for informational purposes only, should not be relied on solely for investment, tax, or legal decisions, and it's in no way intended to communicate or guarantee specific performance or suitability of any security instrument or product as we may have discussed. Investment advisory and financial planning services offered through Advisory Alpha LLC, a registered investment advisor. Insurance products are provided by Ideas by Mike, a licensed agency located in Norfolk, Virginia, and licensed to do business in all 50 states. While tax and legal issues may be discussed in the general course of financial and investment planning, Advisory Alpha does not provide tax or legal services. Please consult with your tax or legal professional prior to making decisions related to these issues. If you want us— an appointment with Ideas by Mike or One Oak Financial, please reach out via our website. This podcast is produced in conjunction with Mike Milligan, LLC.
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