In this segment of the One of a Kind Financial Show Daily, host Mike Milligan warns listeners that a massive retirement preparedness crisis stems more from financial illiteracy than from lack of money. He cites several surveys: 43% of Americans don’t know what a 401(k) is; 59% of workers think they are contributing to a 401(k) when they are not; only 13% feel confident about their finances. Milligan highlights two critical retirement decisions: Social Security claiming—only 10.2% claim at the optimal time, meaning roughly 90% lose up to 30% of benefits—or can increase benefits by 8% per year after full retirement age; and Medicare enrollment—69% of beneficiaries never compare plans during open enrollment, and 42% don’t realize Medicare is federally managed. He also notes housing trends: 56% of older homeowners would never sell, yet many rely on home equity, and retiree moving activity fell 24% in 2024 due to high mortgage rates. Milligan urges listeners to educate themselves, seek a financial coach, and write a personalized plan, promoting his firm One Oak Financial and his book The One of a Kind Financial Plan. He provides contact details (text 600‑700, call 757‑403‑5078, website oneoakfinancial.com) and includes standard disclaimer language.
Be one of a kind with Mike's Plan.
Welcome to the One of a Kind Financial Show Daily. This is Mike Milligan. Are you underprepared for retirement? Well, that's the theme on the segment that I'm sharing from our past weekend's financial show today. I throw out a lot of stats here, but the key is, is being underprepared has more to do with financial literacy and education than it does with actually dollars and cents. So listen, uh, what I'm talking about next on this segment from the One of a Kind Financial Show. Welcome back to the One of a Kind Financial Show. I'm your host, Mike Milligan. Gary Nolan has this weekend off because of a scheduling issue. I'm wishing him and his family the best of Easter weekends, and he'll join us again next weekend on the show. I'm the founder of One Oak Financial and author of The One of a Kind Financial Plan that you can find on Amazon this weekend. Just go into the search. And look up The One of a Kind Financial Plan or Mike Milligan, either one, and you'll see not only the book, but you could see the reviews for people. It's almost got a 5-star rating, and I'd love for you to read it and give it a review also. I want to talk about something I believe is an epidemic in this country. It's not a disease. It's not going to cause a national shutdown. This is not breaking news, and it's not a virus. It's a feeling. And it's the feeling of being completely underprepared to make the biggest financial decisions of your life. Does that sound familiar? So, stay with me. Let me paint the picture with some numbers because numbers don't lie. Beyond Finance survey of 2,000 Americans found that 43% of people don't even know what a 401 is. They don't know how to optimize it. They don't know the contribution limits. They don't know what it is. And yet, There is that number one, and it is the number one savings vehicle in America today. It gets worse. Principal Financial Group found that 59% of workers who were not saving in a 401 actually believed they were. They told researchers they were contributing 5%, 8%, even 10% of their paycheck. They weren't contributing a dime. Let that sink in, folks. People think they're saving for retirement and they're not. And only 13% of Americans say they feel very good about their financial situation right now. That's 13%. That means 87% of us are walking around feeling uncertain, anxious, or flat-out lost when it comes to money. And here's what breaks my heart. It's not because people are lazy. It's because nobody taught them. 20% of Americans receive zero financial education from their parents.
Wow.
None. Not a single conversation about money around the kitchen table. This is Mike Milligan with the One of a Kind Financial Show and founder of One Oak Financial. Thank you for joining us this weekend and talking about what surveys are showing and how people feel underprepared right now for their future and their finances. And if you want to talk about that, if you want to talk about your future, if you have some uncertainty, If you don't know what your net worth is, how you're going to be able to turn income or assets into income, when you can retire, if you're maximizing the benefits at work of your 401, I invite you to reach out to me this weekend. You can text ideas to 600-700. You can call me at 757-403-5078. I'm looking forward to hearing from dozens and dozens of people. this weekend who are listening right now. So, let me talk about 2 of the biggest decisions facing retirees, Social Security and Medicare. I cannot do this justice in the next 2 minutes, but I can just give you some stats. The National Bureau of Economic Research found that only 10.2% of Americans claim Social Security at the optimal time. Let me say that again. Roughly 90% get it wrong. And the cost, if you claimed at 62 instead of your full retirement age, your benefit is reduced by as much as 30% for life. That's not a little haircut, folks. That's a third of your income gone every single month for the rest of your life. And for every year you wait past full retirement age up to age 70, your benefit grows by 8%. Now, optimal Social Security claiming Doesn't mean that everybody claims at the same time. We take a look at what your life expectancy is and then make a decision on what's right for you, what's optimal for you. So, um, so if you are trying to decide when to take Social Security, the team at One Oak Financial can help find the optimal strategy for you. Now there's Medicare. A KFF study found that nearly 7 in 10 Medicare beneficiaries, 69% to be exact, did not compare their coverage with other plans during open enrollment. Now we're 6 months away from open enrollment. So if you're over 65, October, November into the first week of December is open enrollment every year. And I'd love to get you on our list for being able to reach out to compare Medicare benefits for you during that time. I will be your reminder if you text the word ideas to 600-700 or call 757-403-5078. Because when we shop, when we compare, a NerdWallet survey found that 42% of Americans 65 and older, um, didn't know that even Medicare was a federally managed program. They didn't understand it. We'll help you understand it, but we'll help you either reduce costs or increase benefits and make sure you're in the right plan. And then there's the housing decision that people feel— a Fannie Mae study found that 56% of older homeowners say they would never sell. But here's the one thing, many households, especially those with less wealth, their home equity is their largest Meanwhile, retirees' moving activity dropped 24% in 2024 because mortgage rates climbed to 7%. Guys, so what's the answer? Easter is about renewal. It's about resurrection. It's about new beginnings. And I'm telling you right now, this is your moment for a financial new beginning. And let's take some of this, uh, these, let's go step by step real fast and talk about How we can take control. First is we can educate. Number 2, we can stop going it alone and get a financial coach by your side. And then finally, we can write down the plan. Here's the good news. You don't have to figure this out alone. That's exactly what we do at One Oak Financial. If you wanna go to our website, you can go there. It's www.oneoakfinancial.com. One Oak Financial. Oakfinancial.com. That's the number one oakfinancial.com. I want to hear your story. I want to hear what decision has you feeling stuck because my motto is never miss a moment. And this Easter weekend, I don't want you to miss the moment to take control of your financial life. The one-of-a-kind financial plan is built by us to help you control your tax situation. Help you get retirement income you can outlive, put an investment plan in place that is right for you, not right for you 20 years ago, a long-term care and a legacy place that says, I love you. So, if you can, reach out to us because as opposed to feeling uncertainty and left with no one to help, I'm here. This is Mike Milligan with the One of a Kind Financial Show. This has been the One of a Kind Financial Show Daily with your host, Mike Milligan. Uh, I am an investment advisory rep with Advisory Alpha LLC. Ideas by Mike, doing business as One Oak Financial, is an unaffiliated entity of Advisory Alpha LLC. All material on the One of a Kind Financial Show and the One of a Kind Financial Show Daily is done for educational purposes only. Please consult with your accountant or agent for tax planning advice, a licensed financial professional for investment or insurance advice, and an attorney to, to complete your estate documents. Or you can reach out to our team at One Oak Financial. That's the number one oakfinancial.com and request an appointment for yourself. Thanks. Look forward to talking to you soon.
Be one of a kind with Mike's plan. Innovation, growth, take a stand. Visibility, strategy, take the lead. Transformation's yours, fulfill the need. Ooh, ooh, ooh. Mike's got the way to help 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 shine bright.
