Retirement Planning for Gen X: 4 Things to Map Out Now
episodePreviously titled “4 Things To Consider When Preparing for Retirement” — renamed by the publisher on Aug 5, 2026
Wealthy After 40: Retirement Planning and Budgeting for Gen X
15 min
1 speaker
5 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the retirement gap this episode aims to bridge?
Hey there and welcome to Wealthy After 40. I'm Dailene Higgins, your podcast host and financial coach. If you're a Gen X woman or couple who's worried about retirement, maybe you feel like you're starting late or don't have enough saved, you're in the right place. This show is all about ditching the financial stress and creating a retirement plan that works for your life now and later. So grab your favorite drink, settle in, and let's figure this out together. You make good money, have a goal of retiring, and it's important that you maintain your lifestyle, but you have no idea what you need to do to make that happen. We're going to start off in this episode and helping you bridge that gap. where you are and the goal of retiring, there is a path between those two points.
And right now, that path is a blur. And in this episode, I'm going to help you understand what may be on your path, why it's important to define your path, and we'll jump into some questions that will help you begin to see what you need to plan and prepare for. Because as long as you don't address the what's in between, you're going to continue to have uncertainty. Because it's the thoughts in your brain of, okay, between now and then, and as a responsible human being, okay, there's other things. That's a long time. Even if you're five years, it's still... What's going on?
Why is defining your current starting point and retirement goal important?
And so between now and retirement, there can be a multitude of things as you're thinking about it and looking at them as the next milestones. And that will help you better understand what you need to plan and prepare for. also defining it, you're going to see the connection between now and retirement. And that piece alone is going to be huge. Knowing where we are and knowing where we want to go is important. And I've talked about that a lot, which if you need support on calculating those two things, I talk about that more in episode 139. The specific topic is four things to know about retirement planning, and that is important. But today's episode, we are going to dive into the in-betweens. Recently, I was working with a client and she knows when she wants to retire.
She had taken my workshop, done all of that work, knew her beginning point, her ending point. And so we were working on getting her system into place. And then I'm like, okay, it's time to start clearing this path. And as we did, as we dove into what's going to happen for her between the next 15 to 20 years, she has about a few of the things that she's, yes, these are what we're desiring, what we're possibly dealing with. And one of them is a home purchase. There's circumstances with the home they're living in, and so they need to make a home purchase. They need to look at college plans for one more child. And she says, we just want to try and enjoy the next years and not just work for retirement.
It is essential to understand what is in between that. Okay. But the first step is, yes, you need to know what your vision is for retirement.
How did a client example illustrate clearing the path to retirement?
That can be effective too. Knowing where you are is also important. Then this would be the third step of, okay, what's in between? So everyone's path will be different. We discussed a client of mine, yours may not have those same things. So it's important that you see the path from starting to ending with you. And as you do, this is going to help you move forward on your way to retirement because now you've just made a clear line from beginning to end. you're just, it's going to go, oh, that was what my mind was saying. Ah, there's other things. Ah, there's other concerns. And as you then put them into place, you now have that plan. It's like saying, okay, you're going to run a race. Here's where you're starting.
Here's where you're ending. And they don't give you anything in between. And then your mind's going, I can't do that. I can't do that. No, you can't. And this is the same. So as you think about your path, you might already have some things that you know of. Some people have those down. And so start there, write those down before you dive into the questions, because we're going to dive into some questions that are going to help make your path less blurry.
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Chapters
5 chapters
1
What is the retirement gap this episode aims to bridge?
0:05–1:56
2
Why is defining your current starting point and retirement goal important?
1:56–3:58
3
How did a client example illustrate clearing the path to retirement?
3:58–6:31
4
How should you define the lifestyle you want to maintain in retirement?
6:31–11:14
5
What milestones and life events should you map between now and retirement?
11:14–15:37
Speakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
How to Overcome Retirement Decision Overload
How to Travel Cheap in Retirement and Still Hit Bucket List Trips w/ Jillian Sidoti
Retire Confidently With a Money System That Works
4 Signs of Quiet Financial Stress That Delay Retirement
Why Do You Fear Retirement? The Answer Might Surprise You
Why Your Retirement Number Should Be Personalized