Ep 108 | Get Retirement Ready With These Smart Moves
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
19 min
2 speakers
2 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How does this episode simplify retirement planning into two foundational pieces?
Retirement planning can feel overwhelming, but it doesn't have to be. In today's episode, I'm breaking it down into two foundational pieces, clarity with your money now and your vision for retirement. We'll cover more specifically spending, budgeting, savings, and your FI number so you know exactly where your money is going and what you need to retire confidently. Plus, we'll explore your vision, your biggest desires, hobbies, and how they'll impact your retirement budget. Stay tuned to get retirement ready. Welcome to Wealthy After 40, where I help you turn retirement uncertainty into a clear, actionable plan. If you're thinking about retirement but feel unsure whether it's even possible, I understand.
The gap between where you are now and where you want to be can feel overwhelming, but it doesn't have to. Hi, I'm Daylene Higgins, founder of Elevate Finances and your personal financial coach. Having retired at the age of 50 and have enjoyed over two years of retirement bliss, I'm here to help you create your retirement dream and make it a reality. No more wondering, no more guessing, just taking action and building a future for yourself. Join me each week as I guide you through essential topics such as budgeting, cash flow, lifestyle planning, debt and savings, insurance, Medicare, and social security. Together we'll build a strategy to help you achieve the retirement you've always desired. It's time to shift from uncertain to unstoppable and make your retirement dreams a reality.
Today's episode is talking about what you need to know to get ready for retirement. This is just foundational, so this should be simple for you. I'm not going to overload you with overwhelm. Hopefully you have downloaded that retirement readiness checklist, which covers all of the topics. It is a summary. It gives you the look at it. And I've also done the retirement one-on-one series so that you can kind of get direction on that checklist. Be sure to check out both of those. As addition to this episode, retirement planning can be overwhelming. By looking at that checklist, there's seven areas. And then within those areas, there's topics. There's things you need to learn. You need to focus on Social Security, Medicare, estate planning, all of those things.
Wow. Okay, I've simplified in this episode the two foundational pieces that you need to be focusing on if you're just starting out. Maybe it's a quick review if you're somebody down the road. or if you're like 10 years away, this is a great place. These are foundationally going to, number one, set you up for success, but number two, it's also going to help you see steps you need to take, things you need to do, what you're gonna consider the next road. It kind of gives you the overview, and then you can kind of detail that down. The first foundational piece is, is understanding your current financial situation. And you're like, oh yeah, I know it. But do you? Do you know your spending? Are you budgeting?
Do you know how much you're saving for retirement plus saving outside of retirement? Savings is crucial, so make sure you do that. And then are you clear on your FI number? even if it's rough. FI number means financial independence. This is the number that you can easily walk away from your job and be independent, not have to rely on anybody or anything. I'm going to help you kind of break this down because I've just said spending, budgeting, retirement savings. What are you supposed to do? All right. First thing I want you to do Think about where is your money going? This is an overview just to think about it. Where is your money going? This can be bills. This can be just spending. This can be savings. Think about it in that sense.
Just where are you directing your money to go? Then the next thing is, how much do things cost you? How much do they truly cost you? Not somebody else, not a family, mother, sister, friend, co-worker, you. You and your household, how much are things truly costing you and are you okay with that? At the time I'm recording this, egg prices have gone up.
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Chapters
2 chaptersSpeakers
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