How to Budget for Retirement Without Sacrifices
episodePreviously titled “Ep 124 | How to Budget for Retirement Without Sacrifices” — renamed by the publisher on Aug 2, 2026
Wealthy After 40: Retirement Planning and Budgeting for Gen X
15 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
Why do people fear retirement will require major sacrifices?
you think it's going to cost more or that you won't have as much money. And so you're afraid retirement means cutting out the things that make life fun now. I want you to think on that for a minute. You know, what is it that makes life fun right now? You're probably imagining a stripped down lifestyle in retirement where you're going to have to sacrifice. Welcome to the Wealthy After 40 podcast, the show for Gen X women and couples who are ready to ditch financial stress and feel confident about retirement. I'm your host, Dailene Higgins, financial and retirement coach, helping Gen Xers master their money and create a personalized retirement plan so they can stop spinning their wheels and step boldly into their dream retirement.
If you're feeling behind, don't worry. Continue listening to this podcast as well as be sure to grab your free guide, Five Must Do Steps to Start Retirement Planning Now at elevatefinances.us backslash must do. And remember, let's make retirement possible together.
Welcome to this episode. I'm excited to dive in with you about thinking about retirement, thoughts about retirement, what we truly believe about retirement.
I know I sent out an email to my email list a couple months ago as I had just had a younger individual staying with me for a couple weeks. And she said, man, I would love to be retired and not do anything all day. And it had me thinking of what does a 25-year-old think retirement is, as opposed to what does a 40, 45-year-old think retirement is, and as opposed to what the 65, and I'm using that number roughly right, what the 65-year-old truly sees that retirement is. It's a little bit about what we're talking about, because the question was, will we have to cut back so much and spending, and now that we don't enjoy retirement. So the first thoughts that individuals are having is they start thinking their lifestyle will change, right?
You might be thinking retirement's going to cost more, or you might be thinking, I won't have as much in retirement. I won't be able to do the things I love to do. Retirement is going to be so different from working. Yes, it will. But in a good way. I don't want, especially that last statement, to be such a negative that it's going to be so different. And if you listened to the last episode when I talk about define your dream, that is how you're going to know and be that 65-year-old with an amazing retirement. Okay, let's go back to cutting back so that we won't be able to enjoy retirement. Probably because you think it's going to cost more or that you won't have as much money. And so you're afraid retirement means cutting out the things that make life fun now.
I want you to think on that for a minute. You know, what is it that makes life fun right now? You're probably imagining a stripped down lifestyle in retirement, right? Where you're going to have to sacrifice to keep the roof over your head, to be able to have food on the table. And honestly, these thoughts are coming from perceptions. or things we've heard, which is again, perception. Hearing how certain individuals, they really don't have enough money, or we see somebody and we're like, well, they don't do anything. Honestly, if you watched my home, I cannot leave my house for six days, and I absolutely love it. But somebody might say, oh, well, she can't go anywhere because she doesn't have any money.
And that is not the truth. Get out of the perception of, That will only bring on fear. And I want you to start thinking about what is going to be real. You have worked hard your whole life. And the idea of less and retirement, because that's the perception that a lot of us give. And even if you talk to a financial planner of how much money do I need? Oh, 80% of what you take home now right there says, oh my gosh, I'm going to have less money. But we have never actually dialed into the specifics of You're stuck between wanting freedom, time freedom, not having to go to work every day, or not having to work so hard. There's a couple different things in there.
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Chapters
3 chaptersSpeakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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