3 Steps to Build A Retirement Plan w/o Budget Restrictions
episodePreviously titled “Ep 155 | How to Build a Retirement Plan That Lets You Thrive Today and Tomorrow” — renamed by the publisher on Aug 2, 2026
Wealthy After 40: Retirement Planning and Budgeting for Gen X
14 min
1 speaker
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How does the host reframe the myth that retirement requires sacrificing enjoyment now?
When you think about retirement planning, do you feel pressure to give up some of your enjoyable expenses now to be able to save for the future? That's a false belief. You don't have to give up what you love today to be able to create security and independence for tomorrow. Inside this episode, I am sharing the secret of how to do both with intention and not feel restricted or limited. 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, 5 Must Do Steps to Start Retirement Planning Now at elevatefinances.us backslash must do. And remember, let's make retirement possible together. Welcome to the episode. I want to start out by sharing that one of the main philosophies I teach my clients is is balance. This comes in multiple areas and different ways, but where it is needed, I help clients structure this philosophy with what I call rules. Now I know rules sound restrictive, but they're really powerful. For example, if you're looking to pay off debt and save for retirement or I would help coach you through creating a rule for this.
What is the 'balance' philosophy and how do rules structure it for money decisions?
We dive into looking at the overall impact and what your ultimate desire is for both of the goals. How quickly do you want it? Do you want to explore it? Are you behind in certain areas? Is it overwhelming? Whatever it is. But when I say a rule, this comes as a percentage. If you're looking... to pay off debt and save for retirement, it can be a 50-50 or a 25-75. But like I said, it depends on your goals and the overall impact this 50-50, 25-75 would have. So exploring those opportunities and then understanding the that you have the power in doing that. And it's not a one and done. We can say, I'm going to do 50-50 until this point, and then I'm going to do 25-75. Or heck, you know, percentages are 85-15 or 90-10.
It just depends. But I want to say, there is not one rule or one statement that I would give about saving in debt or spending and saving that other than you need to balance now and later. So let's get nostalgic for just a moment. Do you remember those candies from our generation, child years, those now and laters? I was chatting with my coach and we were, you know, I'm like, oh, I like to help people balance their money now and later. And I'm like, oh, those candies, you know, and she's like, is that what they're called? And I'm like, I'm pretty sure. So I Google them. They still have a website. But what I loved was their statement, their motto on there. Chew now and chase your later. And I thought, yes, this is so fitting for the overall strategy that I use this now and later.
Enjoy your now and chase your later, chase your future. You've got to find that balance. You've got to think about it in that way. So hopefully you remember those candies, whether you loved them or hate them. There is a lot to have now. And then you had the enjoyment for a Thinking about planning for retirement. A scarcity mind or restrictive mindset will tell you, you have to save every extra dollar for retirement. That's probably not true. And it really just depends. But even if you find that you haven't saved a lot of money, there still isn't a reason that you couldn't enjoy any of your money now. That's what I get from clients all the time. But I work hard now and I deserve a reward. And I'm like, yes.
Yes, you do. However, what is the impact if all of that is happening now and we're not looking at the later?
How can percentage-based rules (like 50-50 or 25-75) help balance debt payoff and retirement saving?
So, you know, we've got to shift and get out of that scarcity mindset of I need it now or I've got to save everything for the future. If you are thinking that once you focus on planning for retirement, it will mean that you have to deprive yourself, this thought will prevent you from taking even the smallest step closer to retirement.
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Chapters
3 chapters
1
How does the host reframe the myth that retirement requires sacrificing enjoyment now?
0:00–1:50
2
What is the 'balance' philosophy and how do rules structure it for money decisions?
1:50–4:50
3
How can percentage-based rules (like 50-50 or 25-75) help balance debt payoff and retirement saving?
4:50–14:26
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
Retirement Planning for Gen X: 4 Things to Map Out Now
4 Signs of Quiet Financial Stress That Delay Retirement
Why Do You Fear Retirement? The Answer Might Surprise You