Step One In Retirement Planning For GenXers
episodePreviously titled “Ep 165 | Step One In Retirement Planning For GenXers” — renamed by the publisher on Aug 2, 2026
Wealthy After 40: Retirement Planning and Budgeting for Gen X
16 min
1 speaker
2 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How can GenXers stop feeling overwhelmed and take the first step toward retirement planning?
You know that moment when you realize you're closer to retirement than college drop-off day and suddenly money feels urgent in a way it never did before? If you've been meaning to figure it out but don't know where to start, this episode is your turning point. I'm sharing simple steps that you can take right now to help you understand how easy it is to begin planning and moving toward the retirement you really want. 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. Welcome to the episode. So let's talk numbers. You cannot change what you refuse to look at. And yet so many individuals come to me wanting a different outcome. And they're avoiding the very information that will set them free. And I get it. Numbers can be intimidating. They're not always easy to interpret, and they can stir up some anxiety and worries. They make you feel like you're going to uncover a problem that you don't have the capacity to solve today or in the future. You want something for, you know, the other idea you have. So you just worry and you just stay status quo. But here's the honest truth. And I am saying this with so much love, but avoiding your numbers doesn't protect you.
It's going to keep you stuck. But whenever any problem or goal with money comes up, looking at your numbers helps you make better decisions. You know, so you have to have looked at them, have to know them, spend some time with them. Not just any numbers when you have a specific problem or a goal, but the ones that are going to support that issue. And guess what? That number is not your bank account balance. So when we talk about retirement or feeling behind or wishing you could get a better handle on your money, the very first step is knowing exactly what you're working with. Not just a vague idea, not a best guess, not a, I think we're okay, but the real numbers. These real numbers help you make real decisions, concrete.
They help you feel confident as you're moving ahead, as things happen. So numbers are really important. And today, I'm going to walk you through which numbers matter, how to use them, and how understanding them becomes the foundation of your retirement plan. So your bank account balance is not the number you need. And why is that? Well, it tells you what you have today. It does not tell you whether you're on the right track, if you're hitting your goals, or even if you're on a path moving forward. So with specific to retirement, because I talked about you would need to look at the numbers that pertain to the problem or the goal. And here are the first five numbers that you need to know to help make progress in retirement planning.
The first one is your monthly gross income. The second one, while be it the same, is your monthly take-home pay. Number three is your total monthly expenses. How much are you spending every month? Out of that expense, you're going to have number four, which is your monthly debt payment. A total. I don't need individual at this point, just a total. And then the last one, number five, which is always a fun one, at least for me, you'll have to let me know what you think, is the total amount you're saving each month. That's it. Five numbers. They just give you the clarity and the direction without overcomplicating matters, without, you know, making you feel overwhelmed and, you know, like I'm not even sure what all of these numbers mean.
So why do these specific numbers matter? Well, if you look at your gross income and your take-home income, they will be showing you what you live on. the difference. And hopefully there is a difference. The bigger, the better. In a sense, there's still some tweaking we could do, but this is going to start showing you if you're living on less than you make.
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Chapters
2 chaptersSpeakers
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