Ep 89 | How Gen X Can Reflect, Plan, and Prepare for Retirement
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
21 min
2 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
How urgent is retirement planning for Gen X as they approach 60?
If you've been struggling with the idea of retirement, of it being a possibility, or that you're ready to make it a reality, today's episode will give you clarity and the action steps to begin retirement planning. What is the saying? If you believe you will receive, stick around to learn how to change your mindset and what actions to make retirement a reality. The oldest Gen Xers are about two to five years away from retirement, so there's no more time to delay planning. 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 Dailene 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. Before we dive into the episode, I want to celebrate my clients who are getting their finances organized to help them transition to retirement more easily.
We've helped them create a tracking system. They're building financial stability and so much excitement in seeing those dollars grow to support their larger needs. And as they keep spending time with their finances, they're They will soon be able to have an answer for their financial advisor of how much they will need every month in retirement. If this sounds like something you're ready to create, schedule your complimentary retirement vision session today. Link is in the show notes. The oldest Gen Xers turn 60 next year, 2025. And the average retirement age is between 61 and 65. So the first wave of our generation is taking their turn very soon, if they haven't already, headed into retirement. headed into that next phase of life that we thought was so far off in the distance.
Northwestern Mutual, they surveyed four generations, and the older two generations, us and the boomers, stated that, so those that were surveyed, half of them stated they were not financially prepared for retirement. This could partly be due to a lack of retirement planning. A separate survey by Alliance, and that's with a Z, not a CE, released around that same time found that 30% of Gen Xers have a retirement income plan. The least of all the generations surveyed. It's just crazy, but it's also understandable. We are a generation who began working, some of us as early as six, seven, eight, doing odd jobs, being our own entrepreneurs. And then how many of us got that paper route early? You know, many of us were babysitting, well, 10, 11, 12.
So we are a generation that has known working for money, for years. That right there, I can see why, you know, Gen Xers really haven't reached into, you mean I don't need to work to get money or I can be able to do that? But I also hear and have read a lot of comments about why someone says they can't retire. These reasons or beliefs are things from, I haven't been good at saving, the economy is too bad and I won't have enough money, or I'll spend too much money because of the extra time I'll have. These are just a few. Now, most of us have not been stellar savers. There's going to be a small handful. That's just an excuse. The economy is too bad. The economy has history. It is a roller coaster, and you've got to learn to ride that roller coaster.
And then thinking you're going to spend too much money because of the extra time, that just comes with not being prepared and planning in all facets for retirement.
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Chapters
3 chaptersSpeakers
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