Ep 96 | Retirement 101: The Essential Steps to Estimate Your Retirement Budget
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
20 min
2 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What does Part Three of the Retirement 101 series cover and why should I listen?
part three of the Retirement 101 series. If you have missed parts one and two, be sure to go find those in the podcast feed. They are the steps you need to take before jumping into part three. Today is all about tightening up the belt, aligning all that we've been putting into place with those episodes, and having a more solid view of retirement. Stay tuned for the episode. 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, cashflow, 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. Welcome to part three of the Retirement 101 series. If you've missed parts one and two, be sure to go back and listen to those as they each build on top of one another.
And These episodes are also walking you through my retirement readiness checklist. If you're looking for further steps and details and strategies, join My Retirement Vault. It's a private podcast where we're diving in deeper into the strategies of each of these series that I have been sharing. But it's also a place where you can come and ask your questions and get them answered on your own podcast episodes. I hope you'll join us over there. Back to the series, part one, we covered tracking expenses, which really you need to build awareness, building an emergency fund, which is your sinking funds and your savings goals.
What foundational steps from Parts One and Two should I have completed before estimating my retirement budget?
and that you are contributing to retirement savings consistently. Those are three key elements in a very solid foundation financially. Go listen to that one. In part two, we talked about how to manage your debt, how that's going to look in retirement and really building that understanding before you get there. We talked about risk tolerance and how to assess that, meaning are you aggressive? Are you conservative? And go listen to that for more. But it's also we talked about creating a positive relationship with your finances. In part three, we're going to dive into what you should be doing as you're approaching the two to three years away from retirement. Now, you can do this at any stage, honestly.
It just is a little bit better or more realistic, I guess, with the numbers the closer you are, but it doesn't mean that you can't create this if you're five, you know, eight years away. We're getting into the numbers today. Creating a estimated retirement budget. That's what we're talking about. This is how you know when a When and if you are working with a financial advisor, when they ask, how much do I need to live on every year? That is what they ask. They're really good at that. And most clients don't know. And so I think financial advisors have kind of leaned into, well, you need about 70 to 80% of what you make. And I think it's just because there's this gap. I'm hoping to explain how to answer this question so it's not a gap for you.
And if you are not working with a financial advisor, that is fine. You still need to know this number. We're going to walk through these steps to solidify what... budgeting will look like in retirement. If you haven't learned how to do it now, it is something you really need to learn because it doesn't go away into retirement. Really being able to budget and have control over your money is something that is a lifelong skill and something that just makes everything easier.
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Chapters
3 chapters
1
What does Part Three of the Retirement 101 series cover and why should I listen?
0:00–2:59
2
What foundational steps from Parts One and Two should I have completed before estimating my retirement budget?
2:59–20:06
3
How do I create an estimated retirement budget from my current monthly spending?
20:06–20:49
Speakers
2 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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Why Do You Fear Retirement? The Answer Might Surprise You