The Real Reason You Don’t Feel Ready for Retirement
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
16 min
1 speaker
8 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
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, money coach and retirement strategist, to help you gain clarity and confidence with your money by creating a spending plan that aligns with your financial goals and dreams so you can spend intentionally, save consistently, and feel at peace about your future. Join me every week to understand your money, simplify your decisions, and take intentional steps toward the life you want. Welcome to today's episode.
Why does retirement feel so far away for people in their 40s and 50s?
So why does retirement feel so far out of reach? As I talk with individuals, whether they're going to work with me or not, And they are in their mid 40s, maybe even almost 50. I hear so many times, it's too soon for me. I'll think about it later. I'm not going to worry about this right now. I'm saving. It'll be good. I'll worry about it later. I've got time. That blanket statement. And while I understand this to some extent... You're stuck in this phase of life that I have now termed the messy middle. You're in the middle of your career, plugging along, whether you hate it or love it, trying to make those advances, be good, all of those things. You're raising your kids, prepping them for college, maybe experiencing emptiness.
You're paying all of your bills and enjoying life. There doesn't seem to be anything that's jumping out at you that's saying, hey, focus on me. And so you just go along because you think, wow, could I start planning for retirement?
What is the 'messy middle' and how does it stall retirement planning?
I've already got so much on my plate. And we do in this phase, been there, done that, have a lot going on. And many times, I think the reason why retirement feels so far out of reach is that we don't ever think about what is on the other side of that messy middle. And if you wait... till it feels like it's calmed down or you can take some more or whatever it is, whatever feeling you're hoping for, it might be too late. So I want you to ask yourself the following question. Why does it feel like retirement is so much further down the road? And why do I feel like I'm not ready to take action? Again, why does it feel like retirement is so far out of reach and why do I feel like I'm not ready to take action?
As you define that feeling is what is keeping you stuck. So recognizing what it is, make sure you reflect on that, solidify that, understand that. And as we talk about the next part of this episode, I want you to think about feelings. As we work through, we're going to define three hidden gaps. These gaps are part of why you're stalling and not taking action. This feeling that you've identified, how can you shift that feeling to help close at least one of these gaps? Because around here, we're not about doing everything quickly.
How can naming the feeling that's keeping you stuck help you take action?
We've got to make sure we do it well. So choosing one of these gaps to close, and I'll give you more direction at the end, is where I want you to start. So the first hidden gap is you don't have a clear picture of retirement. We talked about that in the last episode about retirement vision. And so not having a picture, a vision, whatever you want to call it, dream. There are three things that can help you start creating a picture for yourself. When do you want to retire? What is life going to look like in retirement? And what do you want to protect and prioritize? Now, if you've been a podcast listener for a while, that protect and prioritize is the biggest thing I request I get from my clients. I don't want to give up my current lifestyle.
But if you don't create a clear picture and you don't understand that piece, what you want to protect or prioritize, that fear is is going to still keep you from wanting to plan for retirement. But if you think that it's something I can gain and hold on to with the action of retirement planning, then it closes this gap. It changes that feeling that you've defined. But as long as you just think, oh, retirement's down the road, or I have time, I haven't thought about it, retirement is going to stay abstract.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:06–0:53
2
Why does retirement feel so far away for people in their 40s and 50s?
0:53–2:05
3
What is the 'messy middle' and how does it stall retirement planning?
2:05–3:55
4
How can naming the feeling that's keeping you stuck help you take action?
3:55–6:08
5
How do you create a clear retirement vision: when, what, and priorities?
6:08–8:36
6
What specific questions reveal your realistic day-to-day retirement lifestyle?
8:36–9:29
7
Why is 'knowing your number' better than using generic retirement calculators?
9:29–12:21
8
How can a system connect today's spending to your retirement goals?
12:21–15:54
Speakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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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