Why Do You Fear Retirement? The Answer Might Surprise You
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
19 min
1 speaker
4 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.
Are you laying awake at night worried about making retirement happen?
Why does retirement feel scary even if my finances seem fine?
You're afraid to even mention it to your spouse and you honestly don't know what to do next. If that is you, this episode is going to help you begin to alleviate that retirement fear that you're experiencing and begin taking action. This is an action episode that will help build your confidence. So the fear that you have about retirement isn't because you fear retirement itself. It's that you don't have any anchors, something to ground you, something to help your mind know what is going on. So you don't have an anchor to your future and you don't have anything An anchor to your current expenses. What you're thinking, what does that matter? That is what we're discussing in this episode. With those anchors missing, when you try to think about retirement and making it happen, the fear just gets louder because you have nothing to hold on to.
The greatest anchor that you can create now is what does your current life entail? actually cost. I've talked about this before in some other episodes about the cost of your reality. But you're not understanding what your budget is and so what your overall expenses are. You don't feel in control. And without that, you might be assuming a number when I tell you how to calculate what you need for retirement. There is no anchor to make that number anchored in. So most people who are not tracking or really relying on an app or something, you aren't struggling. You've been paying your bills on time. You're handling unexpected expenses without too big of a crisis. Now, we still need to address that, but you're also not struggling with debt because
So there has never been a big need in your mind to number one, have a budget and number two, to track because you're fine until you try to think about retirement. So with this fear, you're trying to solve a problem because that's what people like you do. And so you're consuming information that is creating a bigger fear and trying to solve your challenge, trying to solve this. I'm not sure what to do. You are creating a bigger fear and maybe just maybe you're like, OK, I'm going to download a budget template or I'm going to try a new app. But really, the more you think about it, you have no desire to actually use those tools because you don't feel like you're struggling. That's the gap. That's the struggle in your mind.
You're like, I don't need to budget and track because I'm fine, but I do need to get to retirement. Understanding how those templates and or apps, it doesn't matter what you use, provide what you need to get to retirement is what you're missing. And that's why you're not connecting. And that truly is knowing your total monthly cost of life. Now I add the of life, I've talked about all of those irregular expenses. But if you're wondering, how do I calculate my retirement number, head over to episode 190, how to calculate what you need for retirement, and I walk you right through that. Keep listening to this episode because you're going to want to understand maybe why you need to calculate these things or track these certain things.
Because what is keeping you stuck is you're like, I don't need to budget because I'm actually fine. right? I'm not behind on bills. I have enough money. I'm saving for retirement, all of these things. But what you're missing is that a budget isn't just for people who are struggling. A budget is actually a plan that helps you know your numbers and helps you set out where you're going and how to get there.
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Chapters
4 chaptersSpeakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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