Why Retirement Feels So Uncertain (Even When You’re Saving)
episode
Wealthy After 40: Retirement Planning and Budgeting for Gen X
19 min
1 speaker
3 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.
How does the episode define the core retirement worry: 'Will I have enough?'?
We're diving in to the question again, am I going to have enough? And I know we talk about this a lot, but this is the most common question I hear more than anything else. It's not about investments, how to invest. Granted, I'm not a financial planner, but it's also not about social security. It's simply, how do I know when I have enough? And what does enough mean? So as we dive into this episode, yes, it's a similar topic, but I'm approaching it from a different side to help you find a different way to lean into how do I have enough and how am I going to get there? You feel uncertain about retirement. Because there's nothing that you can put your finger on to say you're on track. There's nothing that anybody is giving you to take action today.
Pretty much the standard advice is just save, just save, just save. And for those of you who are continuing to make every effort to do your best to move forward, you're stuck. You feel uncertain. And those thoughts and fears continue to ruminate in your head. Am I behind? Have I saved enough? When can I retire? And it's just all of the same advice. Save consistently. Contribute to your retirement accounts. Work hard. Earn a decent income. And you're doing all of those things. And you're still uncertain. You're still unsure. Just there's so much lack of advice, should I say? Your uncertainty isn't caused by a lack of effort. It's caused by a lack of clarity, number one, out in the industry. Nobody is specifically saying what you should be doing today.
And you're unsure how to affect a change when you are tapped on your savings. We get to the point where we're like, I don't know that I can save anymore. I have been doing the things. Yes, I've had the ups and downs. We all have. But how am I supposed to know? It's this big uncertainty. It's the same question. Am I going to have enough? How do I know that I decided to create the Retirement Ready Workshop? Now you've heard me talk about this before. I'm hosting it again the end of June. This will be the third time this year. It's been powerful. It's helped individuals be able to see where they're at and see where their gap is. I created the workshop to help clients understand that how all of the steps that they've done, all of the actions that they have taken to date have added up.
What does that mean? I've done all of the things. My workshop, we take that, we look at it, we determine where you need to go, that retirement number, last week's episode, if you're wondering how to calculate that. And then there's this gap. I know I've talked about it before. The workshop addresses the gap and it also addresses your financial stability, which is another key component, but I'm not getting into it today. But after having pretty much the same conversation over and over again, and after thinking back on my retirement journey, how I made progress, I discovered that there's a specific way to talk about how you can take action and close that gap and get to that retirement number that you need.
And P.S., it's not that generic calculator number, please. Come see me if you need help walking through that process. That formula that I talk about on last week's episode, it's not that difficult, but it is more accurate than some model or some software that is generically applying some things. Really, it's wanting to get your information so somebody can call you. Yes, same as me in a similar sense, but my formula is going to use your numbers and help you identify a gap.
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Chapters
3 chaptersSpeakers
1 identifiedMore from Wealthy After 40: Retirement Planning and Budgeting for Gen X
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