Think You’re Behind On Retirement? You’re Not Starting From Zero
Why You Need a Simple Retirement Plan, Not a Perfect One
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Welcome to today's episode. So I'm sure you're someone, like most here, who have been working for quite a long time, 40 years or more. Gen Xers have been working since childhood, but as we fast-forward, maybe, a career, putting into retirement, that was a little bit later, and so now that we've been working for quite a long time, the subject of retirement seems to be on our mind a lot more, we're like, "Ah, okay." And the first thing I wanna tell you is you are not starting from zero. You're not the 25-year-old just getting into a career, you've had some years behind you. You've been doing the thing. You might still feel behind. You might think, "I could've been a better saver." Yeah, I could have as well, right? We're not talking about perfection here. It doesn't need to be. And honestly, you are not too late to start creating a retirement journey, getting active on it. What you need is a plan. Now, I know you're like how do I create a plan?" And this is most of the people I talk to. They just want a plan. They're like, "If I would just knew what to do..." Okay, I think there's still some caveat to that. Yeah, as a coach, I'm going to call you out here, having a plan and then taking action is two different things. But honestly, the very first step is to have a plan. It's to know exactly where you're at, what progress have you made all these years working, and how does that stack up, and what do you need to do next? That is your starting point. We're not starting from zero. Our starting point is somewhere further down the journey, but we've got to figure it out. We've got to pinpoint it. And honestly, at this point, it's time for you to quit guessing that you're behind, quit assuming that you're, too late to do anything, and it's time to stop hoping it's just gonna work out. Like I said, you need to jump on this journey. You need to be actively involved, and that first step is creating the plan. And if you're like, "Okay what do I need to do to create a plan?" I wanna first offer up my workshop, the Retirement Ready Workshop, June 27th. So if you're interested, head to elevatefinances.us/workshop. This is where we're going to take a peek at your progress, 'cause all of you have made progress. And then we're going to create a clear path forward, we're going to create the plan, but we're also going to create that action step. Having a plan is one thing. It's just like looking at a map in your living room. Until you create that plan of where you're going and then decide how it's going to happen, that's the same with your retirement. So let's talk about your progress. You have saved. Again, it might not have been consistent. That's okay. But you have saved something. You've also been able to manage your debt, meaning that you're in the, plan to pay it off. It's not over-consuming you. You're not sure how to make the next debt payment. And this goes for your bills as well, that you're paying your bills. This is the situation most of my clients are in. They're not looking as how to pay that next bill or how to get the debt more under control. Really, they are just, "I want to be able to retire." And so as a way to start helping them get to retirement, we do need to look at where they're at, and that does take all of those things into account, so you've saved, you've managed debt, you're paying your bills, and at this point, you have been watching your savings, your retirement savings, grow. Maybe not as much as you wanted, but you're like, "Okay." And most of the advice is, "Just keep saving. Just keep saving." And you're like, "Okay, but..." And this is where you are at a fork in the road. You either allow fear to come in, "I'm not gonna have enough," "the market isn't going to do well. I shouldn't have my money in the market." Those are fear-based statements. And inside my Facebook group, I talked about how to change statements you hear, how to avoid them to become your beliefs, so you hear these things. We don't want them to be your beliefs if they are not true. And so another way to do that is if you start hearing these things... Okay, fear-based statements typically come from individuals selling a product that is opposite of, let's say, the market. Somebody's selling an annuity, and they're gonna tell you the stock market's gonna crash, so you instantly believe that. Okay, I don't know about you, but the last market crash was over 100 years ago, and the other thing I tell my clients when they do come with these fears to me, especially a huge fear like that, okay, stock market crashing, first off, you've got to get clear what does that mean to that person? Because a crash to me means it is going to belly out, that's a crash. And if that's to happen, we are all in it together. Nobody is better off than somebody else, it's a different economy. So we've got to come back to reality as this economy. And as I was saying, you might be having a salesman selling you an annuity that they want to make it better than the stock market, and there's reasons for investing in dir- different things. So what I'm trying to say is, at this point, instead of just allowing the fear to take hold and to hold it as your truth, this is where it's time for additional knowledge, okay? This is when you're at the fork in the road of, "Okay, I'm let, gonna let fear take over me," which means you're gonna stop really getting on that course for retirement. Or, "I am going to get more knowledge in the things that I can control, the things that I understand, so that I know how to put my best foot forward and really have skin in the game." 'Cause the minute you just stop and don't do anything, you don't have an opportunity. You don't have a chance. So really understanding the different areas and start learning. Again, it doesn't need to be-- you don't need to go get a degree. You don't need to g- go get a certification. You just need to start understanding these different elements and what they mean. So while I do believe that retirement savings is the number one thing to do, right? So this is me giving you knowledge as to other elements instead of just waiting for that number to grow. There are other pieces of the puzzle that are going to help move the needle easier or at least give you that whole idea of what your economy is. Having debt, okay? That's the first one I want to talk about, and it's not bad to have debt, okay? I'm not that believer. But if you think about debt going into retirement, if you don't have the debt, you don't have that much demand on what you need in retirement. And so thinking about, "Okay, I've got money going to savings, and I'm paying off debt," if the debt is gone, that's going to close your number quicker as well. You're already taking two action steps at the same time without really knowing it. But the other thing to also think about, and I know maybe people are gonna come out for, at me for this, but as you think about, you're over 40, over 50, and you're headed and planning for retirement, it's not about getting retirement paid off fast. Okay, so let me clarify what I mean by that If your goal is to have it paid off before retirement, but you also need to grow your savings, at this point, you need to continually be watching as you're stacking, I believe debt snowball, debt avalanche, debt stacking is crucial and key. I love those strategies. But as somebody over, especially over 50, it's time to reassess, like, where does that payoff date come? And if it's having you pay off five years before retirement, can we balance to grab more of that money that's going towards debt, put it to savings sooner because we know that compound interest is a big factor, so understanding the place of time that you are, what your overall goal is, and how all of these elements affect, you can start strategizing differently to then increase your retirement savings, but still continue to pay off debt, and as you function through those next 10 years, you're gonna get further ahead with that savings amount by just making a small shift, and having somebody look at that with you. So really at this point I believe get debt paid off as soon as you can, unless you are about 10 years away from retirement. What does the plan say? What does that payoff plan? At this point, balance is key. The quicker I can get money into savings, it will have the ability to compound over time, and I can still make my goal of having debt free before retirement, whatever that goal is, i'm not saying that has to be your goal. That's just something I'm demonstrating as to how this works. is honestly, I believe that we, and I say we as a general census of all people, are struggling with money because there are too many people telling you have to do all of these things. You have to do this or you have to do this to be successful with money, and that's just not true. That's just not true. There are some things that are going to, give you a leg up, have a better stance, but if they are telling you have to do this and you're like, "I don't want to," you're never going to do it. So why don't we find something that you're going to like to do that's gonna get you the same result? That is the type of coach I am, I don't believe in have tos. I don't believe that we should have a list of these are the things I have to do or I'm going to be successful with money. Now, it takes me to my last point. What you need to be successful with your money, and I'm not just saying money, with your money, is that you need to have a reality of your goal to want to cut back on eating out, ordering DoorDash, all of those conveniences, you're not gonna stop or change that habit until you know what the future beholds. So controlling spending is not making the progress that people think it is where goal reality should. So from this episode, I know I've talked about a lot. I hope you'll join me in the workshop. But what I want you to do is I want you to get clear on your goal. And if you're like, "Yes, that's retirement," that is not clear, okay? Though that's a word. I want you to start leaning into it a little bit more. And if you need help, in, clarifying what all of that means, I would love for you to come join me in my Facebook group, the Retirement Ready Hub which is a community for Gen Xers, where you can share, you can get your questions answered. Join me every week as I go live on a s- topic to help support you. But it's really important to move away from those have tos to what you want to do. And by doing that, it starts with choosing your goal, and going back to what I talked about at the very first of this episode, is that you are not starting from zero. I hope this episode was helpful and supportive in helping you understand that number one, your starting point is not zero. Number two, your end goal gets to be whatever you want, and the steps that you do in between are the ones that you are going to do. We're gonna leave the have tos behind, we're going to find what works, and we're gonna all make it to retirement. Thank you for joining me.
If you’re in your 40s or 50s and wondering whether you’ve done enough to retire, I want you to hear this: You are not starting from zero.
You may feel behind. You may wish you had saved more or started earlier. You may even wonder if retirement is still possible. But the truth is, you’ve been building your financial life for decades. You’ve been working, paying bills, managing debt, and saving what you can. You don’t need to start over. You need a plan.
Why So Many GenXers Feel Behind
Many people I talk to have spent 30 or 40 years working, raising families, and handling life’s responsibilities. Somewhere along the way, retirement planning became something they knew they should focus on, but there was always something more immediate demanding attention.
Now, retirement is getting closer, and the uncertainty starts creeping in.
Am I behind? Have I saved enough? What if it’s too late?
Those questions are common, but they often come from comparison, fear, or simply not knowing where you currently stand.
The good news is that you don’t have to guess anymore.
A Simple Retirement Plan Starts With Knowing Your Starting Point
One of the biggest mistakes people make is assuming they need to save more or that it is the only planning step. But creating a simple retirement plan doesn’t start with saving more. It starts with understanding where you are today. Take inventory of the progress you’ve already made:
You’ve spent years working.
You’ve contributed something to retirement accounts.
You’ve paid your bills.
You’ve managed debt.
You’ve built financial habits that have brought you this far.
That matters. And it importantly shows you that you’re not starting from zero.
This inventory is your starting point. And once you know where you’re starting, you can create a plan for your retirement that moves you forward with confidence.
Retirement Mindset Matters More Than Perfection
A healthy retirement mindset means focusing on progress instead of perfection.
Many people believe they have to do everything perfectly to retire successfully. They think they need to follow every piece of advice, maximize every account, and never make a financial mistake. That’s simply not true.
You don’t need perfection. You need clarity. And you need a plan that works for your life. Because having a plan is different from hoping everything works out. Hope is not a strategy. Guessing is not a strategy. Taking intentional action is.
Don’t Let Fear Make Financial Decisions For You
At some point, every future retiree reaches a fork in the road. One path is fear. The other path is knowledge.
Fear says:
The market will crash. I’ll never have enough. I’m too late. I should just give up.
Knowledge says:
Let me understand my options. Let me learn what I can control. Let me focus on facts instead of fear.
You don’t need to become a financial expert or earn another degree. You simply need enough knowledge to make confident decisions and support you where you’re at. Confidence grows when you understand what you’re doing and when you’re taking action.
Retirement Savings Aren’t the Only Lever
Saving for retirement is important, but it’s not the only factor that affects your future. Debt matters too.
I’m not someone who believes all debt is bad. But when you’re within 10 to 15 years of retirement, it’s important to look at how debt and savings work together.
The question becomes: How can I balance paying off debt while still giving my retirement savings enough time to grow?
For many people over 50, this requires a different strategy than it did at age 30. Instead of putting every available dollar toward debt, it may make sense to balance debt payoff with increasing retirement contributions. Why?
Because time matters. Money invested earlier has more time to compound. That doesn’t mean abandoning your debt payoff goals. It simply means looking at your overall picture and making intentional decisions based on your timeline.
This is why creating a plan for your retirement matters so much. Every piece affects the others.
Stop Following the “Have To” Rules
One reason so many people struggle with money is that they are overwhelmed by all the rules. You have to do this. You must do that. In order to be successful.
But here’s what I’ve learned as a coach:
If you hate the strategy, you won’t stick with it. And if you won’t stick with it, it doesn’t matter how good it looks on paper. I don’t believe in “have to.” I believe in finding the habits and systems that fit your life and help you make consistent progress. Because consistency beats perfection every time.
Your Goal Creates Motivation
Many people believe cutting expenses is the key to being better with money, which leads to retirement success. But the truth is, behavior change becomes easier when you have a meaningful goal. It’s difficult to say no to convenience or unnecessary spending if you don’t know what you’re saying yes to. That’s why your vision matters. And just knowing you want to retire someday isn’t enough. You need to be more specific:
What does retirement look like?
What experiences do you want?
What freedoms matter most to you?
What do you want your days to feel like?
The clearer your vision becomes, the easier it is to make intentional choices today.
You Don’t Need to Start Over
If there’s one thing I hope you remember, it’s this:
You are not starting from zero. You’ve already made progress. Your future doesn’t depend on what you should have done 20 years ago. It depends on what you choose to do next. You don’t need perfection. You don’t need every answer. You don’t need to do everything.
You simply need a simple retirement plan, a healthy retirement mindset, and the willingness to take the next step. Because retirement isn’t something that’s happening to you. It’s something you should be building on purpose.
Ready to Create a Plan for Your Retirement?
If you’re ready to stop guessing and start getting clear on your numbers, I’d love to invite you to my Retirement Ready Workshop.
Inside, you’ll assess the progress you’ve already made, discover the biggest opportunities to accelerate your retirement, and walk away with a clear action plan for your retirement. Because you’re not starting from zero.
Inside the workshop, you’ll assess the progress you’ve already made, learn the three retirement levers that can help you make faster progress, and walk away with a personalized plan and your next best steps.
