Are You Avoiding Planning For Retirement? How To Start Planning For It Now (Without Freaking Out)

A few years back I started to think seriously about something that scares a lot of us big-time: planning for retirement.

Now, It’s not like planning for retirement naturally comes up in conversation for people in their 20s and 30s. We definitely didn’t talk about growing up at my house. Money was a topic never discussed unless it was about not having any, or a statement of hatred toward “rich people.”

Still, as an accountant, a strategist, and a yogi who loves all things manifestation and mindset, I was curious. I wanted to learn more about retirement from all of these places, both strategy-wise and mindset-wise.

So I started to ask people how they felt about planning for retirement.

I asked my Dad, Grandma, friends, siblings, people at networking events, and even on first dates.  I ended up getting responses and collecting data of over 30 people on the subject, ranging from late teens to early 80’s.

Now, I didn’t know what I’d learn. But it turns out that everyone was very forthcoming about their retirement plans, regrets, and hopes.

I got to hear a lot of different perspectives. Some were already retired, some were coming up on retirement and some hadn’t really given it two thoughts- while others knew they “should be”, but weren’t.

My research showed some interesting overarching trends about how people plan for retirement (or avoid doing so).

1. Men were more prepared for retirement by default (via things like access to generational wealth by inheritance)
2. In relationships, a large majority of women defaulted to the men (or breadwinner) to manage (aka think about), all retirement planning
3. People don’t have a plan because they live “paycheck to paycheck” or put it off until later on when they have “more money”

It got me thinking…why? 

Why do we wait to think about planning for retirement? Why did I wait? When I was younger, why did I just assume my future partner would take care of this for me? 

When it comes to planning for retirement, most people don’t do it because of two things: lack of both worthiness and confidence.

I didn’t think I had a say in my relationships when it came to finances because I wasn’t bringing in “enough” money. I also didn’t have the confidence to start the conversation. 

Here’s what I came up with so far as a whole…

We don’t take leadership in planning for retirement because we don’t ask.

So here’s your homework: Start asking! 😉

Here are a few first steps you can take to start the conversation, both with others and with yourself.

• Ask your partner how they envision you spending your golden years. Then consider how much you are setting aside each month.
• If you are managing your retirement planning for your family, ask them the same thing.
• Ask your parents/family about their legacy plan.
• Ask yourself how you can find even $20 to start putting aside for your future. Because if you are living paycheck to paycheck now, there’s a high probability you will be in retirement as well.

Bottom line? You don’t have to have a perfect or complete plan right now. Just like with investing, when it comes to retirement, you just need to START.

Until next time,

Love, light, and MONEY, Honey…

Kaylee

P.S. Now that you’re thinking about retirement, what should you look for in an Individual Retirement Account? Get the scoop on IRAs right HERE!