S2 E7 Facing Financial Fears in Retirement

In this episode of Growing Older Together, Lourdes addresses the financial fears many face as they approach retirement. From rising costs to the uncertainty of outliving savings, she explores the root of these anxieties and provides thoughtful ways to feel more secure. Through a relatable personal story and practical tips, Lourdes offers guidance on navigating retirement with confidence and peace of mind.

Plus, don’t miss the preview of next week's highly anticipated episode, where Lourdes introduces a new recurring series, Whispers of Regret: Women Finding Peace in Silence. In this series, women share deeply personal stories about overcoming silent struggles in their lives.

RESOURCES MENTIONED

GLOBAL FINANCIAL LITERACY EXCELLENCE CENTER: https://gflec.org/wp-content/uploads/2021/04/Anxiety-and-Stress-Report-GFLEC-FINRA-FINAL.pdf

LOW-COST OR FREE FINANCIAL CONSULTATIONS: 

• The Financial Planning Association – Free services through their networks of certified financial planners, https://www.financialplanningassociation.org/advocacy/pro-bono-program
• National Association of Personal Financial Advisors – Advisers Give Back | Certified Financial Planners who volunteer and offer free, personalized financial advice,   https://advisersgiveback.org/napfa/
• Free resources for consumers and families, https://www.napfa.org/free-resources-for-consumers
• Savvy Ladies – A nonprofit that provides free financial education and advice to women. They offer access to a network of financial advisors who can help with a variety of topics, from budgeting to investing and retirement planning​, https://www.savvyladies.org/free-financial-helpline/

ELDERCARE LOCATOR: Find your community by entering your zip code or city and state, https://eldercare.acl.gov/Public/Index.aspx.

SOCIAL SECURITY ADMINISTRATION: https://www.ssa.gov/.

GOVERNMENT PROGRAMS: 

• Consumer Financial Protection Bureau: Serves as the official governmental agency offering financial advice on a variety of topics such as student debt, mortgages, and planning for retirement, https://www.consumerfinance.gov/  
• Tax Counseling for the Elderly: The IRS has a separate program for taxpayers age 60 and older that specializes in retirement-related issues unique to seniors, https://www.irs.gov/individuals/tax-counseling-for-the-elderly.

CONTACT INFORMATION:
Remember to subscribe and rate the podcast on your favorite platform. You can watch all episodes on my YouTube channels, access show notes, and enjoy captioned content in English and Spanish. Here's the link: https://linktr.ee/growingoldertogether.

You can also email me at podcast@lourdesdirden.com. Thank you for listening.

Transcript

[00:00:00] Music

[00:00:19] Welcome back everyone. Whether you're a returning listener or tuning in for the first time, I'm Lourdes, and this is Season Two of Growing Older Together. In this season, we're talking about the fears we quietly carry and how we can find strength in facing them. Today's episode covers a concern that's on many of our minds—financial fears in retirement. This can bring up a lot of anxiety, but we'll talk about ways to move forward and find some peace. Retirement [00:01:00] can feel like a big question mark, especially when it comes to money. Many of us worry about outliving our savings, facing those healthcare costs, or simply making ends meet as prices 

[00:01:16] go up. And these worries are completely real. In fact, a study by the Global Financial Literacy Excellence Center found that 60% of adults in the United States feel anxious about their finances as they approach retirement. I've added the link to that study in the show notes. 

[00:01:41] These feelings are more common than you might think. But, by understanding where this anxiety comes from, we can start taking steps towards a more peaceful retirement. Let me tell you about Bianca and Ron, a couple from Santa Monica, California. [00:02:00] They had been preparing for retirement for years. But when Bianca finally retired, both of them felt a mix of relief and uncertainty. Even though they had planned carefully, unexpected things like medical bills that weren't fully covered 

[00:02:19] and the rising cost of living made them wonder if they were truly ready. Instead of letting those worries take over, they decided to sit down with a financial advisor. Together, they went over their budget and made a few changes—not just to cover the basics like healthcare and housing, 

[00:02:40] but also to make sure they could enjoy life, like visiting family. This helped them feel more in control and gave them a sense of comfort. If you're thinking about getting some advice, there are affordable options out there. I've included links [00:03:00] to helpful resources in my show notes. 

[00:03:02] Let's go over a few tips to help you feel more confident in your retirement planning. One, Create a Detail Budget: It's so important to know where your money is going each month. Make sure you cover your basic needs like housing, healthcare, and food, but also leave room for things that make you happy. Two, Build a Small Safety Net: If it's tough to set aside a lot of money for emergencies, try to save whatever you can. Even having a small cushion—a few hundred dollars—can make a big difference when unexpected costs come up. If you need help, check out community organizations that can help with medical bills or other expenses. I've included a link in my show notes to [00:04:00] the Eldercare Locator, which can connect you to resources near you. 

[00:04:06] Three, Explore Additional Income: Many retirees find part-time jobs or freelance work to bring in some extra income, and it's also a great way to stay active and connected. If you have a hobby, you love, think about turning it into a small business or freelance opportunity. Four, Consider Downsizing or Simplifying: Some people find relief by moving to a smaller home or cutting back on unnecessary expenses. 

[00:04:40] For example, relocating to a less expensive area can free up money for things you enjoy. Five, Seek Professional Advice: A financial advisor can help you create a plan that fits your specific needs. Some advisors [00:05:00] offer free or low cost consultations. I've included links to those resources in the show notes. And Number Six, Stay Up-to-Date: Keep an eye on changes in social security, healthcare, and taxes, 

[00:05:18] as these can affect your retirement plans. I've added the link to the social security administration in my show notes as well. Taking these small steps can help you feel more confident and prepared for whatever the future holds. 

[00:05:36] Financial worries aren't just about numbers—they can really stir up emotions. Fears about running out of money, not being prepared, or facing unexpected changes can make anyone feel unsure. 

[00:05:53] But as Lao Tzu wisely said. "Life is a series of natural [00:06:00] and spontaneous changes. Don't resist them—that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like." We can't control everything—whether it's health issues, the economy, or how long we live—but trying to manage it all can end up adding more stress. Instead, we can focus on shifting our mindset and building flexibility into our financial plans. Letting go of what we can't control makes more room for us to enjoy the present. 

[00:06:47] If you've been enjoying the podcast, please subscribe, leave a review, and share it with your friends and family. Your support helps our community grow and ensures you won't [00:07:00] miss future episodes. I'd also love to hear from you. If today's episode sparks some thoughts or if you have financial fears you'd like to share, please send me a message—I read every single one. You can always find my contact details in the show notes. 

[00:07:19] Before I wrap up, I want to remind you about something I've been mentioning over the past few weeks. Next week's episode introduces a new recurring series in Season Two called Whispers of Regret: Women Finding Peace in Silence. 

[00:07:40] In these episodes, you'll hear personal interviews with women who've been carrying silent struggles—some may feel regret, others are weighed down by memories or fears they've kept inside. Since these are audio-only interviews, [00:08:00] many of the women feel more comfortable sharing their stories without the pressure of being on video. This allows them to speak openly and honestly. Episode eight will be released on Thursday, October 31st, 

[00:08:16] and I can't wait for you to join me for these deeply personal and powerful conversations. 

[00:08:23] Okay, that's it for today. Thank you for listening and for being a part of this community. Take care, be kind to yourself, and remember that facing our fears is the first step to finding our true strength. Let's grow older and wiser together. [00:09:00]