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Retirement might sound like a far-off dream, but it will be here sooner than you think. And the time to begin saving for your future is today.
Some people think Social Security is going to fully fund their retirement, but according to the Social Security Administration, it’s only meant to replace about 40% of your paycheck.(1)
If you’re relying on Social Security to have your back in retirement, it’s time to rethink your plan of action. National best-selling author and Ramsey personality Chris Hogan walks you through his process in his #1 best seller, Retire Inspired: It’s Not an Age; It’s a Financial Number.
Five Fundamentals for Creating the Retirement You Want
Let’s break down the steps you can take to create the kind of retirement you deserve. In Retire Inspired, Chris points out five of the top things you need to pursue your dream retirement. And some of them might just surprise you.
"Dreaming is the process of discovering (or recovering) the things you have always wanted to do," Chris said in Retire Inspired.
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So, when was the last time you sat down to dream about your retirement? Have you ever even thought about it? What does your ideal retirement look like?
Maybe it’s a cabin on a lake in peaceful solitude. Or maybe it’s driving an RV across the country seeing the landscapes you’ve only read about in books. Maybe it’s spending quality time with your grandkids. Whatever your ideal is, start dreaming about it now!
So you’ve got dreams. Great! Now let’s figure out how to achieve them. "Planning is the process where you connect your actions to your goals," Chris said.
Step one in the planning process is establishing a budget. You have to tell your money where to go instead of wondering where it went. If you commit to the budget now, it will help you develop money management skills and empower you to reach your dreams. You need a plan, and that plan starts now.
Here’s where the real, hard work comes in to play—you have to execute your plans. This will involve everything from getting out of debt to investing to "even continuing to dream (because your dream will evolve)," Chris said.
Execution requires follow through. In Retire Inspired, Chris Hogan walks you through the action steps you need to make your plan a reality.
"Commitment begins with the understanding that while this dream begins with you, it is not just about you," Chris said in his book. After you’re gone, you’ll leave a legacy behind—but what kind of a legacy will it be?
The choices you make today can go on to impact future generations. When you’re tempted to throw in the towel and quit, remember who you’re doing this for.
You have to be vigilant about protecting your retirement dreams from every get-rich-quick scheme and comparison trap that come your way.
And don’t be tempted to make significant adjustments in your investments to chase ever-changing interest rates. You have dreams to focus on and a plan in place. Guard yourself from anything that could steer you off course. "Vigilance is a mindset that you are going to protect your dream and your legacy," Chris said.
The Importance of Dreaming in High Definition
Of course, saving is key to creating the retirement you want to have. But in Retire Inspired, Chris shifts the focus from the tactical details to the importance of envisioning your dreams. As he calls it, this is dreaming in high definition—where you can almost taste, smell and see your dreams.
Don’t just think about retirement as the goal. Think about what you want your days to look like when you’re living your dream. "…with some work, a change in attitude, and plugging into a plan that works, your retirement could be whatever you dream up," Chris said.
"Retire Inspired is a well-written, comprehensive, gentle wake-up call about retirement, but it’s not just about money! Whether you’re 21, 71, or somewhere in between, enjoy this book as a blessing." — Patrick Lencioni
Retirement Is Not an "Old Person" Thing
Instead, Chris said it’s a "smart person" thing. If retirement is at the forefront of your mind in your 20s and 30s, you’ll be well on your way to setting yourself up for success down the road.
So, who is this book for? Everyone.
Retire Inspired is for the couple who just got out of debt and is wondering what’s next. It’s for the single person fresh out of college starting their first job with a 401k plan. And it’s for the scared couple in their 50s who want to retire in the near future but haven’t saved a dime yet. It’s never too late to start planning for retirement, the important thing is to just start.
Are there people around you who need to start dreaming in high definition about their retirement goals? Pick up a copy of Chris Hogan’s Retire Inspired for them this Christmas!