When you think of your retirement, you don’t probably imagine yourself shelling out money. If you are gravely concerned about your life after retirement, know that you are not alone. Surveys suggest that over 60% of Americans fear not having money after their retirement even more than they fear death. Furthermore, planning for the expenses after retirement also seems to be a daunting task.Thank you for reading this post, don't forget to subscribe!
However, with the right planning, not only can you make both ends meet, but you’ll be living your dream retirement life. Chris Hogan seems to have something to help you with your retirement planning.
A Few Words About Chris Hogan
Chris Hogan is a prominent American author, personal finance advisor, and radio personality. He has worked as a financial coach. With his coaching, thousands of entrepreneurs have found success. He has also worked at Ramsey Solutions, where he served as a financial expert for more than a decade.
Chris Hogan has three books to his credit: Retire Inspired, Everyday Millionaires, and the National Study of Millionaires. At the start of his professional life, he had to work as a debt collector. Predictably then, he often had to deal with the people that were not financially stable. With his writings, Chris Hogan has empowered people immensely.
Chris Hogan’s RIQ Assessment Test
Do you want to get old with your grandkids and want to play with them in your yard? Better yet, do you want to leave for a world tour once you retire? Whatever your plans are, Chris Hogan can help you with them.
Chris Hogan has introduced a tool to help you get a better idea of your retirement life. The RIQ assessment test by Chris Hogan is a great tool that tells you how much money you should save to live an ideal retirement life. RIQ stands for “retire inspired quotient.”
Chris Hogan has also written a book on the same theme: Retire Inspired: It’s Not an Age, It’s a Financial Number. Launched in 2016, this book quickly became the New York Times top seller. In this book, he shares proven tips to retire wealthy and emphasizes planning for retirement.
So, how does this tool work? Does it help people with their retirement plans? Keep reading until the end to find out!
How Does Chris Hogan’s RIQ Assessment Test Work?
Using this assessment tool is an absolute piece of cake. Even if you are not tech savvy, you can easily use it to plan your retirement. Here’s how you can use the tool:
In the RIQ assessment test, you’d be asked a few questions first. The first step is describing your ideal retirement life. Tell them how you see yourself once you retire. What is your perception of a dream retirement life? Then explain to them your current financial condition. Of course, it is imperative to take your financial progress into account before answering these questions.
Apart from that, they will also ask the numbers of years left before you retire. Additionally, they might inquire if you have any money saved already. Then the tool is going to use its algorithms and tell you the amount which you should aim to save every month.
The Benefits and Limitations of Chris Hogan’s RIQ Assessment Test
You must be wondering what are the benefits and limitations of Chris Hogan’s RIQ assessment test?
Some of its benefits and limitations that you’d want to consider include:
It Tells You How Much You Need
The biggest benefit of using Chris Hogan’s RIQ assessment test is that you can get an estimate on the amount of money you need to save monthly in order to live a happy retired life. This is something that more than half of Americans are unaware of.
Well, Chris Hogan’s RIQ assessment test gives you a figure that might give you a head start in your retirement planning. Without a doubt, knowing how much you need is the first step towards saving money.
It Comes Free of Cost
The best part about Chris Hogan’s RIQ assessment test is that it doesn’t cost you a penny. Yet, it comes with plenty of useful features. It also gives you the luxury of changing your interest rate and withdrawal to ensure more accuracy. With such remarkable features, this tool is something that you cannot miss.
It Gives You Peace of Mind
Needless to say, most jobholders are deeply concerned about their retirement. Depression is one of the most common problems that an average salaried person faces. By using Chris Hogan’s RIQ assessment test, you’ll be able to plan your retirement life better. It will give you peace of mind, which is invaluable. This will also eventually impact your work and will enable you to focus on your job better.
It Enables You to Make the Correct Decisions
Not only does Chris Hogan’s RIQ assessment test tell you how much money you need, but also how much of that needs to be saved each month. Of course, knowing this will also impact your life decisions immensely.
Now imagine that you have been wanting to change your job for a while. After using the tool, you’d know the exact amount you need to save every month. This would give you a better idea whether changing that dead-end job is the right move or not.
However, there are certain limitations that you might want to consider.
Can You Ever Really Know How Much Money You Need Once You Retire?
While most jobholders love Chris Hogan’s RIQ assessment test, it has also received a fair share of criticism. One thing that a few consumers have pointed out is that it might not be 100% accurate. They believe that the idea of “enough money for retirement life” is irrational. Since there’s uncertainty about the market and taxes, you never know what amount you’d need after your retirement.
Furthermore, life also happens! You might find yourself in an emergency that you never thought of. Your medical expenses may also increase at that age. Most probably, those expenses won’t be covered in the RIQ assessment test.
Should You Try Chris Hogan’s RIQ Assessment Test?
After considering the benefits and limitations of Chris Hogan’s RIQ assessment test, it’s safe to say that the benefits outweigh the limitations. While it may not be 100% accurate, it still does the job very well.
If you want to start planning for your retirement life, this tool might just be your first step towards it. It may not be equipped with the ground-breaking features, but when you consider that it doesn’t charge you a penny, it doesn’t seem like a bad deal after all.
If you know what you want but don’t know where to begin, Chris Hogan’s RIQ assessment tool may be the best place to start. Despite a few limitations, it has worked wonders for many people. Depending on your retirement plan, it tells how much money you need to save every month.