6 min read ⌚ 

It’s Not an Age; It’s a Financial Number

When are you planning to retire?

At the age of 66, of course – that’s what the law says!

Well, Chris Hogan says something else:

“Retire Inspired” – when you like.

Who Should Read “Retire Inspired”? And Why?

If you want to retire earlier and you want to retire with more money – you need to have a proper plan.

In that case, Chris Hogan’s book is just the right one for you: it is certainly one of the best on the topic, if not the very best.

As Hogan says: “You are the CEO of your own retirement.”

And this book will tell you how to execute the hell out of it!

About Chris Hogan

Chris Hogan is a former All-American football player, a popular motivational speaker, a best-selling author and, quite probably, “America’s leading voice on retirement.”

Published in 2016, Hogan’s “Retire Inspired” instantly rose to the top of many bestseller lists, and his eponymous podcast has millions of downloads.

Hogan is a regular contributor to the EntreLeadership podcast and constantly works with numerous leaders, athletes, and entertainers.

Find out more at https://www.chrishogan360.com/

“Retire Inspired PDF Summary”

Let’s start our summary with the subtitle of Chris Hogan’s book.

Spoiler alert: we’ll end it with its title!

So, according to Chris Hogan, retirement is not an age, but a financial number.

But, of course it is an age, you say, since lawfully I can’t really retire before the age of 62 even if I want an early pension plan.

And the last time I read the normal retirement age in the United States was 66 – and should be 67 by 2027!

And that’s where it already gets suspicious!

Namely, just like our 8-hour workday or our 5-day work week, these numbers are merely provisional and, what’s more, are a remnant of an age past which shouldn’t concern you!

In the United States (and, more or less, the world) pension laws are merely a century old, going back to the Sherwood Act of 1912 when the Government decided that all veterans of the U.S.-Mexican War and Union veterans of the Civil War are entitled to a pension once they reach the age of 62.

Two decades later, and the Social Security Act of 1935 established (among other things) a system of old-age benefits for workers, which stated that anyone over the age of 65 is entitled to a pension from the state.

But, why 65?

Well, to understand this we must go back a bit and cross over the Atlantic.

Namely, in the second half of the 19th century, Communists were threatening to take control of Germany, so, in an attempt to outwit them and stifle their pleas for the workers, the German Chancellor Otto von Bismarck practically invented retirement, announcing that he will pay a pension to any nonworking German over the age of 65.

However, there was a catch!

And what a catch, Mr. Otto!

You see, before people invented penicillin and stuff, not many people made it to 65!

And even after that, when Roosevelt staked his reputation on the Social Security Act of 1935, the average life expectancy in the U.S. was no more than 60!

So, in other words, it was no problem for Social Security to satisfy the needs of the retired population, for the simple reason that there was barely any!

Fast forward eighty years and the world’s average life expectancy is above 70 and America’s almost 80!

So, now you see the problem!

And you can understand why many people – including us – are afraid that Social Security won’t be around for them when they retire.

Not that it makes much of a difference that it is there now!

Namely, since the sheer number of people who retire is way bigger than before, and since most of them take pensions for a lot longer than ever expected, the amount they take gets smaller and smaller by the year.

Two frightening statistics:

The average payment for social security is $1,194 a month!

One in three Americans relies solely on it!

Hence the 401(k) and your duty to save yourself enough money for your old age.

And hence the subtitle of Hogan’s book: retire not when the law says you should depending on the age, but when you calculate that you’ve saved enough money so that you can see Social Security as nothing more but an icing on the cake:

It is time that we started reclaiming the idea of retirement. Retirement is not the finish line; it is the new beginning. Retirement is not your last paragraph; it is the long, rich, rewarding final chapters of your own book—as many pages as you can dream up. Retirement is not the end of your life; it is the beginning of the best years of your life!

Be aware that you’ll face four obstacles along the way. Hopefully, we’ve already helped you to conquer the first two: misunderstanding what “retirement” means and depending on Social Security alone.

The other two are people’s tendency to act like sheep and their lack of planning capabilities.

This book helps to overcome both with a ton of good advices.

So that you can finally – retire inspired.

Key Lessons from “Retire Inspired”

1.      The Invention of Retirement
2.      The Four Obstacles to Retiring Inspired
3.      The Five Fundamentals of Inspired Retirement

The Invention of Retirement

Retirement is not an old phenomenon.

In fact, it was first introduced by German Chancellor Otto von Bismarck in 1883 in an attempt to thwart Communist efforts to take control of the Government.

And when he proclaimed that he would pay money to every nonworking individual over 65, Bismarck had a somewhat sinister plan.

Because, you see, the average life expectancy at the time in Germany was below 60!

Today, it’s way over 70 when the whole world is taken into account!

And it’s almost 80 in the United States.

So, you really think that Social Security can keep up the pace?

The Four Obstacles to Retiring Inspired

Retiring at the age of 65 – or 62, or 67 – is a social construct, one that has nothing to do with reality for decades.

The point:

Retire when you earn enough money to retire, not when you get to a certain age.

However, you need to overcome the four obstacles to retiring inspired:

Obstacle #1: Misunderstanding “Retirement”
Obstacle #2: Depending on Social Security
Obstacle #3: Acting Like Sheep
Obstacle #4: Not Having a Plan

The Five Fundamentals of Inspired Retirement

Chris Hogan’s retirement plan is based on five fundamental premises.

First of all, dreaming – but in a specific, detailed way which will motivate you and help you commit to a long-term plan.

Of course, you need to execute that plan and never back away from it for a second, which means that you should need to be vigilant all the time.

Like this summary? We’d like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.

“Retire Inspired Quotes”

For I know the plans I have for you… plans to give you hope and a future. (Jeremiah 29:11) Click To Tweet

In my opinion, Chris Hogan is the voice of retirement in America today. (Via Dave Ramsey) Click To Tweet

We need to start by getting rid of all the negative feelings and assumptions we have attached to the word ‘retirement’: ‘dried up,’ ‘end of life,’ ‘insecure,’ ‘winding down,’ ‘broke,’ ‘disengaged,’ ‘worst years of my life,’ ‘afraid.’ Click To Tweet

It’s hard to live your dream in your golden years when you’re trying to make it on an income that’s actually below the poverty line. Click To Tweet

Studies have shown that half of 401(k) participants have less than $10,000 saved for retirement – and those are the people who are actually doing something! Click To Tweet

Our Critical Review

Chris Hogan is a protegee of Dave Ramsey, and we don’t need to tell you who Dave Ramsey is.

But, basically, when it comes to money, if Dave Ramsey approves of a book, you’re going to need a lot of arguments to say otherwise.

And we have none.

Because, even though it’s true that many books may improve your life, this one can do that literally.

And, what’s more, dramatically.

Emir Zecovic

Emir is the Head of Marketing at 12min. In his spare time, he loves to meditate and play soccer.