Increase retirement planing IQ by answering this personal finance and investing questions incorporated when preparing for retirement years.
I wonder if you already take some financial quizzes to increase your retirement planning iq. When we say “retirement IQ”, that means how do you think smarter about the coming of your golden years – your retirement years. When I think about how much money I really need to retire, that’s the moment I increase my intelligence quotient about retirement planning.
To increase your retirement planning iq, you need to answer some financial and investing questions. It is because personal finance and investing are incorporated to retirement planning. You can never set up retirement plan if you don’t know what is retirement all about.
How to Increase Retirement Planning IQ
Here are the step by step to increase your retirement planning IQ. Follow these guide and you will surely get more information and expand your knowledge about retirement.
1. Define Retirement
How do you define the word retirement? Do you know what is retirement all about? Or you just heard and read it to other people or to other blogs or website. Always remember that the word “retirement” simply means, “stop working” or “leaving one’s job”. The question “when do you want to retire” is just another question about “when do you want to stop working”.
2. Know the Future Worth of Your Retirement Funds
You should not focus on using retirement calculator. You need to use compound interest calculator to know the future worth of your investment. A retirement calculator helps you calculate how much do you need to retire while compound interest helps you calculate the total savings and earned interest of your investment funds in a specific period of time earning specific interest.
In Retirement Planning IQ upcoming articles, I will share the compound interest you can use to know the future worth of your investments. Stay tuned!
Update: See some effects of compound interest in our latest post entitled the money required to retire at 55. Read the post and share your comment.
3. Increase Your Financial Vocabulary
You can increase your retirement planning IQ if you first increase your financial vocabulary. There are many ways to get financial knowledge. You can use;
- Personal Finance Books
- Investing Books and Magazines
- Financial Literacy and Investing Seminars
- Talk to Certified Financial Planner
Why You Should Increase Retirement Planning IQ
There are several reasons why you need to increase your retirement planning IQ. Of course, we all know that in this world, the more you know the more you will succeed. If you increase your retirement planning IQ starting today, your chances in preparing your retirement planning to succeed is very high.
Besides, if you don’t know what you’re doing, you will end up nothing, losing money and the worst is you will end up retiring poor. So, increase your intelligence quotient in retirement planning starting today. Start with financial education, and then learn investing followed by retirement planning.
Do you know any other useful and effective ways to increase your retirement planning IQ? Share them in the comment box below. Share this page with your friends.