Retirement Readiness Quiz
Are you prepared for retirement? If you’re like most people, you aren’t completely sure. The short quiz below will give you an indication of whether or not you are on the right track. Of course, the quiz is just a starting point. You should work with a qualified advisor to develop a detailed plan designed for your specific needs.
1) Have you (or your spouse) personally saved any money for retirement?
o Yes
o No
2) Have you (or your spouse) worked with a professional financial advisor to determine how much money you will need to have saved by the time you retire in order to afford your desired lifestyle?
o Yes
o No
3) Have you worked with a professional advisor to develop an investing or savings strategy for your retirement?
o Yes
o No
4) Have you analyzed or purchased insurance coverage for your long-term care or nursing home needs?
o Yes
o No
5) Have you structured your investment portfolio in order to account for such things as risk and inflation based on the number of years you have remaining until retirement?
o Yes
o No
6) Have you reviewed your Personal Earnings and Benefit Estimate Statement from the Social Security Administration?
o Yes
o No
7) Have you thought through where you will live and what you will do with your time once you retire?
o Yes
o No
8) Have you determined where you will obtain medical coverage once you are no longer working.
o Yes
o No
9) Have you worked with an attorney to prepare a will and/or an estate plan?
o Yes
o No
How did you do?
- Answered “Yes” on 7-9 questions—Great job! You have taken some significant steps to prepare for your retirement. Work with an advisor to evaluate your progress periodically to make sure that you stay on track.
- Answered “Yes” on 5-6 questions—You are off to a good start. There is still a ways to go, but by working through those issues that need attention, you will be able to approach retirement with confidence.
- Answered “Yes” on 0-4 questions—You have some work to do. It takes time to save enough money for retirement and the sooner you begin, the better your chances of succeeding. Meet with your advisor and develop a plan of action to help get you to your goals.
Parts of this quiz were developed using information from the American Savings Education Council. Nothing contained herein is to be construed as an attempt to provide legal, accounting, actuarial, financial planning or other such professional advice. If financial, legal or other advice is required, you should use the services of a competent professional.
If you have taken the Retirement Readiness Quiz and you decide that perhaps you are not ready for retirement, have more questions than answers or would like further analysis of your situation, please feel free to give me a call. I would be happy to assist you in this very important area.
It is our desire to follow biblical principles in helping people to be good stewards of the resources that God has entrusted to them. If we can be of help to you or pray for you, please
contact us.
