Are You Ready to Retire?

Answer these ten questions the way you would talk to a colleague. There is no score to chase, just a clear look at where you stand today.

This quiz is educational and not personalized advice.

Question 1 of 10
Do you have a written plan for where your income will come from?Not yetSomewhatYes, in place

Question 2 of 10
Do you know what you actually spend in a year?NoRoughlyTo the dollar

Question 3 of 10
If you stopped working before sixty-five, is your health coverage sorted?Not looked at itSome ideaYes, costed

Question 4 of 10
Have you compared claiming Social Security at different ages?Not yetSomewhatYes, in place

Question 5 of 10
Do you hold money in more than one tax treatment?Mostly one typeTwo typesTaxable, deferred and free

Question 6 of 10
Do you have cash set aside for the first few years, so a bad market does not force you to sell?Not yetSomewhatYes, in place

Question 7 of 10
Are your will, powers of attorney and beneficiaries current?Not yetSomewhatYes, in place

Question 8 of 10
Have you thought through how care later in life would be paid for?Not yetSomewhatYes, in place

Question 9 of 10
Will your mortgage and other debt be handled by the time you stop working?NoPartlyYes

Question 10 of 10
Do you know how you will spend your first year of retirement?Not reallySome ideasYes, clearly

Your result

Not yet

The pieces are not joined up yet. That is the usual starting point, and it is very fixable. Start with spending, then income, then tax.

Work out what you actually spend in a year
Put the income sources on one page and see what they cover
Bring the estate documents up to date

Getting close

Most of the structure is already there. What is usually left at this stage is timing and tax: when to claim, what to draw first, and how to bridge to sixty-five.

Compare Social Security claiming ages against your own numbers
Set aside the first years of spending in cash or short bonds
Check the mix across taxable, deferred and tax-free

Ready

On these measures, you are in a position to choose your date rather than have it chosen for you. The work from here is maintenance and tax sequencing.

Set a withdrawal order and review it each year
Confirm the health cover plan for the gap years
Revisit the estate documents once the date is set