You might be old enough to be retired. Or you might be retired before you wanted to. But the really big question is - are you ready for retirement? Take this fun quiz and find out. (Get your score at end)! You also might like to see another, very different version we developed in 2012, "Is This the Right Time for You to Retire".
Finances - Will you be able to live on your pension, social security, and accumulated retirement savings 1.. Do you know how much all of your major income streams will amount to (go here to find out what your social security payment will be)? __Y__No 2. Have you estimated what your retirement spending requirements will be? __Y__No 3. Is your mortgage paid off? __Y__No 4. Credit card debt retired? __Y__No 5. Investment profile/portfolio changed to match your new situation? __Y__No 6. Have a qualified financial advisor? __Y__No 7. Revised your will? __Y__No 8. If your finances aren't up to snuff, have you thought about what kind of work or other adjustments you need to make? __Y__No
Location - Do you know where you want to live in retirement 1. Have you and your significant other discussed where you want to live? __Y__No 2. Have you agreed on the location? __Y__No 3. Will your family and friends be happy with your decision? __Y__No 4. Is your retirement location compatible with your financial situation? __Y__No 5. Have you thought about where you should be living in late retirement (20 years or so), if you are lucky enough to live that long? __Y__No
Lifestyle - Are you prepared for what is going to be a major adjustment 1. Have you thought about what you are going to do the day you retire? __Y__No 2. How about what you will do every day, 2 years after your retirement? __Y__No 3. Do you have a hobby or sport to keep you busy? __Y__No 4. Have you discussed your new day to day activities and how they might interact with with those of your significant other? __Y__No 5. Will you continue to work in some fashion after retirement? __Y__No 6. Do you know what kind of volunteering you want to do? __Y__No 7. Have you developed a living will, Advanced Health Care Directive, or durable power of attorney? __Y__No
Scorecard: How well are you prepared 16 or more Yes answers - Very Well prepared - good job! 12 - 15 Yes answers - You've done a lot of work, but more to do 8 - 11 Yes answers - Keep at it, you can be ready Less than 8 - Yikes - you better get busy if you want to enjoy retirement!