Retirement Readiness Quiz
If you took a retirement readiness quiz how ready do you think you would be? If you find that you have already completed a task, then you are a STAR. If you need to still get busy accomplishing the task, then simply make it a part of your Individual Action Plan (IAP) for implementation. This is not actually a quiz where you get graded but more of a global positioning system to help you navigate successfully to where you want to go. Beside each item indicate if it is COMPLETE OR PENDING. If the item is pending estimate a date when the item will be complete and the action you will take to make it happen.
• Have you quantified your financial objectives? In other words, have you estimated how much money you will need to live the life you desire in retirement?
• Have you set goals for retirement?
• Do you have doable strategies to achieve those goals?
• Can you itemize the strategies to achieve the goals you have set for retirement?
• Do you know where all your important records are?
• Have you informed someone you trust about your important records?
• Do you know how to reduce your FEGLI expenses and who to work with to make that happen?
• Do you know how you spend every single dollar and cent?
• Do you know how to access the TSP.gov website
• Are you saving enough money in your Thrift Savings Plan (TSP) and is your current mix of funds right for your needs?
• Have you prepared an estimated retirement budget and devised steps to help you operate within your budget?
• Do you intend to leave a big inheritance to your children, other family members, or a charity? If so, have you set aside money or made provisions to accomplish that goal?
• Have you thought about where you will live in retirement and the cost involved?
• What would you do in the event of an unexpected and extended disability before you retire?
• Do you have an emergency fund?
• If you are a couple, are both parties completely aware of the status of the financial situation?
• If something happens to either of the parties, is each member capable of managing the family’s finances independently?
• Are you taking full and total advantage of any tax-deferred savings options offered by your employer?
• If you have dependents that rely on your income for survival, what plans have you put in place in the event of your death?
• Are you taking care of your health so that you can have a good quality of life in your retirement years?
There are many more retirement readiness questions we could pose, but I think we have sufficient fuel to allow us to take a good look at our readiness for retirement.  Remember if you have not done any of the things listed, it’s ok, you need only make them a part of your individual action plan and get started activating that plan as part of your goal to Retire Well.
P. S. Always Remember to Share What You Know.
Click HERE for information on CSRS
