Flickr user Quinn Dombrowski

How Ready Are You For Retirement? A Quick Quiz

A simple way to assess where you stand.

Whether you’re concerned about proposed congressional changes that could impact your future retirement benefits or you’re simply at or near eligibility for retirement, you may have been thinking lately about your future plans.

If you’re considering leaving sometime soon, it’s a good idea to think about how prepared you are. Here’s a quick way to assess where you stand.

For each of the 10 questions below, choose the answer that best describes your situation.

Which of the following best describes your contributions to the Thrift Savings Plan?

  1. I’ve increased them within the last two years
  2. I plan to increase them with my next salary increase
  3. a and b
  4. I’m already contributing the maximum
  5. I can’t contribute due to a six-month ban on contributions after taking a financial hardship in-service withdrawal (there’s an exception to this for recent hurricane victims)
  6. I can’t afford to contribute more than I currently am contributing
  7. I do not participate in the TSP

When was the last time you reallocated your TSP funds or rebalanced your overall retirement investments?

  1. Not recently, because I am invested 100 percent in one or more of the lifecycle L Funds, so I don’t need to rebalance or reallocate
  2. I am 100 percent invested in the G Fund because I have other retirement investments outside of the TSP that are diversified
  3. I check at least once per year and rebalance as necessary
  4. I’m aware of the ups and downs when investing for long-term growth, so I watch my investments, but don’t touch them very often
  5. I’m not sure
  6. All of my retirement savings are in the G Fund
  7. I know I should, but I don’t know how to do it

How do you plan to handle your TSP funds in retirement?

  1. Delay my withdrawal until I’m fully retired or until I’m required to take a distribution after I’m 70 ½ and retired
  2. Leave my money in the TSP to take advantage of the simplicity, low management and administrative fees, and options for withdrawals
  3. Move some or all of my TSP investments to an individual retirement arrangement to take advantage of more flexible withdrawals and more specific investment options
  4. a and b or a and c
  5. Cash out a large lump sum of my TSP and use it to pay down debt or pay for a long-awaited retirement expenditure, such as a home remodeling project
  6. Move my money to an investment a friend of mine said was doing well
  7. I don’t participate in the TSP

Which of the following best describes your beneficiary designation forms for retirement benefits, life insurance, TSP and unpaid compensation?

  1. I think I have copies of some or all of the forms in a safe place where my beneficiary can find them
  2. I didn’t file some or all of my beneficiary designation forms because I’m comfortable with the standard order of precedence for payment
  3. a and b
  4. I’m pretty sure my designations are up to date, but I’ll add checking on this to my to-do list
  5. I didn’t know there were so many beneficiary forms
  6. I don’t think I updated my forms and am not sure how to change them

With respect to planning for those within five years of retirement eligibility, which of the following best describes your situation?

  1. I’m more than five years from retirement eligibility, so this question doesn’t apply to me
  2. I’ve received an estimate of my retirement benefit or have requested an estimate
  3. I’ve reviewed my Electronic Official Personnel Folder and have made copies of documents that show my health benefits, life insurance coverage, beneficiary designations, beginning and ending dates of creditable service, changes in my retirement plan or work schedule, and any other documents that might be relevant to my retirement benefits
  4. b and c
  5. I’ve reviewed the annual benefits statement provided by my payroll system
  6. I’m not sure how to get a retirement estimate
  7. I’m sure I can estimate my benefit on my own, so I don’t need my human resources office to provide an estimate

Where do you stand when it comes to factoring Social Security into your retirement planning process?

  1. I’ve created a mySocialSecurity account
  2. I’m not eligible for Social Security benefits because I haven’t earned 40 credits of coverage
  3. I’m already receiving Social Security retirement benefits (or spousal or widow’s benefits)
  4. a and b, or a and c
  5. I’m not ready to begin receiving benefits, but I have considered when I might file for benefits
  6. I’m not sure when to file for benefits
  7. I haven’t considered Social Security retirement as part of my retirement plans, although I do have 40 credits of coverage

Which of the following have you done to learn more about retirement planning?

  1. Attended a mid-career or pre-retirement seminar, webinar or class
  2. Learned about my benefits by conducting online research
  3. Scheduled or attended a personal retirement consultation with my agency retirement specialist, a financial adviser, a benefits specialist, an accountant or other retirement planning professional
  4. Any combination of a, b and c
  5. Discussed retirement with my co-workers, family and friends
  6. I haven’t really done too much yet to plan for retirement; it seems too far away
  7. I really don’t have time to think about retirement at this stage in my career

What have you done to prepare for the possibility of needing long-term care later in life?

  1. I’ve considered the possibility and researched options for cost and type of care
  2. I’ve already purchased coverage if it was clear I couldn’t  self-insure against the potential need for long-term care
  3. I already know I’ll need long-term care and have a plan in place to get it
  4. a and b
  5. I’m sure my family will take care of me, if needed
  6. I don’t want to think about the possibility of needing long-term care
  7. I have no idea how to assess long-term care options

What is your life insurance situation?

  1. I’ve recently reviewed my current life insurance coverage and determined it is adequate for my needs
  2. I’ve reduced or increased my life insurance coverage within the past five years as my needs have changed
  3. In addition to using Federal Employees Group Life Insurance for my basic needs, I’ve considered purchasing additional life insurance
  4. All of the above
  5. I’m not sure how much life insurance I need, but I have FEGLI in the same amount that I had when I was first hired
  6. I haven’t given serious consideration to my life insurance needs

What is your understanding of health insurance?

  1. I always review my insurance needs during the annual open season or when I have a major life event
  2. I’ve changed my health plan at various times in my life to coincide with my specific health needs
  3. I take advantage of tax savings by using flexible spending accounts, health savings accounts, and making sure I pay my health insurance premiums with pre-tax dollars (if still employed in government)
  4. Any combination of a, b, and c
  5. Health insurance options confuse me, so I enrolled in a plan that a co-worker, friend, or family member recommended
  6. I have the same health plan I chose when I was first hired, and haven’t reviewed my coverage options

For every answer, assign the following point value:

a. 4 points

b. 4 points

c. 4 points

d. 5 points

e. 3 points

f. 1 point

g. 1 point

40-50 points: You’re doing a great job preparing for retirement. Keep up the good work!

20-39 points: You’re hitting the mark on some retirement planning issues, but may need to address others with a little more research and preparation.

10-19 points: There are items that are important to your future financial security that you need to address. One good way to start is by making a to-do list of items you need to assess based on the questions above. Then focus on the first two items on the list. Retirement planning can be overwhelming, so it makes sense to start small.

Photo: Flickr user Quinn Dombrowski

X
This website uses cookies to enhance user experience and to analyze performance and traffic on our website. We also share information about your use of our site with our social media, advertising and analytics partners. Learn More / Do Not Sell My Personal Information
Accept Cookies
X
Cookie Preferences Cookie List

Do Not Sell My Personal Information

When you visit our website, we store cookies on your browser to collect information. The information collected might relate to you, your preferences or your device, and is mostly used to make the site work as you expect it to and to provide a more personalized web experience. However, you can choose not to allow certain types of cookies, which may impact your experience of the site and the services we are able to offer. Click on the different category headings to find out more and change our default settings according to your preference. You cannot opt-out of our First Party Strictly Necessary Cookies as they are deployed in order to ensure the proper functioning of our website (such as prompting the cookie banner and remembering your settings, to log into your account, to redirect you when you log out, etc.). For more information about the First and Third Party Cookies used please follow this link.

Allow All Cookies

Manage Consent Preferences

Strictly Necessary Cookies - Always Active

We do not allow you to opt-out of our certain cookies, as they are necessary to ensure the proper functioning of our website (such as prompting our cookie banner and remembering your privacy choices) and/or to monitor site performance. These cookies are not used in a way that constitutes a “sale” of your data under the CCPA. You can set your browser to block or alert you about these cookies, but some parts of the site will not work as intended if you do so. You can usually find these settings in the Options or Preferences menu of your browser. Visit www.allaboutcookies.org to learn more.

Sale of Personal Data, Targeting & Social Media Cookies

Under the California Consumer Privacy Act, you have the right to opt-out of the sale of your personal information to third parties. These cookies collect information for analytics and to personalize your experience with targeted ads. You may exercise your right to opt out of the sale of personal information by using this toggle switch. If you opt out we will not be able to offer you personalised ads and will not hand over your personal information to any third parties. Additionally, you may contact our legal department for further clarification about your rights as a California consumer by using this Exercise My Rights link

If you have enabled privacy controls on your browser (such as a plugin), we have to take that as a valid request to opt-out. Therefore we would not be able to track your activity through the web. This may affect our ability to personalize ads according to your preferences.

Targeting cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.

Social media cookies are set by a range of social media services that we have added to the site to enable you to share our content with your friends and networks. They are capable of tracking your browser across other sites and building up a profile of your interests. This may impact the content and messages you see on other websites you visit. If you do not allow these cookies you may not be able to use or see these sharing tools.

If you want to opt out of all of our lead reports and lists, please submit a privacy request at our Do Not Sell page.

Save Settings
Cookie Preferences Cookie List

Cookie List

A cookie is a small piece of data (text file) that a website – when visited by a user – asks your browser to store on your device in order to remember information about you, such as your language preference or login information. Those cookies are set by us and called first-party cookies. We also use third-party cookies – which are cookies from a domain different than the domain of the website you are visiting – for our advertising and marketing efforts. More specifically, we use cookies and other tracking technologies for the following purposes:

Strictly Necessary Cookies

We do not allow you to opt-out of our certain cookies, as they are necessary to ensure the proper functioning of our website (such as prompting our cookie banner and remembering your privacy choices) and/or to monitor site performance. These cookies are not used in a way that constitutes a “sale” of your data under the CCPA. You can set your browser to block or alert you about these cookies, but some parts of the site will not work as intended if you do so. You can usually find these settings in the Options or Preferences menu of your browser. Visit www.allaboutcookies.org to learn more.

Functional Cookies

We do not allow you to opt-out of our certain cookies, as they are necessary to ensure the proper functioning of our website (such as prompting our cookie banner and remembering your privacy choices) and/or to monitor site performance. These cookies are not used in a way that constitutes a “sale” of your data under the CCPA. You can set your browser to block or alert you about these cookies, but some parts of the site will not work as intended if you do so. You can usually find these settings in the Options or Preferences menu of your browser. Visit www.allaboutcookies.org to learn more.

Performance Cookies

We do not allow you to opt-out of our certain cookies, as they are necessary to ensure the proper functioning of our website (such as prompting our cookie banner and remembering your privacy choices) and/or to monitor site performance. These cookies are not used in a way that constitutes a “sale” of your data under the CCPA. You can set your browser to block or alert you about these cookies, but some parts of the site will not work as intended if you do so. You can usually find these settings in the Options or Preferences menu of your browser. Visit www.allaboutcookies.org to learn more.

Sale of Personal Data

We also use cookies to personalize your experience on our websites, including by determining the most relevant content and advertisements to show you, and to monitor site traffic and performance, so that we may improve our websites and your experience. You may opt out of our use of such cookies (and the associated “sale” of your Personal Information) by using this toggle switch. You will still see some advertising, regardless of your selection. Because we do not track you across different devices, browsers and GEMG properties, your selection will take effect only on this browser, this device and this website.

Social Media Cookies

We also use cookies to personalize your experience on our websites, including by determining the most relevant content and advertisements to show you, and to monitor site traffic and performance, so that we may improve our websites and your experience. You may opt out of our use of such cookies (and the associated “sale” of your Personal Information) by using this toggle switch. You will still see some advertising, regardless of your selection. Because we do not track you across different devices, browsers and GEMG properties, your selection will take effect only on this browser, this device and this website.

Targeting Cookies

We also use cookies to personalize your experience on our websites, including by determining the most relevant content and advertisements to show you, and to monitor site traffic and performance, so that we may improve our websites and your experience. You may opt out of our use of such cookies (and the associated “sale” of your Personal Information) by using this toggle switch. You will still see some advertising, regardless of your selection. Because we do not track you across different devices, browsers and GEMG properties, your selection will take effect only on this browser, this device and this website.