You don't want a situation where you ran out of money post-retirement. According to a survey, about 71% of Americans do not have enough retirement savings. Retirement is a time to rejoice in leisure activities, traveling, etc. So, it's important to monitor and calibrate your portfolio. Answer these 10 questions to know are you saving enough for retirement and analyze your retirement plan.
1. What is the thumb rule of saving for a relaxed retirement?
A. 10% of gross salary
B. 20% of the gross salary
C. 15% of gross salary
D. 25% of gross salary
2. What do you find challenging to your retirement savings?
A. Pensions becoming uncommon
B. Market volatility
C. Puzzling investment options
3. Will the U.S. Social Security benefits be enough to live comfortably for you after retirement?
C. Not sure/ Can’t say
D. May be
4. What assets do have?
A. Immovable properties
B. Saving bonds
D. All of the above
5. If you plan to retire at the age of 65, your saving should be equal to-
A. 2-4 times of your net salary
B. 5-7 times of your net salary
C. 8-10 times of your net salary
D. More than 15 times of your net salary
6. How much are you contributing to your 401(k), or 403(b), or 457(b)?
B. Less than $8000
D. $20000 and more
7. If you think that saving is not enough after a few years of your retirement, what are you going to do?
A. Review your asset allocation
B. Consider working a few more years
C. What can I do now?
D. No idea
8. Which is the other income source next to social security during old age?
A. I have one annuity
B. I have a government pension plan
C. I have an IRA, 401(k) or 403(b)
D. Other undefined income sources
9. Do you want to change the annual savings, as you approach the retirement age?
A. No, it is enough
B. I want to add little more to my retirement saving
C. I want to reduce savings
D. I want to add more funds
10. What is the perfect age to retire for you?