{"id":353931,"date":"2023-11-04T08:49:23","date_gmt":"2023-11-04T13:49:23","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/socialsecurity\/retirement-planning\/retirement-planning-questionnaire.html"},"modified":"2023-11-04T08:49:23","modified_gmt":"2023-11-04T13:49:23","slug":"retirement-planning-questionnaire","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/socialsecurity\/retirement-planning\/retirement-planning-questionnaire.html","title":{"rendered":"Retirement Planning Questionnaire"},"content":{"rendered":"\n
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Retirement Planning Questionnaire<\/h1>\n\n
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\n By FindLaw Staff<\/a> | Legally reviewed by Steven Ellison, Esq.<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n\n\n

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Timing when to retire is tricky. You need to know whether you’ll be ready at retirement age. This retirement planning questionnaire can help you begin the process. Thinking carefully can help you plan for your potential needs and desired lifestyle as a retiree.<\/p>\n\n <\/div>\n\n\n\n

You can use this questionnaire to guide your\u00a0retirement planning. Make sure you answer the questions as thoroughly as possible.<\/p>\n

Married couples may consider completing the survey twice, once together and once individually. This can help you prepare in case one spouse outlives the other.<\/p>\n

You can also bring these questions to a meeting with a qualified attorney or financial planner. A retirement lawyer<\/a> can advise you about many related issues, such as taxes, estate planning, and government benefits.<\/p>\n

The Basics<\/h2>\n

Both when you want to retire and the lifestyle you wish to maintain in retirement are factors that should be central to your retirement planning<\/a>. Keep these targets in mind as you think about your savings goals<\/a>. The questions below can help you refine these goals.<\/p>\n\n\n\n\n\n\n\n
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When do you want to retire?<\/p>\n<\/td>\n<\/tr>\n

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How do you imagine your retirement? What sort of activities do you see occupying the majority of your time?<\/p>\n<\/td>\n<\/tr>\n

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Where do you want to live? Do you want to retire at home, in a retirement community, in a new city, or somewhere closer to family? How much do you estimate your living expenses to be during retirement?<\/p>\n<\/td>\n<\/tr>\n

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Where do you want to spend your retirement? Do you want to\u00a0retire in your current home<\/a>, in a\u00a0retirement community<\/a>, in a new city, or somewhere closer to family?<\/p>\n<\/td>\n<\/tr>\n

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Do you want to be involved in financial planning decisions, or would you prefer to leave the decisions to an expert?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Savings, Assets, and Debts<\/h2>\n

No consensus exists on how much of your retirement income should replace your current income. This number differs for everyone due to variables like retirement lifestyle and needs. But it’s important to save and pay down debt.<\/p>\n

Even if you are saddled with debt, you may still have significant assets that can be redirected toward your retirement cash flow. Think about the following when planning for your retirement.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n
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What are the balances in your savings accounts, including money market or certificates of deposit? Can you find accounts with higher interest rates to boost your savings?<\/p>\n<\/td>\n<\/tr>\n

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Have you worked with an insurance agent to open a cash-value life insurance plan?<\/p>\n<\/td>\n<\/tr>\n

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Do you have a\u00a0401(k)<\/a>, Roth individual retirement account (Roth IRA<\/a>),\u00a0annuity<\/a>, mutual fund, or other retirement savings plan? If yes, how much do you have in each investment account? What is the average annual rate of return on your plans? You should factor in the income tax you will pay on 401(k) withdrawals at retirement.<\/p>\n<\/td>\n<\/tr>\n

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Does your employer offer matching contributions if you have a 401(k)? Have you been contributing up to the maximum matching level?<\/p>\n<\/td>\n<\/tr>\n

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Have you switched jobs multiple times during your working years? Are there any employer-sponsored retirement plans you need to consolidate with your current savings?<\/p>\n<\/td>\n<\/tr>\n

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Besides your retirement savings, what other assets do you have? This should include the current value of your home and other real estate, stocks, bonds, valuable jewelry, etc. Remember that property taxes in your state may affect your net worth (assets minus debts).<\/p>\n<\/td>\n<\/tr>\n

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Do you expect to inherit any significant assets in the near future?<\/p>\n<\/td>\n<\/tr>\n

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Will you receive a defined benefit pension through work?<\/p>\n<\/td>\n<\/tr>\n

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What are your current liabilities? Do you have outstanding student loans, mortgages, or credit card debt?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Social Security Benefits<\/h2>\n

Consider looking at your Social Security retirement benefits. You may be eligible for\u00a0disability payments<\/a>\u00a0if you need to stop working before retirement age. You may also qualify for\u00a0retirement benefits<\/a>. Ask yourself these questions:<\/p>\n

What are your estimated payments for Social Security disability and retirement? If you need to know your estimated monthly benefits, you can\u00a0look them up online<\/a>.<\/p>\n

When do you want to retire? Your\u00a0full retirement<\/a>\u00a0benefit depends on your date of birth. You can take a reduced amount of Social Security benefits early, at 62 years of age.<\/p>\n

Health and Longevity<\/h2>\n

How prepared you are for retirement depends on how long your retirement will last. Some experts recommend planning for a 30-year retirement, but everyone’s circumstances will vary. Use the questions below to start estimating your financial needs.<\/p>\n\n\n\n\n\n\n\n\n\n
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What is your rough life expectancy? You can\u00a0use this calculator to get a general estimate<\/a>.<\/p>\n<\/td>\n<\/tr>\n

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Does your family have a history of long life, certain diseases, or other factors that may impact your health as you age?<\/p>\n<\/td>\n<\/tr>\n

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Have you experienced or are you currently experiencing any major medical issues?<\/p>\n<\/td>\n<\/tr>\n

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Do you have\u00a0health insurance<\/a>? If so, what is your insurance company’s deductible?<\/p>\n<\/td>\n<\/tr>\n

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Do you plan on using the same health plan for a portion of your retirement? Are you eligible for Medicare, and will your state pay your insurance premiums?<\/p>\n<\/td>\n<\/tr>\n

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Do you have\u00a0disability insurance coverage<\/a>\u00a0through your employer?<\/p>\n<\/td>\n<\/tr>\n

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Do you have life insurance or long-term care insurance?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Legal Documents for Retirement<\/h2>\n

Planning for retirement doesn’t only mean putting away savings and paying down debt. A lawyer can help you prepare important documents to protect your wishes in case of death or incapacity.<\/p>\n\n\n\n\n\n\n\n\n
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Have you transferred assets to a\u00a0trust<\/a>\u00a0to benefit any family members?<\/p>\n<\/td>\n<\/tr>\n

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Are you the trustee or beneficiary of any trusts?<\/p>\n<\/td>\n<\/tr>\n

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Have you\u00a0created a will<\/a>?<\/p>\n<\/td>\n<\/tr>\n

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Have you executed an\u00a0advanced health care directive<\/a>\u00a0and a durable\u00a0power of attorney for health care<\/a>?<\/p>\n<\/td>\n<\/tr>\n

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Have you executed a\u00a0durable power of attorney for finances<\/a>?<\/p>\n<\/td>\n<\/tr>\n

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Do you have a living will?<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Next Steps for Retirement Planning<\/h2>\n

As you begin planning for retirement or adjusting to your current retirement plan, you must consider many factors. This financial planning questionnaire can help you assess your retirement preparedness and potential needs in the future.<\/p>\n

However, if you want more information, you may pursue professional assistance. If you’re concerned about retirement planning or have questions about the preparation process, consider contacting an\u00a0elder law<\/a>\u00a0or\u00a0estate planning attorney<\/a>. You can also speak with a Social Security attorney<\/a> about collecting public benefits.\u00a0<\/p>\n\n\n

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