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When will you join the ranks of the retired? It all depends on when you began saving, how much you’ve saved and how you picture the next chapter of your life. This quiz will help you figure it out.

  • 1. To retire comfortably at age 65, how much of your annual income should you put away in retirement savings each year?
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    (A)5 percent

    (B)10 percent

    (C)15 percent

    (D)20 percent

  • 2. How much total savings and investments should you have tucked away before retiring?
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    (A)5 times your current income

    (B)10 times your current income

    (C)15 times your current income

    (D)20 times your current income

  • 3. How often should you check and/or adjust your retirement portfolio?
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    (A)Once a week

    (B)Once a month

    (C)Once a quarter

    (D)Once a year

  • 4. What is the average annual Social Security retirement benefit?
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    (A)$7,000

    (B)$17,000

    (C)$27,000

    (D)$37,000

  • 5. How much will your Social Security benefit increase per year if you retire beyond full-benefit age?
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    (A)5 percent

    (B)6 percent

    (C)7 percent

    (D)8 percent

  • 6. How much do you need in savings to generate $40,000 a year after you stop working?
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    (A)$1.18 million

    (B)$2.8 million

    (C)$3.8 million

    (D)$4.8 million

  • 7. Which of the following strategies can save you thousands of dollars that you can apply toward retirement?
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    (A)Leasing your car instead of owning it

    (B)Drawing cash advances from your credit cards

    (C)Liquidating your 401 (k)

    (D)Paying off your mortgage early

  • 8. If you retire before age 65, which of the following is NOT an option for obtaining healthcare insurance?
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    (A)The Affordable Care Act (ACA) Health Insurance Public Marketplace

    (B)Medicare

    (C)COBRA coverage

    (D)Private insurance

  • 9. Once you’re retired, what hobby should you take up to increase health and longevity?
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    (A)Ballroom dancing

    (B)Guitar playing

    (C)Gardening

    (D)Sudoku