How Confident Are You in Your Retirement Plan? Find Out With This Quiz
On a scale of 1 to 10, how confident are you in your retirement plan? This quick quiz will help you find out if it's on track, or whether it needs more work.


Many people approach retirement with a high level of confidence, feeling good that their careful planning will serve them well in the years ahead. Others are uncertain. They worry about running out of money and being unable to capitalize on the free time retirement brings. And some exude a false confidence that erodes when they realize that, actually, they can’t answer retirement’s most pressing questions.
One of my goals when talking with prospective clients is to help them determine their confidence level. I ask them to score themselves from 1 to 10, with 10 being the highest level of confidence and 1 the lowest. (This scoring system comes with an asterisk. Fence-sitters are not allowed, so no one can score themselves a 7 — that is what people default to when they are indecisive and want to take the middle ground.)
Ideally, you want a confidence score of 8, 9 or 10, which indicates your retirement planning is where it needs to be, or close. If you score a 6 or lower, you have work to do.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
How to measure your confidence level
Tossing out a number doesn’t have much meaning unless you base it on something. That’s why the scoring is tied to how much preparation those approaching retirement have already accomplished in five key areas of planning: income, investments, tax, health care and legacy.
Let’s look at what it takes to earn a confidence level of 8, 9 or 10. While we do, think about how you would score yourself in each area.
- Income. You know where your money will come from in retirement. Options might include Social Security, a pension, an IRA or 401(k) or rental property. You also know how much you can withdraw from your retirement accounts annually without putting yourself at risk of outliving your money. If you have multiple accounts, you know the best order for when to withdraw money from which accounts. You also know the most opportune time for you to claim Social Security to meet your individual needs and circumstances.
- Investments. You know your risk score, which will help you determine which investments are appropriate for you and how much risk you are comfortable taking. You also know that you would be able to survive a major market correction.
- Tax. You have one to three strategies in place to help mitigate your current taxes and reduce your future taxes with the goal of eventually eliminating your taxes altogether.
- Health care. If you will retire before you become eligible for Medicare at age 65, you have a plan to fill the gap. You have a clear understanding of how the income-related monthly adjustment amount (IRMAA) works. (IRMAA is an extra charge people with high incomes must pay for Medicare Parts B and D.) You also have a plan for what happens if you face a major medical event.
- Legacy. You already have an estate plan containing a will and maybe also a trust. Your trust is properly funded. Your beneficiaries are updated, so you are certain your assets will go to the people or causes you intend.
How did you score?
Did you have high scores in each area? Low scores? Was it a mixed bag? Are you strong on the income side of things (an impressive 9 maybe) but weak with your health care planning (perhaps a lowly 3)? Do you feel good about your tax plans but know you are lacking when it comes to legacy planning?
If you had high scores across the board, then congratulations. But if you’re lacking in one or more areas, it’s time to get your plans in order.
A financial adviser can help you develop strategies that are appropriate for your individual needs in all of these retirement planning areas. They can help match your income needs to your planned retirement lifestyle. They can help you determine your risk score and discuss strategies for reducing your taxes. They can discuss options for planning for health care costs, and they can review with you the kinds of things you should consider with legacy planning.
Then, when retirement arrives, you can feel more confident you are ready. Instead of spending sleepless nights wrapped in anxiety, you will have a better chance of enjoying the retirement you have longed for.
Ronnie Blair contributed to this article.
Investment Advisory Services offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Advisor.
The appearances in Kiplinger were obtained through a PR program. The columnist received assistance from a public relations firm in preparing this piece for submission to Kiplinger.com. Kiplinger was not compensated in any way.
Related Content
- In What Order Should You Tap Your Retirement Funds?
- When To Take Social Security Payments: Your Age Matters
- Risk in Retirement: What’s the Right Level for You?
- Wills Gone Wild: How to Avoid Estate Planning Disasters
- Which of These Three Types of Soon-to-Be Retirees Are You?
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Sean P. Lee is a managing partner and Investment Adviser Representative with Elevated Retirement Group. Since 2002, Lee has helped families reach and maintain their financial goals. Lee has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial adviser on Utah’s NBC station, KSL 5.
-
What About Those ‘Guaranteed’ Life Insurance Ads?
Guaranteed life insurance policies can sound tempting if you've been declined for insurance elsewhere. Here are four downsides and one alternative.
-
13 Answers to Pressing Social Security Questions
From smart claiming strategies for couples to tips on maximizing your monthly check, we have advice that can help you.
-
13 Answers to Pressing Social Security Questions
From smart claiming strategies for couples to tips on maximizing your monthly check, we have advice that can help you.
-
Keep Tax Collectors at Bay with Muni Bond Funds
Municipal bonds can be good insurance against inflation — and interest is tax-free. But as with all investments, understanding risk is key.
-
Eight Tips From a Financial Caddie: How to Keep Your Retirement on the Fairway
Think of your financial adviser as a golf caddie — giving you the advice you need to nail the retirement course, avoiding financial bunkers and bogeys.
-
Just Sold Your Business? Avoid These Five Hasty Moves
If you've exited your business, financial advice is likely to be flooding in from all quarters. But wait until the dust settles before making any big moves.
-
Cord Cutting Could Help You Save Over $10,000 in 10 Years
How cutting the cord can save you money and how those savings can grow over time.
-
The '8-Year Rule of Social Security' — A Retirement Rule
The '8-Year Rule of Social Security' holds that it's best to be like Ike — Eisenhower, that is. The five-star General knew a thing or two about good timing.
-
Should I Buy Stocks or Should I Buy Bonds Right Now?
Generally speaking, stocks provide reasonable growth while bonds provide stable income. Each play important roles in diversified portfolios.
-
Tips for Expat Retirees, From Expat Retirees
You may enjoy a lower cost of living by moving abroad, but it requires careful planning.