NEW YORK – Despite the approach of the 60th birthdays for its oldest members, many baby boomers admit that they haven't decided on an age to retire, nor have they actively planned how much they should save each month to achieve retirement goals.
So, how are you faring? Answer these 10 questions to find out if you're ready to retire:
—Have you and your spouse discussed retirement plans and goals?
—Do you know what retirement savings options are available?
— Have you and your spouse decided on an age to retire?
— Do you monitor your savings and investments with your retirement age in mind?
— Have you estimated what your retirement income will be from Social Security, your employer-sponsored retirement plan and other savings?
— Do you continue to search for savings options to help you save more for retirement?
— Have you estimated how much you will spend each year during retirement?
— Do you have a plan to automatically divert money from your paycheck or bank account into retirement savings?
— Have you prepared an emergency fund or otherwise financially prepared for unexpected life events such as illness or unemployment?
— Do you periodically review your insurance coverage to ensure you are adequately covered?