Four Key Retirement Questions to Ask
The following educational materials are intended for informational purposes only and are not intended to constitute personalized financial advice.
October is National Retirement Security Month, a reminder to take proactive steps toward a more secure financial future. Whether retirement is five years away or several decades down the road, asking a few key questions today can help you better understand your goals, identify potential gaps, and craft a strategy that aligns with the retirement lifestyle you envision.
When should I retire?
The average retirement age is 62. Meanwhile, workers who have not yet retired, report expecting to retire at age 65 or plan on never retiring. You may plan to work until your full retirement age, however, 46% of workers end up retiring earlier than expected according to The Retirement Confidence Survey¹. Many people also want to enjoy their retirement years while they are younger and more active. Searches for "retire early" have risen steadily over the past 20 years, according to Google Trends².
Think about planning for different scenarios, such as retiring at 55, 60, 65, or 67 or later, and work with your financial professional to understand the impact each choice could have on your long-term financial security.
How much do I need to retire?
Understanding when you want to retire is the first part of the equation. The next step is estimating how much income you'll need to support the lifestyle you envision. Many people ask, how will I know if I have enough to retire? Housing expenses, healthcare costs, travel plans, hobbies, and everyday spending all play a role. Adding those figures into a retirement planning worksheet can provide a starting estimate that you can refine with your financial professional over time.
Do I have a retirement income plan?
Saving for retirement is an important step. It’s also important to create a strategy to turn those savings into reliable income that can last throughout retirement. According to LIMRA, 74% of pre-retirees want to learn more about protected lifetime income options, reflecting growing interest in solutions that can help provide income regardless of market conditions or longevity. Additionally, 78% of consumers who own a pension and/or annuity report feeling highly prepared for retirement, compared to just 50% of those without either source of protected income².
Retirement income planning focuses on questions such as:
How much income will I need each month?
What sources of income will I have?
How much of my essential expenses could Social Security and any qualified retirement plan from an employer, an IRA or an annuity cover?
How should I withdraw money from retirement accounts?
How can I reduce the risk of outliving my savings?
For many people, a combination of Social Security, personal savings, investments, and income from a pension or an annuity may help support your retirement needs. Working with a financial professional can help you evaluate your options, based on your goals, timeline, need for access to your money, and tolerance for risk.
Have I started a written retirement plan?
Only half of pre-retirees have a written retirement plan³. Putting something in writing doesn't mean every detail is set in stone. A retirement plan should evolve as your goals, finances, and circumstances change. Creating a written retirement plan can help turn abstract goals into concrete numbers. Record your anticipated retirement date, expected expenses, income sources, and questions that still need answers. You can then work with your financial professional to identify gaps and consider next steps.
National Retirement Security Month serves as an annual reminder that retirement planning isn't a one-time event. Whether you're just beginning to save, approaching retirement, or already evaluating income strategies, taking the time to answer a few fundamental questions can help you move forward with greater confidence.
Choose one of these four questions as a starting point and discuss it with your financial professional. You do not need every answer today to being mapping out the retirement you envision.
References
1: EBRI Retirement Confidence Survey, 2026.
2: Google Trends, Retire Early Search.
3: LIMRA, The Retirement Planning Gap Is Real, 2026.