Is Semi-Retirement Right For You?
1. Choose the statement that best describes your feelings about your full-time career work.
A - I love my work and would consider taking a pay cut if necessary.
B - Although I enjoy my job, I'm really motivated by the money.
C - I'm satisfied with my work, though problems and stress are a regular part of my job.
D - Most days I would rather be somewhere other than work.
E - I'd be happy to retire tomorrow.
F - I don't work full-time.
2. My sense of self-worth is tied to my career success.
Usually Sometimes Never
3. My age is (check one):
under 30
31 to 40
41 to 50
over 51
4. If I had a whole month free, I would (check all that apply):
A - Go stir crazy.
B - Take a vacation.
C - Take care of lots of chores around the house.
D - Try something new I've always wanted to do.
5. Check the statement that best describes your experience of work-related stress:
A - I am under constant grinding pressure at work.
B - Sure there's stress, but that's because my work is challenging and creative.
C - My work isn't too stressful.
D - I could deal with more stress—my job is dull and I am seeking more challenge.
6. I have a clear idea of things I would like to do in semi-retirement.
Yes Somewhat Never
7. I want to spend much more time with my partner and family or friends.
Yes Somewhat Never
8. My spouse or partner and I have a shared goal and vision about shifting to semiretirement.
Yes Somewhat No I'm single
9. I am very interested in socializing with my work colleagues.
Yes No
10. I feel there is much more I need to do with my life, but can never find the time.
Usually Sometimes Never
Do you have the means to semi-retire?
11. I have saved money most years.
Yes No
12. My financial assets (including home equity I could access if I moved to a smaller home) are equal to:
A - 0 to 5 times my annual spending (the amount I spend each year for all my
living expenses—excluding my pension)
B - 6 to 10 times my annual spending
C - 11 to 20 times my annual spending, or
D - more than 20 times my annual spending.
13. I generally replace a car after owning it:
A - 1 to 3 years
B - 3 to 5 years
C - 5 to 10 years
D - 10 or more years
E - I don't have a car.
14. The total amount of my unpaid credit card or consumer debt (aside from debt
I pay in full each month on a mortgage or car payment) equals more than one
month of my living expenses.
Yes No
15. I have a budget that I follow every month.
Yes No
16. My mortgage will be paid off:
A - it's already paid off
B - in less than 5 years
C - in 5 to 15 years
D - in 15 or more years
E - I don't own a house, or
F - I could pay it off tomorrow but choose to invest the proceeds instead.
Scoring
Give yourself the points indicated below for each question, and then add up your total.
|
1.
a. –5
b. 0
c. 1
d. 3
e. 4
f. 5
score: ______
|
2.
Usually: 0
Sometimes: 2
Never: 4
score: ______
|
3.
under 30: –4
31 to 40: –2
41 to 50: 0
over 51: 2
score: ______
|
4. Count each checked answer
a. –5
b. –2
c. 1
d. 2
score: ______
|
|
5.
a. 4
b. 0
c. –1
d. –3
score: ______
|
6.
Yes: 3
Somewhat: 1
No: 0
score: ______
|
7.
Yes: 3
Somewhat: 0
No: –2
score: ______
|
8.
Yes: 5
Somewhat: 2
No: –2
Single: 2
score: ______
|
|
9.
Yes: –1
No: 3
score: ______
|
10.
Usually: 3
Sometimes: 0
Never: –2
score: ______
|
11.
Yes: 3
No: –3
score: ______
|
12.
a. 0
b. 4
c. 7
d. 10
score: ______
|
|
13.
a. –10
b. –2
c. 1
d. 3
e. 0
score: ______ |
14.
Yes: –3
No: 4
score: ______ |
15.
Yes: 3
No: –3
score: ______ |
16.
a. 2
b. 0
c. –3
d. –5
e. 0
f. 2
score: ______
|
| |
|
|
TOTAL
SCORE:_______
|
What your score means:
15 points or less:
You have some way to go. You are probably in the early stages of your planning for semi-retirement. You may simply need to continue building your savings. Begin thinking about what you'd do if you weren't required to work full-time. If you need help brainstorming, you may want to take advantage of our 20 minute complimentary consultation.
15 to 29 points:
You're getting close. You are well on your way to being ready to semi-retire, but there is still more to do. We'd be more than happy to look at next steps with you. Contact us today - there's no obligation.
30 points and above:
You are ready. Life has brought you a long way and if you aren't already semi-retired, you are certainly thinking like someone who is. Your transition into semi-retirement should be relatively comfortable when you choose to take that step. Take a look at our Sample Retirement Plan and then give us a call. We'd be happy to walk you through it and see how it all works.
Reprinted with permission from the publisher, Nolo, copyright 2009. Nolo.com