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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®








 ARE YOU READY TO RETIRE?

  

Are You Ready to Retire?

Retirement Budgeting

Sources of Retirement Income

Tax-Deferred Savings Vehicles

Estate Planning

Selling Your Business

Getting Your Business Ready for Sale

Working With a Business Broker

Closing-Your-Business Sale

More Resources: Retirement Planning 		  Retirement Readiness Quiz Answers

1. What percentage of your current annual income will you need to live at your current standard of living when you retire?

Answer: You will need between 75 and 80 percent of your current net income to maintain your current lifestyle in retirement, according to most financial planners.

2. What has the inflation rate been for the last three decades?

Answer: Prices as measured by the U.S. Consumer Price Index have risen steadily since World War II. An item that cost 54 cents in 1945 cost about 95 cents in 1965 and $5.29 by 2001.

3. What’s the average life expectancy for men and women?

Answer: The current life expectancy is 79.4 years for females and 73.9 years for males.

4. What is the average cost per day for nursing home care?

Answer: According to the National Center for Health Statistics the average daily charge for private-pay residents in 1997 was $136 per day for skilled care, $107 per day for intermediate care, and $97 per day for residential care.

5. How many days of nursing home care does Medicare currently pay for?

Answer: Medicare Part A currently pays for up to 100 days' care in a skilled nursing facility in each benefit period. Medicare pays for all covered services for the first 20 days; for the 21st to 100th day, the beneficiary pays coinsurance ($99 a day in 2001).

Retirement Questions to Ask Yourself >