Rutgers New Jersey Agricultural Experiment Station [Later Life Farming]

Module 2b: What is Your Retirement Readiness Rating (R3)?

There are many factors that comprise retirement readiness. Key factors include adequate retirement benefits, savings, and health insurance and specific plans for the use of one's time when full-time work ceases. Experts caution that financial and non-financial aspects of retirement are both very important. It is not enough to just save a lot of money, or sell farm-related assets for a profit, and live off your assets. People who do not plan for the non-financial aspects of retirement often report feeling bored, unfulfilled, and unhappy.

Some key questions to ask yourself about non-financial aspects of retirement are:

  • Where do I plan to live?
  • How do I plan to spend my time?
  • How do I envision relationships with family and friends?
  • Do I plan to work full-time, part-time, or as a volunteer?

A variety of retirement readiness assessment tools are available online, including the Employee Benefit Research Institute's Retirement Readiness Rating (R3) quiz. Many were developed by financial services firms. Simply type the words "retirement readiness quiz" into an internet search engine. Some of these quizzes include questions about non-financial aspects of retirement while others assess only financial preparation. Links to several retirement readiness tools from non-commercial sources are provided below.

Online Resources

Useful Links