Financial Fitness Quiz | Paul Bryer

How do you feel about your monthly budget, and do you have margin in your budget?

I feel pretty good about it and have some extra each month.

I feel so-so about my budget and I tend to spend every dollar each month.

I do not feel confident about it and it seems like I run out money before I run out of month.

If you sum up all of the debts owed and divide it by your gross annual income, what does that look like for you?

<= 36% best

> 36% but < 43% OK

> 43% high

If you have children and plan to save for their future education, what do you have in place today?

I do not have children.

I have 529(s) or other educational savings in place (ESA, UTMA, Other).

The plan is to fund this from current income (pay as we go) and/or plan to receive scholarships, work-study, etc.

The plan it to fund it with student loans, or combination of this and one or more of the above choices.

Do you believe that you have enough and the right kind of insurance coverage for you and/or your family in place today?

Yes, I have adequate life insurance to replace my income and other needs. I also have adequate short/long-term disability coverage. I also feel good about our property and casualty coverage and have an umbrella policy.

Maybe; I’m not sure, or I have not looked at this in years.

No, I know this needs some time and attention.

How do you feel about your investment and retirement savings?

Pretty good. I think we’ll have enough at retirement to live comfortably, mitigate most risks (e.g. healthcare, longevity), and possibly leave a legacy.

We might be OK. I think we perhaps need to adjust savings and/or adjust the investments and portfolio to be able to reach our goals.

I’m not sure I’m in good shape yet and do not feel confident in retirement. I need to save enough, get some advice on investing it, and kick-start my retirement planning.

How do you feel about your tax strategy and overall tax planning?

I have a tax planning/strategy advisor that helps me.

I think we’re OK, but I do have some tax complexity and questions, and I want to be more tax-efficient in my planning.

My taxes are not that complicated, so this is not an issue for me.

How confident are you in navigating Social Security and Medicare?

I kind of know what to do for the most part and feel pretty confident about my path here.

I could use some advice on optimal ways to collect Social Security in regards to my total financial plan, and pick the Medicare route that is best for me.

I’m not sure what I might receive for Social Security and/or I might be looking at Medicaid support.

What does your estate plan look like?

I have all of my estate documents set up and they are current (updated in the last 5 years). If I have a Revocable Trust, it is funded.

I have not updated these documents in 10 years, so it is probably time to revisit all of this.

I do not have any estate documents in place (Wills, Powers of Attorney, Advanced Directives, Revocable Trust).

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