In a far reaching survey on retirement preparedness published by the Wall Street Journal with input from other reputable sources, I found the answers disturbing. The questions generated both positive and negative responses based upon the perspective of the individuals answering the survey: that is depending upon whether you were ready to retire, had planned carefully to retire, or were working with a qualified financial professional who advises on retirement planning, or were just buying into the Ostrich syndrome.

Bermuda residents: here is your chance to see just how prepared you are. If you are so inclined, please send your answers to me, either by email, or anonymously dropped off at AFL offices or The Royal Gazette no later than end of July 4, 2008 - Freedom Day. As always, all correspondence will be treated with total confidentiality.

Look for the results at end of July just before everyone heads off on vacation. They will be compared on compiled total against the results of the survey in the Wall Street Journal.

This quiz has been adopted for the Bermuda retirement sector from one published recently in The Wall Street Journal on June 14, 2008.

1 and 2 - Do you think that your retirement is, or will be, better than your parents' retirement?

If you are already retired, answer 1

a. yes

b. no

c. too soon to tell

If you are still working, answer 2

a. yes

b. no

c. have no idea

3 - Have you and your spouse/partner tried to calculate how much money you will need to have saved by the time you retire?

a. yes

b. no

c. we tried, but the process is way too much like homework

4 - When you did try to figure out what you will need for savings in retirement, how did you come up with a number?

a. Asked a planning professional / financial adviser

b. Did our own estimate

c. Used an online calculator

d. Guessed, who knows what's going to happen anyway!

5 - How much money do you think you will need for retirement?

a. Less than $250,000

b. $250,000 to $499,999

c. $500,000 to $999,999

d. Haven't a clue

6 - Do you think that you have saved enough for retirement?

a - yes

b - no

c - my children will take care of me, so I don't have to worry

d - I don't plan to live long enough to find out, my family is very short-lived (Seriously, I've had clients who have made such a statement)

7 - Do you have any idea what your health care costs per person per month will be in retirement?

a - $400

b - $600

c - $800

d - $ over one thousand per month per person

8 - Does your retirement readiness build in for long-term care?

a - yes

b - no

9 - You care about your health. What do you think is the most popular sports activity among adults age 55 to 64 in Bermuda?

a. Swimming

b. Couch potato surfing

c. Exercise walking

d. Golf

10 - Bermudians are very long-lived - do you expect to receive an inheritance from your family?

a - yes

b - no

c - I'm supporting my extended family now

11 - How much less do women age 65 or older receive in retirement benefits (on average) compared to men of same ages?

a. 48% of men's

b. 58% of men's

c. 68% of men's

d. 78% of men's

12 - Are you still, or have you provided some type of financial support to your adult children?

a - yes

b - no

c - not yet, but I will be hit with the bill anytime!

13 - If you are providing support, is the money coming from current earnings or are you depleting your own savings?

a - I can afford it on my salary

b - we have had to cash in some of our savings

14 - Do you talk about money and finances with both your children and your parents on a regular basis?

a - yes, although it is not easy

b - no

c - no, because it is too personal

15 - How many Bermuda residents are age 65 and older?

a - 4,000

b - 7,000

c - over 10,000

16 - Do you know what your average monthly old age contributory pension will be when you retire?

a. $800

b - $1,000

c - have no idea

17 - Do you think there will be adequate Social Insurance when you retire?

a - yes

b - no, my benefit will be reduced

c - there won't be any when I reach that point

18 - How old are you?

a - less than 40

b - 41-55

c - 55-65

d - over 65

19 - What do you think the Bermuda economic inflation rate will be when you retire?

a - four percent

b - six percent

c - three percent

d - eight percent

Martha Harris Myron CPA -NH1929, CFP® -67184 (US licenses) TEP - Society of Trust and Estate Practitioners. She is a Senior Wealth Manager at Argus Financial Limited, specializing in comprehensive financial solutions and investment advisory services for individual private clients and their families, business owners, endowments and trusts. DirectLine: 294 5709 Confidential email can be directed to mmyron@argusfinancial.bm The article expresses the opinion of the author alone. Under no circumstances is the content of this article to be taken as specific individual investment advice, nor as a recommendation to buy/ sell any investment product. The Editor of the Royal Gazette has final right of approval over headlines, content, and length/brevity of article.