Can I retire? Start with these seven questions.

1. What will you spend each month?

Start with spending, not a savings goal. Price a normal month in today's dollars. Include health insurance, taxes, home repairs, a new car, travel, gifts, and help for family.

Put needs and wants in separate groups. Food and housing are needs. A large trip is a want. This shows what you could pause after a bad market year.

• Essential: housing, food, utilities, insurance, health care, and taxes.
• Flexible: travel, hobbies, dining, gifts, and major purchases.
• Irregular: roofs, vehicles, dental work, family help, and long-term care planning.

2. What steady income will you get?

List Social Security, pensions, annuities, and reliable rent. Keep these amounts separate from money you plan to take from savings.

Use the amount left after costs. For a rental, subtract repairs, empty months, management, the mortgage, insurance, and taxes.

3. How much must your savings provide?

Subtract steady monthly income from monthly spending. Your savings must cover what is left.

A withdrawal rule can turn that gap into a rough savings goal. It is a starting point, not a promise. You still need to test bad markets, rising prices, taxes, fees, and a long life.

4. How will you pay for health insurance?

If you retire before 65, count the months from your last work plan to Medicare. Compare COBRA, a spouse's plan, retiree coverage, and Marketplace plans.

Look beyond the monthly bill. Add the deductible and other costs you may pay. Also check the signup dates. Signing up late can cause a gap or a penalty.

5. When will each person start Social Security?

Starting early usually means a smaller check each month. Waiting can raise the check until age 70. For a couple, the larger benefit may also help the surviving spouse later.

Compare three choices: start early, start near full retirement age, and wait. Then see how much savings you must use while you wait.

6. What will you do after a bad market year?

A market drop can hurt more near the start of retirement. You may have to sell investments while prices are down.

Write down what you would do. You might use cash, pause some spending, work for a while, retire later, or change which account pays the bills.

7. Can both people explain the plan?

A plan is weak when only one person knows the accounts, income, passwords, advisers, and choices. Make a one-page household list. Review it together once a year.

You are closer to ready when both people can explain the spending goal, income dates, health plan, tax questions, and bad-market plan. A thick report is not enough.