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Retirement Planning

How much money will you need to retire? As you think about retirement planning, there’s a lot to consider, including when to retire, where to live, 401(k) plans, IRAs, annuities, Social Security and more. Explore these articles to learn how to plan effectively and when to start saving for retirement. 
Senior business woman reviewing annuity.

Understanding a Qualified vs. Non-Qualified Annuity

Learn how taxes work on qualified and non-qualified annuities.
Multiple generation family at the beach at sunset

Get Familiar With Inherited IRA Rules

Inherited IRA rules govern required minimum distributions, tax treatment of withdrawals, and timelines for depleting the account based on the beneficiary's relationship to the deceased account owner. Understanding these rules is crucial for beneficiaries to handle and utilize their inherited assets effectively.
Smiling older couple wondering when to retire look at a map

When Should I Retire?

The best time to retire is when you feel financially secure and confident in your resources to sustain a fulfilling lifestyle and cover future needs.
Young adults enjoying a vacation wonder, "How much do I need to retire at 45?"

How Much Do I Need to Retire at 45?

To retire at 45, it is suggested to follow the rule of thumb that suggests withdrawing no more than 4% of savings.
Young man in a hammock asks himself, "How much money do I need to retire at 40?"

How Much Money Do I Need to Retire at 40?

To retire at 40 and live comfortably on an annual income of $50,000, you would need to have saved approximately $1.25 million by the time you end your career, assuming a 4% withdrawal rate.
Smiling older woman looking down at research on annuity benefits

6 Annuity Benefits to Consider

Annuities offer diverse benefits, including guaranteed income, tax advantages, unlimited contributions, customization options, long-term care insurance riders, and a guaranteed rate of return.
A couple discusses how they can contribute to a 401(k) and an IRA

Can I Contribute to a 401(k) & an IRA?

Yes, it is possible to contribute to both a 401(k) and an IRA at the same time, but eligibility for each account depends on specific factors such as employment status, income level, and filing status.
Young children and parents who have started preparing for retirement

5 Reasons to Start Preparing for Retirement Now

Starting preparations for retirement early can provide financial security, maximize tax advantages, leverage compound interest, avoid catch-up contributions, and ensure a comfortable retirement with more options and flexibility.
middle-aged couple prepares their retirement budget and asks: how much to do I need to retire at 50?

How Much Do I Need to Retire at 50?

To retire at 50, it is important to estimate your retirement income needs based on your expected expenses during retirement and consider various factors that may affect your financial situation in early retirement.
How much do I need to retire at 60, like the couple pictured here walking on the beach?

How Much Do I Need to Retire at 60?

The exact amount you need to retire at 60 depends on various factors, including your current retirement savings, expected expenses in retirement, tax considerations, and healthcare costs.
couple laughs and walks on the beach and discusses the question: how much do I need to retire at 62

How Much Do I Need to Retire at 62?

To retire at 62, it is best to calculate one's retirement needs based on current savings, health care costs, Social Security benefits, and tax considerations.
A young woman considers how much to contribute to a 401(k) in her 20s

4 Ways to Decide How Much to Contribute to a 401(k) in Your 20s

In determining how much to contribute to a 401(k) in your 20s, calculate an ideal retirement age, save at least 15% of your pre-tax income, consider employer matches, and explore the option of opening a Roth or traditional IRA for additional retirement savings.
A happy older couple smiles and laughs after purchasing a flexible premium deferred annuity

What Is a Flexible Premium Deferred Annuity?

A Flexible Premium Deferred Annuity is an annuity that allows for periodic premium payments and offers potential growth over time.
A young women researching how to increase 401(k) contributions incrementally

When to Increase 401(k) Contributions: 3 Key Things to Consider

When considering increasing 401(k) contributions, individuals should take into account their age, financial situation, and career/lifestyle changes.
graphic illustrates what to know at every retirement age milestone to help your retirement planning

Planning for Retirement at Every Retirement Age Milestone

Planning for retirement at every milestone age involves maximizing savings contributions, considering Social Security implications, and ensuring timely enrollment in Medicare to avoid penalties or coverage gaps.
Girl hugging her grandfather after discussing what happens to annuities when you die

What Happens to an Annuity When You Die?

The outcome for an annuity after your death varies based on the accumulation or payout phase, impacting beneficiaries and tax implications.
An older couple laughing and talking after looking at a house for retirement

Buying a House for Retirement? Consider These 3 Factors

When buying a house for retirement, it's essential to consider factors such as ongoing housing costs, the long-term livability of the home, and the location's climate, resale value, and amenities to ensure a comfortable and suitable retirement living situation.
Carpenter smiling as he designs a project and considers how to make money in retirement

How to Make Money in Retirement

Make money in retirement by pursuing enjoyable encore careers, engaging in part-time work, joining the gig economy, or renting out idle assets to enhance financial freedom, personal satisfaction, and overall well-being.
Adult son and his father discussing annuity options after son becomes the beneficiary

Claiming Your Inheritance: Annuity Options for Beneficiaries

Annuity beneficiaries have options such as the five-year rule, lump sum, stretch option, rollover, and spousal continuation to claim their inheritance.
Mother and young daughter holding cups of coffee and discussing a custodial IRA

What Is a Custodial IRA?

A custodial IRA is an individual retirement account where a child (or grandchild) is the beneficial owner, but an adult custodian is responsible for managing the investments and distributions until the child reaches the age of majority, allowing the child to start saving early and learn good financial habits for their future.
Gardening grandmother and granddaughter who will receive an annuity death benefit

How Does an Annuity Death Benefit Work?

An annuity death benefit is a feature that provides financial protection to the beneficiaries of an annuity contract by offering a lump sum payment or ongoing income stream upon the annuitant's death.
Middle-aged couple who share a spousal IRA walking their dog on a fall day

What Is a Spousal IRA? 

A spousal IRA is an Individual Retirement Account that allows a working spouse to contribute on behalf of a nonworking spouse, maximizing retirement savings and tax benefits for both individuals.
Father high-fives his son while mother watches after parents discuss their annuity options.

What Are the Different Types of Annuities?

The different types of annuities are immediate, deferred (fixed, variable, fixed indexed), each with distinct features and benefits.
how to save for retirement

Ways to Help Get Your Retirement Plan Off the Ground

Ways to help you get your retirement plan going are understanding importance of determining retirement income needs, prioritizing savings, choosing suitable retirement savings options, considering catch-up contributions for those aged 50 or older, and maintaining consistency in saving habits and wise financial choices to achieve a secure retirement.
A couple sits on a park bench and discusses changing their medicare supplement insurance plan

When Can I Change My Medicare Supplement Insurance Plan?

Here's some information on when you can change from one Medicare supplement plan to another.
A daughter brings her mother flowers while they discuss withdrawal plans for an inherited IRA

How a New 10-Year Rule Could Affect Your Inherited IRA

The new 10-year rule for inherited IRAs could have a substantial impact on your inheritance, requiring you to withdraw the entire balance within a maximum period of 10 years and potentially affecting your tax planning and long-term financial strategy.
A retired couple reviews whether they need supplemental insurance if they have Medicare

Do I Need Supplemental Insurance if I Have Medicare?

Private insurance may help to cover the extra Medicare costs you could face in retirement. Knowing your options can help. 
One woman smiles with her husband after becoming a joint annuitant

What Is a Joint Annuitant?

A joint annuitant is an individual designated to receive ongoing income or benefits alongside the primary annuitant, typically in the context of retirement or insurance plans.
A young couple discusses how much they should contribute to their 401(k)

How Much Should I Contribute to My 401(k)?

The ideal contribution to a 401(k) depends on factors such as employer match, desired retirement income, current savings, years until retirement, and risk tolerance.
Happy mature couple on a couch looking up average retirement savings by age on a phone

Average Retirement Savings by Age

In your 20s, aim to save the equivalent of your annual salary by 30; in your 30s, three times, in your 40s, six times, and in your 50s and beyond, eight times.
A smiling woman in a wheelchair researches planning for early retirement due to disability.

How to Plan for Early Retirement Due to Disability

Even if unexpected, it's wise to plan for early retirement due to disability, as this can help you prepare for bigger expenses with a lower income.
middle-aged couple walks their dog on a sunny hillside and contemplates an early retirement

Can I Retire Early?

Find out how you may be able to retire early — and learn what it takes to reach this big financial goal. Ready to leave work behind? It might be possible.
A mature couple walks alongside a bicycle after saving for health care costs in retirement.

Health Care Costs in Retirement

Health care costs in retirement can be significant, with estimates suggesting an average expenditure of $315,000 for a 65-year-old couple, highlighting the importance of considering factors such as health status, Medicare coverage, and planning for potential premiums and out-of-pocket expenses.1
A woman using her laptop considers taking an early withdrawal from a 401(k)

4 Things to Consider Before Taking an Early Withdrawal From a 401(k)

Taking an early withdrawal can affect your long-term retirement savings. Here are some considerations before you move forward. 
businessman outside office building contacts lafayette life on tablet for retirement income planning

4 Steps You May Want to Consider When Planning Your Retirement Income

Whether you want steady retirement income to last your lifetime or seek confidence to meet whatever the future holds, establishing a plan is an important step toward guiding your retirement in the right direction.
Retirees who receive an immediate annuity taking a break from hiking

What Is an Immediate Annuity?

An immediate annuity could help ensure a regular income in retirement. Learn how it provides guaranteed income by converting your assets into payments.
Happy senior couple enjoying the outdoors and discussing when to start claiming social security

When Can You Collect Social Security Retirement Benefits?

You can start claiming Social Security retirement benefits at age 62, but your monthly payment will be reduced. Here's what to consider. 
There's more to the U.S. than coastal cities and beach towns for retirees.

Where's the Best Place to Retire in the Midwest? 5 Options for Retirees

There's more to the U.S. than coastal cities and beach towns for retirees.
A happy couple sitting on a couch discusses what to do in retirement

Wondering What to Do in Retirement? Consider These 12 Ideas

Retirement comes with lots of newfound free time. Here are some ideas for how to spend it.
Happy retired seniors smiling by the ocean and talking about basic retirement terms

Retirement Terms 101: 5 Terms to Know When Preparing for Retirement

Here are some of the basic retirement terms to know as you prepare for your golden years.
Retired couple taking a picture on a boat after they retired overseas

Want to Retire Overseas? Consider These Financial Details First

International retirement is possible, but it can affect your taxes, insurance and other financial factors. 
Retired couple walking on a beach and discussing their retirement checklist

Retirement Checklist: 7 Steps to Prepare

Retirement is an exciting stage, but it may change your financial life. Making a plan in advance can help.
A happy couple embrace and smile after purchasing a single premium annuity

What Is a Single Premium Annuity?

A single premium annuity is purchased with a lump sum of money, known as a premium. There are different types of single premium annuities.
A man and woman look at a tablet together and consider retirement strategies

Retirement Strategies to Consider

Effective retirement strategies involve creating a budget, maximizing contributions to retirement accounts, considering alternative savings plans, planning withdrawals, and accounting for factors like Social Security, fees, and market conditions.
A middle-aged couple sits at a table and looks at papers regarding their retirement income planning

A Guide to Retirement Income Planning

If you want to help make your income in retirement last, here are some things to consider as you start planning for the long term.
Couple jogging by a sunflower field, discussing a deferred annuity

What Is a Deferred Annuity & How Does It Work?

If you're ready to buy an annuity now but don't need the payout for a while, you might consider a deferred annuity.
A older man honing his photography skills which is one retirement hobby that makes money

Retirement Hobbies That Make Money

You don't have to rely on your savings alone in retirement. These hobbies can help you earn money, too. 
mature couple rides bikes and decides whether a roth individual retirement account is right for them

What Is a Roth IRA?

A Roth IRA is a retirement account that offers tax-free growth on investments and tax-free withdrawals during retirement, with annual contribution limits and eligibility based on income, making it advantageous for those anticipating higher tax brackets in retirement or currently in lower tax brackets during their working years.
Woman zipping up coat on a run and thinking about how annuities work

How Do Annuities Work? 

If you're deciding whether to purchase an annuity, it may be helpful to understand how they work, the different types, and their potential benefits.
multigenerational family enjoys a sunny spring day as the grandparents talk about an ira inheritance

Leaving an IRA Inheritance

Learn how a legacy IRA could help you leave an inheritance and potential tax benefits for future generations.
Grandparents with grandbaby laughing not saving for retirement heres the cost of waiting

Not Saving for Retirement? Here's the Cost of Waiting

The cost of waiting to start saving for retirement is significant due to the power of compound interest, making it essential to begin early, maximize contributions to retirement accounts, and consider extending working years if necessary.
A man on his laptop researching what happens to your 401k when you leave a job

What Happens to Your 401(k) When You Leave a Job?

When you change jobs, you'll likely have a few options when deciding what to do with your 401(k) savings.
four neighbors of various ages eat at a block party and discuss when is a good time for opening an ira

Is There a Right Age for Opening an IRA?

There is no specific right age for opening an IRA, as it depends on individual financial goals and circumstances. People of any age can open an IRA, with different considerations at each life stage.
middle-aged woman smiles outside on a farm and wonders: how much do I need to retire at 65?

How Much Do I Need to Retire at 65?

The current full retirement age is 67 — how do you know if you'll be prepared by then? Here are a few key factors in the retirement equation.
Four female friends walking outside with yoga mats discussing retirement planning for women

Retirement Planning for Women

From longer life expectancy to gender pay disparities, women's retirement considerations may be different from men's.
Older woman who has just heard annuities explained by her husband

Annuities Explained: 5 Myths Debunked

Annuities are sometimes misunderstood. Here are five common myths.
grandparents sit by a lake with their two grandkids and are happy they invested in a traditional ira

What Is a Traditional IRA?

A traditional IRA is a retirement investment account that provides tax benefits and allows individuals to contribute money annually for tax-deferred growth until retirement.
African American male on computer researching where to invest after maxing out his 401(k)

Maxing Out Your 401(k)? Alternatives to Consider

Consider alternatives like IRAs, which offer tax benefits and more flexibility, Health Savings Accounts (HSAs) for medical expenses with tax advantages, or brokerage accounts for additional investment options once you've maxed out your 401(k).
self-employed businessman works on his laptop in a sunny room to research: what is an IRA?

What Are the Different Types of IRA Accounts?

The different types of IRA accounts include Traditional IRAs, Roth IRAs, Roth Conversion IRAs, Rollover IRAs, SEP IRAs, and SIMPLE IRAs, each offering various tax advantages and eligibility criteria for retirement savings.
Senior couple riding bikes on a sunny day and discusses generating income in retirement

Generating Income in Retirement: 5 Strategies to Consider

Here's how you may be able to generate more income in retirement to help fund your lifestyle. 
Man hiking on a sunny day considering options after finding out he has no 401(k) at work

No 401(k) at Work? Consider These Alternatives 

If you don't have a 401(k) at work, you can consider alternatives such as contributing to a Traditional IRA, Roth IRA, SEP IRA, nonqualified variable annuity, or a taxable brokerage account to plan for your retirement and long-term financial goals.
Senior couple enjoying a walk on the beach and discussing a possible lost 401(k)

Tracking Down a Lost 401(k)

Do you have an unclaimed 401(k)? Whether you're unsure or know you have missing retirement money, here are some potential next steps. 
Senior couple leaning on fence in countryside wondering how are annuities taxed

How Are Annuities Taxed?

It's important to learn how annuities work and understand when you might pay taxes.
Young couple sitting on the floor and looking up the 2019 ira contribution limits on tablet

IRA Contribution Limits: How One Change Could Boost Your Retirement Income

The IRS increased the annual IRA contribution limit to $6,000 for 2022, meaning investing in an IRA may be more beneficial than ever.
Senior woman smelling flowers on a tree while thinking about retirement catch-up contributions

How to Make Catch-Up Contributions to Your Retirement Savings

Catch-up contributions allow individuals over the age of 50 to save extra for retirement, benefiting those who have reached maximum contribution limits or want to boost their savings.
Man checking his retirement plan balance on his work computer and wondering what is a vested 401k

What Is a Vested 401(k)?

A vested 401(k) refers to the portion of a 401(k) retirement savings plan that an employee has full ownership over. Employers often set up a vesting schedule that determines when and how much of their contributions the employee will own.
businesswoman researches the difference between a 401(k) and IRA while traveling by train for work

What's the Difference Between a 401(k) & IRA?

Are you striving to secure your financial future but confused about whether a 401(k) vs IRA is right for you? A 401(k) is available only through an employer, with higher contribution limits and potential employer matching, while an IRA is accessible to anyone with income from work, providing more investment options and no employer matching, and some 401(k)s allow loans, which is not possible with traditional IRAs.
Happy women sitting with her dog on the couch during her mini retirement

Could a Mini Retirement Be Right for You?

A mini-retirement allows an extended break from work to rejuvenate passion and reshape your career path through reflection, but you'll need to weigh factors like savings, healthcare, rehire potential, and retirement benefits when deciding if an extended pause could be right for you.
An elderly woman talking to her granddaughter about disability and retirement benefits

Can I Receive Disability & Retirement Benefits at the Same Time?

Here's how Social Security disability and retirement benefits work together in retirement.
A woman taking a water break in the woods and thinking about the civil service retirement system

The Civil Service Retirement System

Federal employees should understand how the Civil Service Retirement System can affect their retirement.
Woman checking her Social Security benefits and wondering what is COLA

What Is Social Security COLA?

A cost of living adjustment (COLA) is an important aspect of your Social Security benefits.
Married couple discussing how early retirement affects social security

How Does Early Retirement Affect Social Security? 

Workers are able to collect Social Security as early as age 62, but retiring early can affect your monthly benefit.
An old man sitting and enjoying his beach retirement

5 Affordable Beach Retirement Towns

Do you want to spend your retirement years basking in sunny weather on a white sand beach? Consider these affordable beach towns.
Retired woman teaching a yoga class after looking at cool retirement jobs

5 Cool Retirement Jobs

If you still want to work in retirement, one of these fun jobs could be a good option. 
Man retiring from work and sitting at his desk

Retiring From Work? 4 Financial Considerations Before You Leave

As you prepare to leave your job for retirement, you may want to consider these four financial details.
A senior couple stands in front of a blue house asking should I pay off my mortgage before I retire

Should I Pay Off My Mortgage Before I Retire?

Paying off a home while you're still working is an ambitious goal, but it's important to gather all the facts first.
an elderly woman sitting in a kitchen in front of a laptop smiling and working after retirement

Working After Retirement

Here are three financial considerations to keep in mind as you decide whether to go back to work after retiring.
Retired couple hiking on a trial

3 Retirement Withdrawal Strategies to Help Make Your Savings Last

There is no one-size-fits-all solution to managing retirement funds — but there are some common strategies worth considering.
Senior couple on autumn camping trip discussing alternatives to social security

Alternatives to Social Security to Help Boost Your Retirement Income 

Explore diverse strategies beyond Social Security to enhance your retirement income, including annuities, increased retirement contributions, reduced healthcare costs, debt management, and working longer.
Older couple with bikes who are evaluating an early retirement offer

Evaluating an Early Retirement Offer 

Taking an early retirement offer is a personal — and financial — decision. Here's what you may want to consider.
Middle aged couple happy and excited after deciding where to live in retirement

Deciding Where to Live in Retirement: What to Consider

Relocating in retirement could lower your cost of living and give you access to the activities you want to enjoy. Here's how to approach the decision.
How to start saving for retirement in your 50s, like this mature woman pictured jogging in the fall

How to Start Saving for Retirement at 50 & Beyond

To start saving for retirement at 50 and beyond, adjust expectations, create a retirement budget, prioritize retirement savings with employer-sponsored plans and IRAs, utilize a Health Savings Account, and manage debt carefully.
Man reading newspaper and considering how to increase social security benefits after retirement

How to Potentially Increase Social Security Benefits After Retirement

There are several options that could help you potentially increase your Social Security benefits after retirement.
retirees enjoying tea together and discussing moving into a retirement community

Moving Into a Retirement Community: Options & Considerations

There are a lot of living arrangements available to you in retirement. How can you start thinking about your options ahead of time?
Older couple riding their bikes on a beach and talking about social security

4 Social Security Myths Debunked 

Here are some of the most common Social Security myths and the truth behind them.
grandmother discusses types of retirement plans with grandchildren

Types of Retirement Plans: Which Ones Apply to You?

The various types of retirement plans, including individual retirement accounts (IRAs), Simplified Employee Pension IRA (SEP IRA), SIMPLE IRA, defined benefit pension or 457(b) plans for public-sector and nonprofit employees, and cash-balance plans.
One of many happy married couples with Social Security benefits dancing together in the park

Married Couples With Social Security Benefits: What to Consider

Your age affects your Social Security benefits — but, as it turns out, so does your marital status. Here's how it works.
mature father and adult son on a park bench cheerfully discuss how to choose a fixed indexed annuity

5 Questions to Ask Before Choosing a Fixed Indexed Annuity

A fixed indexed annuity could be an excellent tool for your retirement. These five questions could help you decide if one is right for your needs.
senior couple ride a motorscooter on a sunny day and recall common retirement myths they’ve learned

Retirement Myths

Retirement myths include the belief that expenses will decrease, tax concerns will vanish, every day will feel like a vacation, work will cease entirely, and Social Security and Medicare will fully cover all financial needs.
woman works at desk and talks with human resources about how to roll over a 401(k) to a new employer

How to Roll Over a 401(k) to a New Employer

A new job usually comes with a new retirement plan. So what can you do with the old one?
happy 50-something couple relaxes at home and asks each other: how much do I need to retire at 55?

How Much Do I Need to Retire at 55?

Retiring a decade or more before the official retirement age could be an attainable goal if you save wisely and build out multiple income sources.
wife embraces husband as they review annuity income rider details on a tablet computer at home

What Is an Income Rider & Why Would You Include One?

Some annuities offer income riders that can increase potential growth and flexibility in your benefits. Does a rider fit into your plan?
smiling single father reads to his young daughter as he thinks about annuities after his divorce

10 Things to Consider When It Comes to Divorce & Annuities

Dividing property during a divorce can go a lot of ways — here are 10 important considerations when handling joint annuities.
happy senior couple takes a selfie and imagines retiring together due to solid retirement planning

Retirement Planning: Will You & Your Spouse Retire at the Same Time?

Not all couples retire together — and for those who don't, planning for a staggered retirement is important for a smooth transition.
seniors at home using tablet researching leaving a legacy

What is a Charitable Gift Annuity?

Looking to leave behind a bighearted legacy that also leaves room for your retirement plans? Consider a charitable gift annuity.
young family of four plays soccer in the park as parents think about benefits of roth ira conversions

How Roth IRA Conversions Could Fit Into Retirement Planning

Roth IRA conversions could fit into retirement planning by converting traditional IRAs to Roth IRAs, which allows for tax-free withdrawals in retirement, and can benefit retirement planning despite owing taxes when converting.
two women enjoy lunch together in a restaurant and discuss social security benefits after divorce

A Quick Guide to Social Security Benefits After Divorce

Did you know you may be eligible for spousal Social Security benefits — even if your marriage ended in divorce?
mature woman crochets in her home studio as she considers moving her previous 401(k) into a rollover IRA

When Could a 401(k) Rollover to IRA Make Sense?

Do you still have a 401(k) from an old job? You might want to consider a rollover IRA to manage your retirement savings.
smiling young couple sits on a bench in a park to discuss their new jobs’ pension plan benefits

What Is a Pension Plan?

Will a pension plan be part of your retirement future? Learn more about how these retirement accounts work and explore their benefits.
mature man assists female customer in a flower nursery and pursues an encore career in retirement

Ready for an Encore? How to Pursue an Encore Career in Retirement

Retirement doesn't have to mean the end of your professional life. An encore career could open the door to new adventures.
multigenerational family discusses avoiding common retirement mistakes on a fall walk in the woods

10 Common Retirement Planning Mistakes to Avoid

The 10 common retirement planning mistakes include not planning for retirement, waiting too long to start saving, missing out on employer matching contributions, failing to account for healthcare costs, neglecting to rebalance your portfolio over time, carrying excessive debt into retirement, overlooking the effects of inflation, missing tax deferment opportunities, retiring too early or too late, and neglecting to update important legal documents.
Couple thinking about retirement plan together while hiking transition to retirement

5 Questions to Help Streamline Your Transition to Retirement

The transition to retirement could give you the chance to pursue life on your terms. Here are things to consider when entering this exciting phase.
mature couple relaxes outside in the fall and decides when to start collecting social security benefits

Social Security: When Will You Start Collecting Benefits?

You can start collecting Social Security benefits as early as age 62, but your benefits will be permanently reduced compared to if you waited until your full retirement age.
mature couple rides bikes in the woods and discusses choosing a single premium immediate annuity

5 Questions to Ask Before Choosing a Single Premium Immediate Annuity

A single premium immediate annuity (SPIA) could give you a steady stream of income in retirement. These five questions could help you learn more.