Assess your readiness for retirement by answering these 3 questions.

• Many workers worry about whether they will have enough money to retire.
• To get a sense of your savings progress, it's better to calculate your prospective income instead of relying on the belief that you need a big lump sum set aside, as surveys suggest.
• What is the estimated value of your portfolio, Social Security, and other assets, according to Morningstar personal finance expert Christine Benz?

Retirement financial security is the primary concern for today's investors.

Surveys show prospective retirees may have big lump sums in mind.

It is beneficial to begin with your intended budget, according to Christine Benz, director of personal finance and retirement planning at Morningstar, who spoke at the CNBC Your Money event on Thursday.

The book "How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement" was also written by Benz.

According to Benz, considering the answers to several questions can help you better understand what your retirement income may look like.

1. Can I live on 4% of my portfolio?

The 4% rule, a financial planning guideline, has been in use for many years.

Retirees can withdraw 4% from their investment portfolio in the first year of retirement and adjust their withdrawals with inflation each year.

The effectiveness of a financial planning gauge is a topic of intense discussion among experts in the field.

Benz explained that it's still a great place to start to understand what your retirement income may look like.

To determine your total non-portfolio assets, you should consider your Social Security retirement benefits, pension, and any other sources of income such as real estate.

Calculate the total income from your portfolio, then determine what 4% of that amount would be.

Benz suggested using that formula to determine if you have enough to retire.

2. When should I claim Social Security benefits?

A substantial portion of retirees derive their retirement income from Social Security benefits.

Many people worry that Social Security's retirement trust fund will not provide the funding they expect when they retire, as it is currently projected to be depleted by 2033. At this point, projections suggest that only 79% of benefits may be payable unless Congress takes action.

You won't notice significant changes to the program before you start receiving benefits, according to Benz.

Waiting to receive retirement benefits may be beneficial, even though eligibility begins at age 62, she advised.

The full retirement age, which varies from 66 to 67 based on birth year, is when you can receive 100% of the benefits you've earned.

Delaying retirement past the full retirement age can result in an increase of up to 8% in benefits for each additional year, according to Benz.

Coordinate with your spouse and consider personal factors, such as life expectancy, when making claiming decisions.

3. How will I withdraw money in retirement?

One reason retirement is a significant shift is that workers must transform from receiving a consistent salary to generating income from a large sum of savings.

It's important to plan how you will withdraw funds before retirement, according to Benz.

Benz favors a bucketing approach to allocate funds for immediate, near-term, and long-term requirements.

Withdrawing funds from a portfolio that has several years of portfolio withdrawals available in safer assets can help protect retirees from sequence of return risks, which can occur when taking withdrawals on investments that are down, negatively impacting portfolios. This can be achieved through a combination of allocations that hold up during equity market sell-offs, such as cash, short-term bonds, and intermediate-term bonds, according to Benz.

To ensure growth for retirement and for future inheritances, long-term assets can be more aggressively invested in stocks. Roth accounts are the best option for these assets, as they offer tax-free income in retirement and reduce the taxes paid by heirs on inheritances.