Retiring is something many workers look forward to for a long time.

You don't want to just jump into it, though. Otherwise, you could end up creating a difficult financial situation for yourself, or you could find yourself battling issues like depression once you've lost the purpose and structure that work provides.

If you're considering retiring, ensure you know the answers to these four questions first. Finding out these details could help you see if you're really ready or if you need to wait a little longer to pull the trigger.

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1. How much income do I need?

The first big question to ask yourself is how much income you'll need in retirement.

One basic rule of thumb involves looking at the percentage of pre-retirement income you need to replace.

Depending on your goals, you may need somewhere between 70% and 100% of the amount you were earning before you stopped receiving paychecks.

The specific amount you'll need is largely based on whether you plan a lavish retirement or a frugal one, as well as on how big your medical costs and other key expenses are.

If you're considering retiring soon, you should have some idea of what your planned budget will look like. Your best option isn't to go with a generic formula but instead to actually sit down, make your spending plan, and see how much income your retirement plans will actually need to provide.

2. How much income do I have?

The next step is to look at the amount of income you'll actually have, to make sure it matches up with the amount you'll need.

Consider all sources of income at this point. That includes money from Social Security if you'll be claiming benefits. It also includes money from your 401(k) if you have one, or from whatever other retirement savings accounts you have.

Make a list of all potential income sources, from your benefits to your IRA distributions to things like rental income from real estate investments. If the total amount of income you have covers your total expenses, that's a good sign. If it doesn't, then you aren't ready to retire.

You'll also want to think long term, as inflation can reduce your buying power. Factor in the likely increase in the cost of goods and services during your retirement planning process to make sure your money will still go far enough later in retirement.

This is especially important because while Social Security benefits have cost-of-living adjustments (COLAs), your savings don't automatically increase with inflation. You'll need to ensure you have the right mix of investments to protect its value by earning reasonable returns without taking undue risk.

3. Is my money going to last?

When you think about the income your investments will produce, remember that this money must last throughout your entire retirement. You need to generate enough income from your savings to support yourself at a safe withdrawal rate.

Traditionally, this meant experts advised you to withdraw 4% of your retirement plan balance in the first year of retirement, then make inflation-related adjustments to withdrawals in future years. This is called the 4% rule.

Some experts now recommend being a little more conservative and taking out just under 4%. The key is to calculate what works for you and avoid draining your accounts too fast just to start a retirement you aren't quite ready for.

4. What will I do all day?

Finally, you'll want to consider what you'll do all day as a retiree. Many people struggle to redefine themselves and to find new meaning in life once their career doesn't provide social connections and personal fulfillment. You'll need a plan to fill the hours.

Understanding what your plans will look like will also help you see if you need to make any adjustments to your spending projections to afford expensive hobbies.

When you ask yourself these questions, you can ensure you're really ready to stop working and avoid being left with retirement regrets if it turns out you don't have enough money or activities to keep busy.