Choose a table with a selective predicate and inspect the plan with EXPLAIN. Before running EXPLAIN ANALYZE, confirm the statement is a read-only query against data you may safely inspect; ANALYZE executes its statement.
For each plan node, write down its input, output, estimated rows, and role. Then compare estimated and actual row counts, look for filters applied after a scan, and explain whether an index scan or sequential scan is reasonable for the expected number of rows.
Do not treat planner cost units as milliseconds. Avoid adding an index until the plan and workload show what work is expensive. The linked PostgreSQL guide includes examples and caveats.