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This is an article about the 5 key questions to address in planning for your retirement. Every plan is going to be different and the best suggestion I can make before you even read on farther is talk to a financial advisor in your area. But if you are unsure or unaware of the questions you should be asking when planning your retirement, I have put them all on the table here for the readers.

#1 What investment choices should i make to live comfortably during my retirement?

During retirement, you need to replace the regular pacheck you received during your working years. Social Security and work pensions are usually not enough to maintain your desired standard of living. Your savings and investment program should provide a balance of the following:
*Income to meet living expenses
*Growth to offset the effects of inflation
*Safety to reduce risk
The proper choice of investments can mean the difference between just getting by and leading a comfortable and satisfying life.

#2 How does my age affect my taxes and what should i do to save on taxes?

How much you have left after taxes determines how much money you have to live on. The federal tax code automatically grants some limited tax advantages to older people, but reducing taxes on your income and savings requires planning on your part.

Here are some things to consider in planning your tax strategy.
*Should I invest for tax-exempt or tax-deferred income, and if so, why?
*Can a pension or profit-sharing account, and IRA, Roth IRA or Keogh plan help me save on taxes after retirement?
*Should I consider making gifts of some of my assets to my heirs or to charity?

Effective planning can help answer these questions and provide more spendable after-tax dollars for you. Please consult your accountant or tax advisor for specific tax-related advice.

#3 How can I prevent a major illness from destroying my financial resources?

Medicare pays only a portion of healthcare costs for individuals over age 65, and medical costs continue to increase. What's more, a serious illness can place your life's savings at risk. Statistically, your chances of major illness increase after age 65.

A personal health insurance policy and long-term care insurance are important considerations, as well. Be aware that the coverage, cost, deductibles services available and the strength of the companies that issue these policies can vary widely. You will want to select carefully and act promptly while you are in good health to ensure you receive the protection you need.

#4 Is my present life insurance right for my later years.

Some traditional needs for life insurance may no longer exist for those at an older age. Life insurance may not be needed for the support and education of children or payment of a home mortgage. HOwever, other needs often remain, including payment of estate taxes or tax-free income for a surviving spouse.

Your present life insurance policies may or may not address your current needs. However, there are new types of insurance policies available that can.

Now is the time to examine your life insurance program as part of your overall financial plan. Review of your existing coverage is important to ensure coverage and beneficiary arrangements.

#5 What should I do to make things easier for my family in the event of my death or a disabling disease?

It happens all too often these days. Someone who has led a vigorous and productive life is forced to spend his final months or years in a hospital or nursing home, unable to care for himself or make decisions. Relatives or friends are left to do whatever they can for the individual, often without clear guidance or necessary legal authority from the incapacitated person.

Another common problem arises when well-intentioned peopld arrange to pass along their assets at death with a simple will or by joint tenancy. The result may be that a significant portion of their estate is lost to probate fees, taxes and other expenses. Months, or even years, can pass before the heirs receive the use of all the assets in their estate.

These problems can be avoided by a few well-planned and inexpensive steps. Planning is the key and these 5 questions are the top 5 concerns about retirement planning. If you don't have a plan in place or someone to consult with about these questions, you need to find somebody. And remember, it's never too late to start planning.