What All Women Should Know About Retirement

You'll also need an attorney who specializes in estate planning or elder law to create a will and revocable living trust, as well as a health care power of attorney and living will. (Look here and here to find qualified attorneys in your state.) Also, ask your own trusted tax preparer or accountant to review these decisions.

Ask questions. And don't fear getting different answers from your experts. We never fear asking two friends about whether a dress or shoes look good on us. It's really the same process with personal finances. So start asking questions about any advice you don't understand and trust your own good judgment as well as your advisers.

Consider Insurance and Tax Issues

I'm continually astounded and impressed that seniors can understand all the rules and regulations of Social Security and Medicare. It's worth spending some time at the Social Security and Medicare Web sites to learn about the system.

You should automatically receive information about Medicare enrollment about 90 days before your 65th birthday.

You'll also need a Medicare supplement program to cover expenses that Medicare doesn't pay for in full. Search for those at Web sites for the American Association of Retired Persons or Medicare. It's important to sign up for a supplement within the first six months of becoming eligible so you can't be turned down for the best and most inclusive Medigap supplement.