What All Women Should Know About Retirement

At the same time, sign up for Medicare Part D, the prescription drug program, which you'll need unless you're covered by a retiree prescription plan. Sign up immediately, even if you're not currently taking expensive prescriptions, by using the Web sites's "plan finder" tool. Doing so will help you avoid expensive monthly penalties later.

Just because you no longer work full time work doesn't mean you've retired from the income tax system. Check with your accountant to see whether you must file quarterly estimated tax forms and make deposits to cover taxes owed on your retirement income, and possibly on your Social Security income. And don't forget to check with retirement plan custodians for minimum withdrawal requirements which start at age 70-1/2.

Finally, consider long-term care insurance, because you don't want to be at the mercy of state Medicaid programs, which only provide services in nursing homes. LTC insurance gives you the choice of home health care or assisted living if you need it, as well as providing a care coordinator who can help you make decisions.

Planning for retirement is scary -- especially for a woman who expects to live out her final years alone. The only thing scarier than planning is the consequence of not planning while you can. And that's The Savage Truth.