There’s no better time than the start of the New Year to take a fresh look at your financial future, including how you plan for retirement.

The 76 million baby boomers approaching retirement age will need to make several crucial decisions. To help them get started, Prudential Financial has identified six important financial considerations to think about before retiring. “Just as the boomer generation has redefined history and culture, it will also change the nature of living in retirement,” says Jill Perlin, vice president of Prudential’s Retirement and Wealth Planning group.

“Boomers and younger workers who understand what to do, and who take action before they leave the workforce, will have many more choices available to them during their retirement years.”

1. Define your retirement. Your vision will drive your plan. You might decide to work part-time, launch a completely new career, go back to school, volunteer, or develop new hobbies. Consider if you need to downsize, relocate or remain in your current residence.

2. Know where you stand financially. Take inventory of your assets and possible income sources, and understand how your retirement plan will help provide you with income during your retirement years. Save as much as possible while still working.

3. Estimate your expenses in retirement, especially for healthcare. Healthcare can be a significant expense during your retirement years, so understanding what your healthcare plan covers in retirement is critical.

4. Manage asset allocation. Regularly monitor and review your investments to ensure they support your goals. Determine if you should change how assets are allocated among different investment types. Consider professionally managed investments products.

5. Plan for your beneficiaries. Create a will, choose a guardian if needed, and select who will manage your estate.

6. Explore options to create a retirement income. Research product strategies that can help generate a guaranteed retirement-income stream, including the new generation of variable annuities that can provide guaranteed streams of income for life while still affording degrees of flexibility and control. Purchase these products while you’re still working.

According to Perlin, it’s never too early or too late to start taking these tips into consideration. “People nearing retirement need to think about how to help grow, protect, and convert their assets into retirement income – and that can take some time. Being engaged in this process while still working allows boomers more flexibility to course-correct, if necessary.”

For more information about important retirement considerations and choices, log onto www.brentwoodyellowpages.com for a financial planner near you.