Tips for Baby Boomers Reaching Retirement Age in 2012

Protect what you have. At this stage of your life, it is important to protect the nest egg you have built for retirement. "Make sure you are continuously tracking and monitoring how you are spending your money and the types of returns you are generating from your portfolio," says Gordon Tudor, a certified financial planner for Wealth Analytics in San Diego, Calif. "It's not about return—it's about reducing your risk and avoiding losing money." While many retirees maintain some exposure to stocks, which provide continued growth and fight inflation, it's important to keep a gradually increasing portion of your nest egg in safer investments that will allow you to meet your everyday spending needs.

[See The 10 Sunniest Places to Retire.]

Plan your new life. Retirement planning isn't just about meeting your financial needs. You also need a plan for how you will spend your days after you leave the workforce. "Develop a part-time dream job that you could now potentially afford to do," says Maurer. "Look at this as a time of commencement."

Twitter: @aiming2retire

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