People often ask me if they still need life insurance once they are retired. The answer: it depends. Each family’s situation is different.

The main question to ask is, who is financially dependent upon you, and what type of economic loss would they experience if you were gone? If the answer is no one, and none, then you probably don’t need life insurance.

For those who do need life insurance, there are several additional questions to ask to help you determine how much you need, and what type of life insurance you should own.

If you already have a life policy, the problem becomes determining what to do with it. When you call your agent for answers, they may try to talk you into switching out your policy. Be cautious of their advice as their recommendations can be swayed by the fact that a new policy will generate commissions for them.

So how do you get objective advice about buying or changing out your life insurance policy? Seek out the services of a fee-only life insurance advisor. They can provide an independent analysis of your situation, and may even be able to save you thousands of dollars in premium.

Social security benefits are adjusted annually, based on year over year increase in the Consumer Price Index (CPI-W). The adjustment amount is announced each October.

Although the 2009 increase has not been announced, it is expected that social security recipients will receive the largest increase there has been in over twenty five years.

Despite the increase, rising prices in healthcare, food and fuel prices may still leave many people on a tight budget. If you’re caught in the crunch, check out Budgeting & Savings Tips for Age 55+.

Many retire only to find they feel a bit lost. Their career was their identity, and it takes awhile to rediscover outside interests and cultivate new friendships.

Others retire without a care in the world and they never look back.

What are your thoughts around retirement? Please take a minute and share them in the forum. Your stories may help others transition through a difficult time, inspire them to accelerate their own plans, or help them realize that they just plain aren’t ready to retire yet.

With Olympic stories everywhere, this is a perfect opportunity to take the energy and inspiration in the air, and use it to affect some changes in your own life.

First, take a minute and think back four years ago. What was going on in your life during the Athens Olympics? What has changed since then?

Now think forward, to 2012 and the London Olympics. What needs to be different in your life by then?

Lay out a gold, silver and bronze set of goals, both personal and financial. Now lay out a training plan. What has to happen each year, each month, and each week so that come 2012, you’ll have earned your own gold medal?

Not sure where to start? Begin by looking at The 5 Key Components to Your Relationship With Money. From there you can hone in on the areas that need the most work.