1. Delay retirement - Timing is everything, when it comes to retirement. The best piece of advice I can offer is probably deferring retirement, says Olivia Mitchell, executive director of the Pension Research Council at the Wharton School. You generate two things by working longer: income and bigger Social Security benefits.

2. Dont outlive your money - Many people look forward to living healthier, longer lives. Experts say there are financial risks associated with longevity. In basic English, you want to make sure you dont outlive your money. Buying an annuity that will guarantee you regular payments for the rest of your life is one option. However like any investment the long term costs/benefits of this have to be thought through.

3. Stay in control – Keep control over your finances, except under certain circumstances maybe your children. If you dont keep very close control, you may find your money is not there anymore. Do not give anyone authorization to automatically debit your accounts.  Many seniors can be pressured into giving [personal and financial] information out.

4.Watch your expenses and create a smart budget - Think about areas where you can save, even if it means a lifestyle change.  Consider your house, when your children are grown and out of the house do you really need four bedrooms?  Can you sell your home and find a more affordable smaller home? Being considered for a HUD backed reverse mortgage to provide a decent cash flow on your biggest asset. Is another option.

5. Be careful when it comes to investments – The stock market can be quite erratic.  While it does provide the opportunity for larger gains, as you get older safer investments are smart investments.