With baby boomers reaching retirement age, many people are asking their financial advisors questions about how to best make their money work in retirement. This article addresses some of the more common questions that financial planners receive in this area and provides ideas for responses. Some of the tips for advising clients on retirement planning are: 1. The first step in preparation for retirement is to calculate expenses. 2. One would need to know someone's exact life expectancy in order to know for sure whether it makes sense to wait for Social Security or to take the money now. 3. After Cobra coverage expires and before Medicare eligibility at 65, a client will need to purchase an individual health insurance plan. 4. There have been many studies on how much income an individual can take from a portfolio. One of the most common guidelines is the 4% rule, sometimes called the 90/25/4 rule. 5. As a general rule, a client Should take income from taxable assets first, then tax-deferred, and finally from tax-deferred/tax-free assets.