The “Greatest Generation” experienced the burgeoning ofgovernment and corporate pension and health-care plans post-WorldWar II, but baby boomers and later generations are facing thesevere compromise of those benefits.

While thousands of boomers reach retirement age every day, they willcontinue to take on more responsibility for providing income fortheir essential living expenses, such as housing, food, andhealth care.

The changing landscape of retirement financing has the vastmajority of baby boomers concerned, yet millions fail to ever meetwith a professional to review their portfolio.

I would recommend reviewing your planimmediately--preferably with a professional.

Keep these five areas in mind while reconsidering yourretirement plan.

#1: Plan for a long life.

In 1935, when the Social Security Act was passed, 65-year oldbeneficiaries received payouts for an average of 12 to 15years.

Now, however, a couple aged 65 has a 70 percent chance that atleast one of them will live to 85--which can mean providing for 20years or more of income once you qualify for Social Securitybenefits.

More importantly, Social Security is not intended to be aretiree’s sole form of income.

#2: Health care expenses mayincrease.

The longer you live, the more likely you’ll experience chronichealth conditions such as diabetes, arthritis and/or heart disease,according to the Centers for Disease Control and Prevention.

While some credit goes to more active, health-conscious, andsmoke-free lifestyles, it may be safe to say that today’s retireesowe their longer lifespans to prescription drugs and medicaladvances.

And as we all know, health care can be expensive. In 2011, 74percent of American employees had not considered a plan to coverhealth care expenses in retirement, according to a survey by SunLife Financial Unretirement.

#3: Plan for long-term care assistance.

With a longer life comes the greater likelihood of needingassisted living or long-term care.

For a couple, this kind of care can be costly and is importantto consider when developing a long-term care strategy.

Medicare pays for acute care, not long-term residency.

Medicaid pays for long-term care, but requires that you “spenddown” your assets before coverage kicks in. Individuals who delaybuying long-term coverage may be considered high risk and may bedenied coverage or charged higher premiums.

#4: Better understand Social Securitybenefits.

The age at which you elect to receive Social Security benefitsmay be the most important factor in this area.

Delaying benefits as long as you can will increase the monthlyamount you receive.

However, spousal benefits may factor into your retirement in abig way.

Once you reach full retirement age, you may claim either yourown benefit or a derivative (up to 50 percent) of your spouse’sbenefit--whichever is higher.

When it comes to Social Security benefits for spouses, thedetermining factors are the length of marriage, work history, andthe age of both spouses.

#5: Appreciate the role of insuranceproducts and strategies in retirement.

The transition to individuals having more responsibility oftheir retirement savings isn’t the only thing that has changed inthe 21st century.

The closer you get to retirement, or once you’ve made thedecision to retire, it is prudent to start limiting your downsideexposure in exchange for upside potential as you transition to theincome distribution phase.

Consider allocating your assets not just among securities andfixed income instruments, but also among different types ofproducts, such as annuities and life insurance. For these products,it is extremely advantageous to speak with a financialprofessional.

Now that we are nearing the end of the year, planning forconversion from existing IRAs to Roth IRAs is a topic ofconversation. We help our clients discover the best ways to convertwithout paying the full tax on the conversion.

The deadline is approaching and being proactive is critical.