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TUCSON - In today's "Senior Style" on News 4 at 4: Often times, issues determine retirement - but when do you know when to retire if you're still working?

Gayle Morgan from Splendido stopped by to answer these questions and more. Read her advice below and watch the video above for more details.

Should You Delay Retirement?

During this time of economic uncertainty, many people are taking a second look at their retirement plans. Some have lost their jobs and their financial nest egg has shrunk. Others are still employed but concerned about their financial investments. It's an important decision that deserves careful thought. Experts recommend that you start planning four to five years before retiring so that you have time to prepare.

There are several factors that should be considered when planning when and where you retire. These include: expected lifespan, health, desired lifestyle, income and expenses, savings and investments, and emotional readiness. Here's an overview of each factor:

Expected lifespan
According to the Social Security Administration, a man reaching age 65 today can expect to live, on average, until 83 and a woman two years longer. However, 25% of today's 65-year-olds will live past age 90 and 10% will live past age 95. Knowing how long you or your spouse may live can help determine when to collect Social Security retirement benefits, how long your money needs to last and what care you may need as you age.

Health
If you and your spouse are in good health, you have more options regarding when you retire, where, and how you will spend your time. However, healthcare costs are rising for everyone. Those who are under 65 years of age when they retire need to determine how they will cover their medical costs until they qualify for Medicare. Even with Medicare, supplemental medical insurance will be needed. And as we age, most of us will need to pay for some type of long-term care.

Desired lifestyle
Think about what you want to do and where you want to live when you retire. Your plans need to meet your needs and those of your spouse. Some see retirement as a time to plant a garden, renovate the house and enjoy long-time community connections. Others want to meet new people, live in a different climate, and participate in activities not available in their community. Whether you want to stay put or relocate, it's important to create a life that provides a sense of self-worth and personal satisfaction.

Income and expenses
Project the expenses associated with your desired retirement lifestyle. Be sure to include the cost of such things as taxes, gifts, travel, car and home repairs and emergencies. Talk with a financial planner or use online income and cost-of-living calculators to ensure that you can retire in the manner you have planned. If your income will not be sufficient, you may need to work longer, work part-time during retirement, and/or adjust your retirement goals.

An important consideration for many is whether now the right time to sell their home and move to a retirement community. Some industry analysts say it may take a decade or more for home prices to return to 2006 levels. However, most home values are above what they were in 2001, before the housing bubble began. Meanwhile, every day since the beginning of this year, 10,000 Baby Boomers have turned 65. This creates a demand for retirement communities at a time when fewer are being built. Eventually, this will cause prices in these communities to rise due to higher demand and lower supply. If you have equity in your home and can sell it now, this could be a good time to make your move.

Savings and investments
You should have sufficient savings to cover emergencies and at least one full year of expenses before you retire. Investment strategies that were appropriate while you were employed may not benefit you in the future. It's wise to review your investments and determine how to ensure that they meet your needs for growth and income without subjecting your money to an unacceptable level of risk. Talk with a financial advisor for guidance. Now is also the time to have an estate plan created or updated to protect your assets and ensure your worldly goods are distributed according to your wishes.

Emotional readiness
For some people, working is simply a way to earn money. They cannot wait to retire. Others have made their careers central to their lives and a tremendous source of satisfaction. If you love your job, are good at what you do, and cannot imagine not going to work, you may want to try easing into retirement with part-time work or a even second career. Retirement is an opportunity for new experiences and exploring interests and skills you didn't have time for while working. However, there is no "one size fits all" solution and retirement should fit your individual needs.