The transition from full-time work into retirement is a time of promise. But it also can be a time of challenging financial decisions. For years, those nearing retirement have been urged by financial experts to "save, save, save" and pay down debt. But after the nest egg is built come some complicated questions:

Is that nest egg big enough to retire now?

How much can I spend each month? 

Should I convert some savings into an annuity?

For millions of Americans, notably the baby-boom generation that began turning 60 this year, the time to address such questions is now.

For those about to retire, having enough money to maintain living standards is becoming more difficult. The Center for Retirement Research at Boston College recently developed a "national retirement risk index" that gauges how many Americans are at risk of a lower standard of living in their retirement. The index has been rising, which proves to be a negative sign for millions of people. Some 43% of Americans are on track to fall short, by 10% or more, of the goal of replacing about three-fourths of their pre-retirement income after they stop working. That number, based on Federal Reserve data for 2004, is up from 38% in 2001 and 31% two decades ago, the center calculates. The reasons for this trend include:

Increased longevity, so nest eggs must last longer.

 Fewer traditional pensions and more 401(k) plans, where saving is voluntary and the payout is not guaranteed for life.

 Low rates of personal savings.

 Leaner returns on investments.

Rising health-care costs, outpacing the average change in the price of other goods.

Such trends not only make it more difficult for workers to build savings, they also create more uncertainty as they near retirement age. Here are some pointers that financial planners are offering those about to retire.

Get the help you need

"One is making an enormous decision when one decides to retire," For people about to navigate from full-time work into retirement, this may be a time to get some extra help. A financial professional's skills may mesh with your needs. Some planners know more about estate planning than others do, for example. Many planners also derive their earnings in part from selling insurance, annuities and other investment products. Some experts argue that the most-objective financial advice may come from those without such financial ties.

"I would be the last person to suggest that you can't get through life without having a financial planner," but many people do benefit greatly from such a strategy, Miller says.

Decide when to retire

Before taking the retirement plunge, closely examine your annual spending habits -- and forecast how well your retirement income will cover those expenses.

"Is the mortgage paid off? What are your costs for real-estate taxes, maintenance for your house and other operating expenses?"

Add in the "optional" things you hope to spend money on, such as substantial monetary gifts to grandchildren, he says, and consider where that money will come from.

Once ties are severed with a full-time employer, returning to work remains an option, but finding the same level of pay is tougher

"The value of one's human capital is going to drop."

Many Americans opt to retire early, before age 65. But it often is wise to wait a few years. Two advantages: People can then earn full Social Security benefits, and they have fewer years of retirement to fund.

Generate an income stream

Social Security provides the most-solid income stream for most retirees. But they often supplement that with savings held in a variety of investments. For many, the nest egg is divided into a mix of stock or stock mutual funds and fixed-income instruments.

One key question retirees face is what percentage of assets to keep in stocks. The answer depends heavily on an individual's circumstances and goals. Stocks are riskier, but offer greater growth potential than bonds and other savings tools.

In the end, retirement involves more than just money. There are dreams of travel as well as devoting more time to hobbies, family, and charitable activities. Starting off with a solid financial plan can help to make those dreams come true.