Retirement is a milestone many people eagerly await. And if you're getting closer to it, you may be growing increasingly excited by the day. But before you make your retirement official, be sure to answer these essential questions.

Looking at your savings balance before retiring isn't enough. You might see that your IRA or 401(k) plan has $1 million in it. But unless you figure out what that means in terms of annual income, it won't do you that much good.

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Source Fool.com