For future and current retirees, the question is “How much can I safely withdraw from my retirement savings each year?” While the debate rages, here is a fresh look and a simple rule of thumb.

Working during retirement has both financial and non-financial benefits. However, before you go down this route, take into account various considerations.

Although most people 50 and older have personally saved a certain amount for retirement, fewer than half (45%) have calculated how much they will need to live comfortably in retirement and far fewer have looked at the related issues surrounding their wealth.

Establishing a savings plan for 2017 should be done at the beginning of the year. Thoughtful consideration should be placed in determining the type of savings you make to your employer-sponsored retirement plans.

While most spring cleaning projects are likely focused on your home, you could take this time to evaluate and clean up your personal finances as well.

Oasis Wealth's Founder and Wealth Advisor, Steve Martin, provided his wisdom in an article in the National Federation of Independent Businesses site that dealt with working with business owners planning for retirement. In this Karen Sams April, 2017 article titled "Retirement Planning Musts for Small Business Owners" in the NFIB, Steve stresses the importance of tying the analysis of the business income and the business sale with the personal retirement analysis. Steve stressed that the "analysis should include cash flow and net worth projections, estimated living expenses, income taxes incurred upon the sale of the business and throughout retirement, and major purchases in retirement."

If you are over age 50 and unsure about your ability to meet your retirement goals, there is still time to take action to meet those goals. The IRS allows special catch-up contributions that most individuals do not take advantage of – do not lose out on this gift from Congress.

Although the year is drawing to a close, you still have time to review your finances. Pausing to reflect on the financial progress you made in 2016 and identifying adjustments for 2017 can help you start the new year stronger than ever.