After decades of punching the clock, retirees may be looking forward to a life without the responsibilities of the workaday world. But retirement also brings with it a host of new decisions to make.

For many people, retirement means living off savings with limited prospects of replenishing the nest egg should something go wrong. It involves paying greater attention to the ebbs and flows of the financial markets, interest rates and the details of your investments. And it requires confronting the hard choices and discussions about the final years of life.

Here are five questions or decisions just about every retiree needs to confront.

1. When should I start taking Social Security benefits?

There's a natural inclination to start taking Social Security as soon as the rules allow, at age 62.

But taking Social Security before your full retirement age will result in a permanent reduction in benefits. In contrast, if you delay beyond full retirement age, you get a credit in the form of a larger payout.

The math, needless to say, is complicated. One resource that can help is a new calculator from AARP. With just a few pieces of information, this tool creates an easy-to-read chart on the best time to start taking Social Security. Two other sites to consider: Analyze Now, which offers a Social Security Planner, and Charles Schwab & Co., which has a guide to "timing" benefits. Search for "Social Security." (Are you saving enough for retirement? Check MSN Money's calculator.)

2. Should I get a part-time job?

For many retirees, nest eggs aren't lasting as long as anticipated, thanks to a lousy stock market, low interest rates and falling home values. That's prompting retirees to look for work. But a difficult job market makes it hard to get in the door.

For some workers, a part-time job may be the answer. The longer you can defer tapping savings, the more time your nest egg -- ideally -- has to grow. Plus, says Allan Roth, a financial planner in Colorado Springs, "when you're working, you have less time to spend money."

There also may be a psychological benefit for those who might find it hard to adjust to retiring. Part-time work "gets you to an unstructured lifestyle in an incremental manner rather than all at once," Roth says.

3. Where should I keep my money?

And how should I take it out? For people with a 401k retirement-savings plan, inertia may result in simply leaving the money with the same money manager that runs a former employer's plan. If that plan involves a low-cost fund company with a wide variety of investment options, such as Vanguard Group, it may not be a bad idea.