As the new year approaches, now is the perfect time to reflect on your finances from this past year and look ahead to your retirement plans. If you are planning to retire in 2014 or any other time soon, you've likely considered these aspects of retirement, but it never hurts to look over your plans again and iron out the details.

1) Location

Have you considered where exactly you will live in retirement? Many retirees end up downsizing to a smaller house, apartment, or condominium to cut costs.

If you are planning to move states, you might want to consider the income tax, if any, in certain states. Don't go based on tax policies alone; be sure to evaluate the weather and culture of the area and decide whether or not it fits the retirement lifestyle you have envisioned. Saving money is great, but you'll want to be happy and comfortable in the new city, too. Visit a few times ahead of time if you can to make sure it is a good fit for you.

2) Daily Retirement Plans

Consider how you will spend your time during retirement. It might seem ridiculous to begin planning your days so far in advance, but in reality, it will pay off. Too often, people enter retirement expecting to relax 24 hours a day, 7 days a week, and instead find themselves bored and restless with all of the free time.

Switching from working full time to full time retirement can be difficult for a lot of people, so look into what is offered in your area. Are there exercise classes, a book club, or a dinner group? Find some activities that work with your hobbies and get involved. Volunteer opportunities are also a great way to spend some time while giving back to your community.

3) Long Term Care

The cost of long term care alone can be enough to devastate your retirement portfolio if you haven't been planning for them in advance. Averaging $50,000 annually, long term care often catches people by surprise, especially when they find out Medicare won't pay. Put plans in place to ensure you are not one of those caught off guard.

Look over your family history and assess your personal risk. Is there a family history of heart disease or stroke? What about Alzheimer's or Parkinson's? All of these things matter when it comes time to plan for yourself. Once you have figured out your risk, consider investing in a long term care insurance policy. It will help protect your assets from the high cost of care and allow you to relax in retirement, knowing unexpected health care costs won't decimate your finances should you become frail or need assistance. To learn more about the different insurance options available for long term care, fill out this form for a no-cost comparison of the top long term care insurance companies and policies.

Enjoying retirement depends upon how much you have planned and prepared yourselves for the different costs and daily lifestyle changes. As you ring in the new year, keep these parts of retirement in the back of your mind to help solidify your plans for the future.