Every decision you make in retirement carries weight. The choices you make in the years leading up to and just after you retire can shape the rest of your life. The real question is: will you outlive your money, or will your money outlive you?

In this week’s Better Money Boston with WCVB Channel 5, Nicholas Colantuono, CFP® answers some of the most frequently asked retirement planning questions submitted by our viewers.

Traditional IRA vs. Roth IRA

Jennifer wonders, “How do I decide whether to contribute to a traditional IRA or a Roth?”

Like many retirement decisions, it ultimately comes down to income and taxes. If you’re currently in a lower tax bracket than you expect in the future, contributing to a Roth IRA may be a smart move. While there’s no immediate tax deduction, your investments can grow tax-free. You can also make qualified withdrawals tax- and penalty-free.

On the other hand, a traditional IRA lets you make tax-deferred contributions. This can be beneficial if you expect to be in a lower tax bracket in retirement. You’ll then owe taxes on those withdrawals when you’re in a more favorable tax situation.

Roth Conversion Timing

Mark would like to know, “Does it make sense to do Roth conversions if I’ll soon need to start withdrawing from my non-Roth IRAs?”

If required minimum distributions (RMDs) have not yet begun, this may be a valuable window to consider Roth conversions. Once RMDs start, you can’t convert those required amounts to a Roth IRA. Starting at age 73, you must withdraw and pay taxes on those distributions.

But by doing a Roth conversion before RMDs kick in, you can potentially reduce future RMDs. Plus, you’ll benefit from tax-free growth in a Roth account, which is not subject to RMDs.

Long-Term Care Planning

Diane writes in, “My husband and I have considerable savings. Should we still consider getting a long-term care plan? And if so, what should we look for?”

To protect your assets from the financial impact of a long-term care event, you have several options to choose from. If you’ve built up considerable savings, you may have the ability to self-insure for this risk. Or you may prefer to purchase an insurance policy or use strategic gifting or trust planning.

Traditional insurance can be expensive and difficult to qualify for, depending on your age and health status. But there are alternative options on the market that offer more flexibility like a hybrid life insurance with long-term care riders. The key is evaluating whether the premium is worth the protection, given your overall financial picture.