The recent CNBC Your Money event touched on a variety of key topics which have a great impact on investors.

After years of working, saving and planning, you’re finally ready to start enjoying your retirement but suddenly you are filled with a new set of questions. And one big question is: Will I have enough money when I retire?

With that said, during the event, panelist Christine Benz, director of personal finance and retirement planning at Morningstar, urged retirees to ask themselves these questions: Can I live on 4% of my portfolio? When should I claim Social Security benefits? How will I withdraw money in retirement?

The idea is retirees may withdraw 4% from their investment portfolio in the first year of retirement, and adjust their withdrawals with each subsequent year for inflation. It’s still a great place to start to understand what your retirement income may look like, Benz explained.

Meanwhile, many retirees rely on Social Security benefits as a significant source of retirement income. While eligibility for retirement benefits starts at age 62, it may still pay to wait, if you can, she said. It makes sense to do your research and find the right time that works for you to take Social Security distribution.

Finally, Benz explains that one reason retirement is a such a big transition is workers go from having a regular paycheck to having to create income from a big lump sum of money.

It helps to think through how you will withdraw funds before you reach retirement, Benz said.

Another key session at the event focused on the “great wealth transfer.”

With an estimated $84 trillion set to be passed down from older relatives to their Gen X and millennial heirs, finances and estate plans are often difficult topics for families to discuss.

CFP Stacy Francis, president/CEO of Francis Financial, outlined ways to develop an effective plan and how you can start facilitating these conversations with loved ones right now.

Of course, a proper estate plan can “make or break the financial values that you want to impart to your children,” Francis said.

With that said, Francis urged people to update beneficiary designations on all financial accounts, which outlines where those assets go upon death.

For more advice to help you make smart money decisions, check out CNBC's Financial Advisor Hub and Personal Finance section.