When it comes to planning for their financial future, women across America must ask themselves some personal questions and do some soul-searching if they want to put plans into action to help them achieve financial success and security.

"As women continue to make significant gains in the workforce, they're truly on the cusp of enduring financial success," said Susan Sweetser, second vice president of the Massachusetts Mutual Life Insurance Company (MassMutual) and head of Women's Markets at MassMutual. "It's an ideal time for women to take a good, hard look at what they need to do today if they want to achieve a financially secure tomorrow."

Sweetser pointed out that women often have complicated personal and professional lives, and each stage of their life presents different financial challenges. "At every critical cycle - whether single, married or near retirement - life experiences and circumstances can potentially strain financial resources," she said. "To help meet these challenges, we carefully developed a short list of answers to questions that many women may have regarding their finances."

Below are the top 10 questions to ask yourself now:

1. What do I want to achieve? The path to your financial future requires a "roadmap." Determine a realistic goal for where you want to be at this time next year, or even in 10 years, and then determine the best way to get there. Know exactly where your money is going, and how much you have for investing. Next, choose your destination by figuring out your short, intermediate and long-term goals. Don't forget to include an emergency cash account in your short-term goals.

2. Will I live "happily ever after?" We hope so. But it always pays to be prepared, especially since it's commonly recognized that half of all marriages end in divorce. That's why - for those who enter into a marriage with assets to protect or children from a previous marriage - a prenuptial agreement may be worth considering. Importantly, if the marriage doesn't last, your ex-spouse cannot make a claim against the assets you brought into the marriage. And, if you die, your children will still be entitled to their fair share of your estate. If you are in a relationship or married, it's best to have a contractual agreement as to how property should be divided with your partner if the relationship ends.

3. How will I protect my loved ones when I pass away? Many families rely on two incomes to get by. What if mom dies? Imagine the consequences without adequate life insurance protection. Be ready for the unpredictable. At a minimum, you'll want enough life insurance to cover your financial debts and funeral. If you have young children, you'll want to leave at least enough to replace your earnings for a certain period of time, to cover the costs of hiring someone to fulfill your obligations at home and to pay for your children's college educations. Many professionals with families seek insurance protection equivalent to 8 to 15 times their annual earnings to adequately support their families. And stay-at-home parents need coverage too. Consider what it would cost to have someone come into your home to provide quality care for your children and to run your household if you were no longer able to. There is no specific amount of insurance protection that is right for everyone. You need to consider your individual circumstances to be able to know what is right for you.

4. Do I want a stranger making important decisions for my children? We doubt it. So, whether you're 25 or 65, make sure this is the year you prepare a will. If you die without one, a court will step in and determine how your assets are allocated (based on each state's law). If you're a single mom with minor children, the same judge will decide with whom they will reside. And remember, if you're in a serious relationship - but not married - your significant other may have no rights to your property, unless your will directs otherwise. In some cases, it may be appropriate to work with an attorney and accountant to establish an estate plan to make certain your loved ones are taken care of.

5. Am I invincible? Of course not. Facing the financial challenges associated with a serious illness or accident during your working years - without the protection afforded by disability income insurance - can be potentially devastating. Group health and disability income insurance benefits will cover only portions of the cost of care and lost income. Including the appropriate level of disability income insurance protection in your financial plan could be the difference between helping to maintain your current lifestyle and perhaps falling surprisingly short of your accustomed standard of living. If you already have an individual disability income insurance policy, update it annually to reflect any promotions or large increases in personal income.

6. How will I support my aging parents when they can no longer support themselves? Women often assume the caretaker role in their families. In fact, according to a 2003 study by OppenheimerFunds Inc. (a MassMutual affiliate), 29 percent of women said they anticipate supporting their parents one day. Yet, with women increasingly becoming significant wage earners, they don't have the flexibility to be both business executives and caretakers for their parents. Consider long-term care insurance for you, your spouse and your parents. Such insurance isn't just to assist you or the insured in paying bills for an assisted care facility or nursing home; it can also help enable the insured to receive care at home and can help protect your estate from being depleted by the rapidly escalating cost of long term care.

7. Am I "maxed out?" The answer probably should be yes - despite your age - when it comes to this year's 401(k) plan contributions. However, if you have high credit card debt at 15% interest, then it makes little sense to max out your 401(k). Take care of your debt first. If planned properly, retirement can be a time to enjoy the things you've spent so much of your professional life working to afford. Remember: women on average live longer than men - so odds are your retirement savings will have to go farther. Make sure you're participating in your employer's 401(k) plan and start making contributions - even if it's only at the threshold to receive the company's match. Otherwise, you're leaving free money on the table. If your employer doesn't provide a 401(k), then be sure to maximize your contribution to an IRA or other tax-qualified personal retirement instrument. Note: recent tax changes allow those over age 50 to contribute more in their 401(k) and IRAs than the standard limits. Lastly, if you are already maxed out on your 401(k) and IRA contributions, you might consider additional tax-deferred investing opportunities - such as an annuity.

8. Do I really need to make that impulsive purchase? Pay attention to some of the small things you buy. Try this: for a month, write down everything you purchase, and determine which things you can do without. Invest the money for those non-essential items or pay an insurance premium, and reap the rewards that can come with making tiny sacrifices. Most importantly, you'll be establishing a regular pattern of saving and investing.

9. Can I pay cash? Avoid the temptation of using credit cards to overspend. Stick to having one credit card for emergencies and to build good credit. Otherwise, use cash, unless you know you can pay off the credit card bill in full each month. Even with interest rates at low levels, the interest rates charged by most credit card companies on unpaid balances may not follow suit. Make sure you are aware of your credit card interest rate. It could very well be more than 20 percent - far more than the historical average annual return of most investments. In general, use credit cards only if you plan on paying off the entire balance every month. If you do have debt, including school or car loans, make sure you pay bills on time. You don't want late payment fees on your credit history.

10. Do you "Teach Your Children Well?" Fiscal responsibility is not just for adults. How did you learn how to manage your money? Teach your children about money, credit, saving and investing for future goals. Teach them to protect what they have. Teach them how to be responsible with money. Pass along your experiences and insights, both good and bad, on how to manage and invest money over time. Show your daughter your quarterly statements. By sharing what you know, you can help better prepare your children for a more financially secure tomorrow.

"Whatever the responses to these questions, each woman's financial situation is unique. The important thing is to plan for the future," Sweetser said. " You'll be glad you're prepared to meet those challenges."

Sweetser recommends that women identify and obtain the assistance of a good financial professional. While a candidate's credentials should be checked carefully, Sweetser also suggests that women rely on their 'sixth sense.' "Ask yourself: 'am I comfortable articulating my goals to this person? Is she/he listening to me? Do I feel respected?' Go ahead and rely on your intuition. Then get started - right away - on your financial plan."

The information contained here is being provided with the understanding that it is not intended to be interpreted as specific legal or tax advice. Neither MassMutual nor any of its employees or representatives are authorized to give legal or tax advice. Individuals are encouraged to seek the guidance of their own personal legal or tax counsel.

Securities and investment advisory services offered through MML Investors Services, Inc., 1295 State Street, Springfield, MA 01111-0001, (800) 542-6767. Member FINRA (www.finra.org) and SiPC (www.sipc.org).