TODAY Money expert David Bach joined us for a live Web chat Wednesday morning after the show's Money 911 segment.

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Here are two of his answers and a complete archive.

David Bach:
This is a great question. I spent nearly a decade at Morgan Stanley as a financial advisor and I specialized in retirement planning. This question is exactly what I dealt with daily.

My answer to my clients was always to MAX OUT THEIR SAVINGS.

Whatever you can do to increase your 401k plan, stock purchase plan, Roth IRA ... do it!

And also, yes there is more work ... make one extra payment a year on your mortgage, because you will pay your mortgage off seven years faster. In truth with most of my clients 10 years away from retirement, we also worked on having their home paid off by retirement.

In an ideal world, it's pay the home down faster and, yes, save more. You'll be so happy you did. And if that means you don't buy a new car for 10 years, so be it!

Question from Guest:
What is your thought about buying a home vs. renting a home/condo or apartment? We are approaching retirement and are planning to sell, both to simplify the effort involved in home ownership and the expenses. Are we right?

David Bach:
It all depends. First and foremost if you sell your home are you going to make money? What will you do with the money?

Sometimes people sell their homes, and take the profits and invest it in CD's and then live off the income, which covers their rent. It's a great idea, but now rates are so low it won't work at the moment.

The other question is where do you want to live?

What I can tell you from working with real life retirees is that you should always rent for a year if you plan to move to a new area before you buy. I have seen too many people retire, move to another state, buy a home thinking they would love it and then hate it.

The complete Q&A: