Always contribute as much as you can to your 401(k). In 2009, if you're 50 or older, you can put in $22,000. At that age you can also contribute $14,000 to a SIMPLE IRA. Particularly if you're 55 or older, don't stop funding your retirement, says Debra Neiman, a financial planner in Arlington, Mass.
If you've lost a big part of your savings, consider an annuity that guarantees minimum payouts regardless of the market's performance. You could get a 6% payout per year for the rest of your life no matter how the investment performs. If it does well, you could cash out after the surrender periodÑtypically three to seven years -- and invest it in whatever you want. But the fees for these guarantees can be steep. You can compare annuities at www.annuitygrader.com.
Finally, monitor your savings. Frank Armstrong, author of The Retirement Challenge: Will You Sink or Swim? has developed a tool to help you determine whether you'll have enough.
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