Will You Have To Postpone Your Retirement? - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Will You Have To Postpone Your Retirement?

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Anyone with a retirement fund tied to the stock market is worried following the collapse and sale of two investment banks.

There are 78 million baby boomers in the U.S., and many are choosing to put off retirement because of the struggling economy. But experts say it doesn't have to be that way, and believe the first steps in staying on your retirement track are being disciplined and making a date with a financial planner.

John Schooler says for those who have a broad selection of investments across a variety of asset classes, there's no need to panic. He believes the stock market will soon recover, and says now is the time to put whatever money you have to work for you.

"You want to make sure that you have money in long-term investments, and a good money manager for the long term. Money they need over the next year or so, they can have in CDs, in cash deposits, and they'll be just fine," Schooler said.

While many easing into their 60s have watched their 401Ks plummet, experts say it's time to sit down with a financial planner and map out what you have, where you have it and possibly re-establish a realistic retirement goal.

"People can hunker down a little bit and get through this, and American business can turn around," Schooler said.

Another thing to remember to keep your accounts safe: make sure that the money you have doesn't exceed the limit that is FDIC protected. For individual accounts, that's $100,000, and for joint accounts, the government protects that money up to $200,000.

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