Saving for Retirement in Your 20s, 30s, 40s, 50s or 60s

Saving for Retirement During Good Times and Bad

Already Retired

By Jean Chatzky with Arielle McGowen

Pin It

Comment

Cut back on withdrawals. Make a pact with yourself—and your spouse, if you have one—to live on the same amount you withdrew in 2008. You may have to make a few changes to your standard of living, postpone a vacation, a new TV or scale back your household budget, but it's a relatively painless way to ride out the storm. Once the market rebounds, you can reassess and increase your withdrawals.

Also, consider taking a part-time job. It should be something you enjoy, and it'll help fill in the blanks until your investments rebound.

Watch how to make your money last your entire life.

PAGE 2 of 6

Published on January 22, 2009

Related Resources

Keep Reading

Smart Choices for Riding Out the Recession

How do you cope financially with the worst economy in recent history? Regroup, make smart choices and control of your savings, investments, job security and home mortgage, Jean Chatzky says.

Can You Afford to Go Back to School?

With a rising unemployment rate, it's not unusual to head back to school for a career change. Jean Chatzky's advice for making the transition.

Dealing with the Economic Crisis

Oprah Radio host Jean Chatzky talks with financial planner Bill Losey about the economic crisis.

4 Ways to Stop Fighting About Money

Money is one of the major reasons couples fight. Start working together on your finances with Jean Chatzky's advice.

Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.