Money Fix: rescuing your retirement

Many have seen their retirement savings sink or stagnate in recent years, perhaps because of stock market losses or, say, unemployment. The market's back up, but the challenge remains: How to rescue your retirement?

Re-evaluate your date: Tough as it may be, delay the day you tell your employer goodbye. "Working longer can make a difference in meeting your retirement goals," says Betsy Billard, an Ameriprise private wealth adviser in Manhattan.

Give yourself a raise: When was the last time you increased your retirement contributions? "Increase your contribution by 1 percent annually. Max out your 401(k) if you can," says Howard Zodicoff, financial adviser with Standard Pension Services in Garden City.

Recalibrate your budget: There's no getting around the fact that you need to save more. Review your budget and squeeze, hard. "Save at least 15 percent of your income," says Jon Ulin, managing principal at Ulin & Co. of Boca Raton, Fla.

Watch fees: How much are you being charged by brokers or mutual funds? "Small increases in fees can have a significant negative impact when compounded over a long time," warns Clarence Kehoe, executive partner at Anchin, Block & Anchin in Manhattan.

Take a reality test: If you're near retirement, pretend you're retired, says Michael Kresh, managing member of Creative Wealth Management in Islandia. For six months, live on the income you expect in retirement. Save the rest. If you find the amount you expect to live on is too little, reset expectations.