Financial planners offer advice for retirement

Many who've spent their lives working and contributing to 401K accounts for retirement are sickened by the loss in value they've seen in their investments.

So, where do they go from here? What's the best way to respond to the volatile market to assure enough money for one's "golden" years.  Or is it best to just plan on working one's whole life.

We'll talk to two financial advisors to get their thoughts and advise for those nearing retirement.

For years they've been telling everyone to save for retirement and not to count on Social Security to cover the cost of living in years to come. If you've taken that advice and tried to save, it's frightening to see your 401k suffer a sudden loss in value.

"If you're concerned about the volatility,don't look. it scares you to look, don't look," jokes Investment Advisor Reed Mendelson. That's one way to look at it. Yet all kidding aside, he admits-- watching the market day by day is not nearly as productive as having a plan and following it. "Markets go up, markets go down. But in the long run, markets go up. And so we develop an investment plan and we know that we need to save for retirement. And it's more important to have a plan to know what we're going to need."

If you have a plan and follow it, the ups and downs will be what you expect on the road to retirement..Randy Harless with Terrell and Associates is what they call an investment advisory rep. He says don't panic. "You've got to be able to put your head on the pillow at night and go to sleep and if whatever's going on in the market or your portfolio causes you to lose sleep, then you need to revisit that and you need to make whatever changes are necessary to allow you to sleep so that when things like this happen you don't panic," He says.  "You have that sense of discipline and patience and faith that your plan is going to work for you. You don't want to be all in one bucket, so we talk about diversification. You want your portfolio to be spread across so you don't gain a lot from having one thing and you don't lose a lot from having one thing either."

Course, each situation has to be evaluated individually and consider issues like age, income and assets, says. "Prices are down. You should think about putting more in while it's cheaper. Maybe. If your situation is right for that."

Both Reed and Randy agree it's a good idea to sit down and discuss your situation with an investment professional and there are those who will talk to you without charging a fee.

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