What you can do

Reset your retirement clock

If you're eligible for a pension, and assuming your employer's plan is healthy, working more years can add to your payout, which is often based on salary and number of years worked. Even those planning for retirement who are without a traditional pension—probably most of us—can use that time to shore up their nest eggs. If you're 50 or older, you can contribute up to $22,000 this year to tax-deferred accounts such as 401(k) plans. According to T. Rowe Price, working three years longer while saving 15 percent of your salary could raise annual retirement income from investments by 22 percent.

Keep on contributing

Hewitt Associates, a benefits consulting firm, says that only 4 percent of workers have stopped funding their 401(k) plans in this financial malaise. At the least, put enough in to get the full employer match. If your employer no longer matches, try to contribute at least as much as before. If you're able, make up for the match with a higher contribution.

Postpone Social Security payouts

If you expect to retire before qualifying for your full Social Security benefit, try to live without that money initially. As the chart shows, if you start withdrawing at age 66 rather than the earliest possible age of 62, you'll boost your monthly benefit by one-third. Folks who need the money now can always opt to halt payments later and receive higher benefits; to trigger that, they'll need to pay back what they've already taken. For more information, go to the Social Security Administration's Web site, at www.ssa.gov.

Borrow with caution

Our warnings on reverse mortgages are even stronger for younger eligible homeowners. If you live long enough to spend the loan—a possibility if you're in your 60s—you could be back at square one but with far less home equity. Another option, borrowing from your 401(k), if possible, also has pitfalls. For one, if you leave your job or lose it, the loan must be repaid in full or it becomes a taxable distribution.