PITTSBURGH -- From stocks to bonds to property -- almost every form of investment has taken a hit in this financial downturn.

But for those who see retirement looming, prospects may be limited.

When Will You Be Able To Retire?

There are things you can do to withstand this economic upheaval, but those decisions might not be painless.

For many, it is kind of like taking your medicine while holding your nose. And decisions are being made based on some accepted rules. You generally need 80 percent of your working wage in retirement to maintain the same standard of living. If you are lucky, you have a pension and social security to add to that portfolio. But that portfolio is not what it used to be.

It is a topic that is troubling families around the country.

"I can't retire when I am 65 because the economy is so bad. And I have to work, so my pension will literally be my business," said small business owner Kevin Abraham.

Abraham owns a small exterminating company that specializes in hornets and wasps. And now, at 63, he, and his wife Gemma, have felt the sting of the market downturn.

"I did have a small 401(k). Based on the economy, the last several years, the last quarter pretty much devalued that completely now 60 percent," Abraham said.

"Evidence from the 1990's suggests that when the stock market was doing really well, people tended to retire earlier. They did this because their stock portfolio may go up a couple of hundred thousand dollars. Looking good," said Lowell Taylor a CMU Economist.

Taylor said now the reverse will probably happen.

"Someone who had hoped to retire at 64 might work for another couple of years. Or maybe beyond because her portfolio isn't doing very well," Taylor said.

That is Gemma Abraham's predicament. Kevin Abraham's 60-year-old wife works in the Pine-Richland school district with special needs children.

"Before this happened, I thought I might be able to retire at 60. But now I think it will be longer than that, because I need to save more money," Gemma Abraham said.

"Say you are at that go, no-go decision. Like, 'Do I have enough money to retire?' And you have taken a 20 to 25 percent hit in your portfolio. Well, then you have one of three choices," said financial planner Tom Conway.

Here is what financial planners like Conway usually advise:

Delay retirement if you can. Some people are being forced to take early retirement as companies cut back.

Take less out of your portfolio and lower your standard of living. So you won't deplete your principal.

Get a job Take that lesser withdrawal percentage from your portfolio and then supplement it with a part-time job.

Conway said people will have to decide which option is right for them based on their personal circumstances. "If a client comes in to me, and they are 59 years old, and they have three years to go, going to be a whole lot different in their prescription than someone who is 45," Conway said.

The farther away you are, the more time you have to diversify your assets, which means getting different types of investments. Then build a portfolio tailored to your risk tolerance.

If you can't afford a financial planner Conway says just find a computer and search under retirement planning or asset allocation.

"You can get 90 percent of the information if you go online on the computer on whether you can retire or not, in just an hour," said Conway.

For Gemma and Kevin Abraham, the answer is clear.

After working hard to raise seven children, they will both have to keep working to support themselves. Kevin Abraham said he will have to work at least until 70.

As older workers like him keep their jobs longer than they would have under a healthier economy, it only makes the job market tighter for younger workers. Taylor said recent unemployment stats are bearing that out. The only demographic group not hit hard by the current downturn is the 65 and over workers.

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