Don Mutch here:

A lot of financial news has concentrated on the ongoing recession that we are currently in at what stage is a debatable topic.  This economic situation bears the question, how do you  position yourself investment wise to counter this economic downturn? Honestly, everyone’s situation is different and one needs to take a good look and evaluate where there  financial position is at this point in time. Remember, your retirement accounts may look down maybe 10-40% now, but you must ask yourself, do you need the money now? If so, I would consider now look at all your retirement savings accounts and see which ones that have the least draw down and consider taking out the money in a 3-4% withdrawal rate. The actual percentage will be determined by what type of standard of living you want to live in initial golden years. Yes, I said golden years, this still can be with proper money management an exciting time for you and your love ones.

The reason, I suggested withdrawing from other retirement saving first is, give the market time to eventually turn in your favor. Historically, the  stock market with time is on your side, it all boils down to what is your timeframe of when you need the retirement funds. I would also suggest your asset allocation depending on your timeline until retirement be in a fixed income low risk type of investment until the market turns in your favor. Risk tolerance needs to be accessed and the general rule of thumb is as you get older, your asset allocation should  steer towards lower risk capital preservation type investments.

Do I recommend discussing this with a professional advisor, absolutely. But one caveat you do not, I repeat do not have to do necessarily what they say. Remember this is your money, and you  ultimately are responsible for it. Looking at all your options is what the professional financial advisors do for a living so hold them accountable.  Am I serious on this account damn right I am.  Also with your own due diligence and research you then can make an informed decision. Hopefully, this has been some basic baby boomer retirement planning tips that can assist you in planning this important time in your life and help you enjoy the fruits of your many labors. Good luck and let me know your comments on was this information useful and topics as baby boomers you would like to learn more about…. this is Don Mutch signing off.