by KYW's Salil Gutt

Many of us are delaying retirement. The decline in family wealth in these trying times is the main reason. The first baby boomer drew social security benefits at age 62 on February 12 of this year and a silver tsunami was expected to start. Not yet.

Retiring at the start of a recession or during a declining stock market is generally a bad idea. Withdrawing a specific percentage of assets that are declining in value is not a propitious start to what should be an exciting new chapter.

Here are some safeguards for would-be retirees.

Continue to work in the early years of retirement even if it is part time. This will take the pressure off your financial assets providing for all of your living expenses. Ideally work at a job that provides heathcare benefits or provides money to buy it yourself until you are eligible for Medicare. 

Raise the bar for the number needed in retirement. If you feel you could retire with $500,000 then increase that to $550,000 but draw money as though you have $500,000.  This will provide the cushion for future market declines.