What you can do

Focus on factors you can control, such as rebalancing your portfolio, limiting discretionary spending, prioritizing annual withdrawals from your IRA and other retirement vehicles, minimizing taxes, and going back to work, if that's an option.

Consider your withdrawal rate

In general, financial planners say an annual withdrawal rate of about 4 percent from your total investments is optimal to ensure the money lasts as long as you do. Our chart shows how your withdrawal choices affect the longevity of your assets.

Know what to tap first

The right withdrawal strategy can help you make your money last and reduce your tax liability. A study published recently in the Journal of Financial Planning notes that in most economic situations, withdrawing from your bond holdings before touching your stocks can extend the life of a retirement portfolio by up to 3.8 years.

To minimize taxes, first start withdrawing any minimum required distributions from your tax-deferred retirement accounts (if you're 70 or older). Then begin withdrawals from other accounts in this order:

• Taxable investments with losses.
• Investments in taxable accounts with little or no gain or loss, such as cash.
• Money in taxable accounts that qualifies for long-term capital-gains treatment.
• Money in taxable accounts with short-term gains or in tax-deferred accounts with relatively small gains.
• Retirement accounts subject to ordinary income taxes.
• Money in Roth IRAs and Roth 401(k)s, subject to no tax. Because tax rates might rise, keep those gems as long as you can.

Pick up extra money by working

For those with the ability, working even part-time can help mitigate a financial burden. Twenty-two percent of our respondents said they're working part-time, and 22 percent of those who are fully retired said they wish they could work again. Employers might be willing to hire experienced older workers.

Don't abandon moving plans

Your $400,000 home may have lost $100,000 in value, leaving you with less to spend on housing elsewhere. But values are down in many areas, and moving to a lower-cost area might still be worth that trade-off.

You can do a side-by-side comparison of crime statistics, climate, and cost of food and housing in pairs of cities, at www.bestplaces.net, a site produced by Fast Forward. It also has a cost-of-living calculator you can use to determine how much you'll need to maintain your current standard of living elsewhere. The Retirement Living Information Center Web site, at www.retirementliving.com, has a "Taxes by State" guide that lets you do state-by-state comparisons of income, property, sales, estate, and other tax rates.

Keep tabs on your pension

If you are planning for retirement and you have a traditional pension, check how well it is funded by examining its federal 5500 Form. You can find it at www.freeerisa.com. A fact sheet explaining how to read the numbers is available from the Pension Rights Center, at www.pensionrights.org. If a plan's assets cover 80 percent or more of its liabilities, that's considered good. If you're expecting a relatively large pension benefit and the company seems headed for bankruptcy, check the "maximum monthly guarantees" that the government's Pension Benefit Guaranty Corp. (www.pbgc.gov) will pay if it takes over the plan.

Be wary of reverse mortgages

The federally insured variety lets homeowners 62 or older borrow part of their home equity. Usually, the principal and accrued interest are paid off after the homeowners die or move out. The fees can be high, making this income-producing option far less attractive if you know you'll move eventually. And with home values down, you might get far less than you need from a reverse mortgage.