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A recent article in AARP The Magazine tackled the issue of financial recovery for boomers who have suffered a job loss in the past few years or have seen their retirement savings damaged in a bear market.

To make a move toward recovering your financial stability in 2013, planning experts recommend the following:

Be realistic. Be prepared to revise your retirement assumptions to bring them in line with your financial realities. Catching up requires a rational assessment of your current situation and your future outlook.

70 is the new 65. Boomers who can should work until they are 70 if at all possible. The extra years of income will allow you to add more to your 401(k), maximize your Social Security benefit and reduce the number of years in retirement for which you have to save. Working part-time can help build up your retirement fund, and some companies like Lowes and Starbucks provide health care coverage for part time employees.

Keep saving. Now is not the time to splurge on spending, it is the time to save as much as possible. Review all your expenses to see where you can make cuts and channel those savings into your retirement fund.

Review investments. Be careful about taking on more risk in an effort to recoup past losses and cut costs where possible.

Consolidate debt and refinance. If you have some money in the bank, use it to pay off your debt as much as possible, especially credit card debt. Paying interest when there is available cash is foolish. With interest rates at all-time lows, refinancing your house can provide cash to pay off debts as well as reduce your mortgage.

The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.