many employers are setting up financial advice sessions for employees to help them navigate through the market downturn that has reduced 401k balances for most of us its a good idea to take advantage of one of these sessions if offered at work if its not an option in your workplace you can review this checklist to make sure youre not forgetting any basics1 consider investing a specific amount every month from your paycheck or bank account particularly if youre younger and just starting to save for retirement2 make the maximum contribution if possible to your employers retirement plan take advantage of the employer match if one is offered3 consider investing for the long term with a well diversified portfolio spread between stocks bonds or other low risk investments this is especially critical as you reach your 30s and 40s to reap maximum market gain but with controlled risk4 keep investing in your retirement plan even through downturns when you turn 50 consider if you should make catchup contributions5 maintain a cash reserve to help with unexpected events including a layoff many experts recommend setting aside up to six months of pay6 as you approach retirement consider parttime employment to postpone withdrawals from your retirement savings7 develop a strategy for turning your 401k or other savings such as iras or cds to an income stream whether its though an annuity or other product8 if youre approaching retirement carefully plan your income withdrawal strategy by assessing your anticipated costs consider developing a list of musthaves including food shelter and other basic needs and a separate list of wants including vacations and recreational activities then develop a budget9 assess where you stand with your 401k and consider how you might improve your chances of recovering from the past years market downturn by increasing your contribution or changing your mix of stocks and bonds to improve return10 if your employer doesnt offer financial advice sessions consider working with a financial adviser on your own