For many, it's a struggle to pay bills and keep the mortgage current, especially if your salary has taken a hit. If that's the case, you may need to take a second job or start some kind of freelance business to get some additional funds to add to your retirement savings.

"For many young boomers who do not have a company pension, who have seen a decade of virtually no investment growth, who have seen their home equity melt away and who are now faced with a rising age of eligibility for Social Security, the best thing they can do to prepare for retirement is to find a job or start a business doing something they love so they no longer want to retire away from it," says Keith Weber, a Certified Financial Planner with Weber Consulting Group in Fort Collins, Colo.