"If you're both in good health and you can afford it, one option would be for the higher earning spouse to delay their benefits until 70 and have the lower earner begin at an earlier age," Hobson said. "This way the surviving spouse will end up with the maximum amount of benefits. Remember, if the higher earner dies before 70, the survivor's benefit would increase to the amount that the deceased spouse would have earned."
"It's heartbreaking. Many people saved and saved, doing everything right, only to be slammed by the greatest financial crisis since the Great Depression," Hobson said. "The best thing I would say is, 'Stay the course.' You want to keep saving. The silver lining in this story is that the market is up over 70 percent since its March 9, 2009, bottom."
Hobson said those over 50 should take advantage of the 401K catch-up provision and after that, you should put 40 percent to 60 percent of your money into stocks or in mutual funds and the balance should go into bonds and bond mutual funds.
The following tips were provided by "GMA" financial contributor Mellody Hobson exclusively for the "Good Morning America" Web site.
If you have not done so already, investigate buying long-term care insurance as soon as possible. This insurance will be very valuable if you need extended care for an illness or injury. The longer you wait, the more it will cost.
Make sure you have completed the proper estate planning. You should have a will and a power of attorney in place. This will save you and your family from making agonizing health and financial decisions.
If you can avoid it, try not to withdraw money from your tax-deferred accounts (e.g. 401K) early. Not only will you avoid penalties and taxes, but you will also allow your assets to compound and grow further.