Twice a week, 60-year-old Carol Vasile lets loose by dancing at the Educational Alliance's senior center. She retired two years ago so she could better enjoy her Golden Years.

"Just meeting friends and traveling," she said of what she planned to do with her time.

But these days, Vasile finds herself on a tight budget, unable to enjoy many of the things she looked forward to in retirement.

Vasile lives alone and her savings are negligible. Like many other retirees, she is dependent on her retirement accounts for expenses like rent, food, and medical bills.

But those accounts are dwindling by the day.

"We are Baby Boomers; this is what we strive for, retiring," she said. "This is it. We are going to live fine, but no, I just didn't think this was going to happen, I thought everything was going to be nice and just sit home and not worry about, 'gee, where is my money going to come from?'"

Erika Safran, a principal with Financial Asset Management Corp., says the current volatility in the market requires a well thought out plan of action.

"Don't rush, don't panic, and, of course, you're going to feel stressed and you're going to feel concerned," advised Safran. "Don't run out and sell all your investments in anticipation of even a worse situation."

For those who rely on their investments to meet expenses, Safran recommends setting aside money from their portfolio to cover them for at least a year or two.

"Make sure that you have it so two years from now, whether the market is up or whether the market is down, you are not dependent on your portfolio," she said.

While it's important to diversify any assets you may have, Safran also suggests consolidating your accounts under one roof so you can see what you have and review your entire bottom line at once.

"If you have five different IRAs, you bring all your IRAs together, and if you have five different individual investment accounts at different places, bring them all together so you can see what they are valued at," said Safran.

And, if you have not already, reach out to your county's Department of Aging for more information on public programs that can help subsidize some of your bills.

While it may be difficult in this economy, you might want to consider getting a part-time job.

As for Vasile, she is hopeful the market will improve; in the meantime, she dances her worries away.