The economy was good, everything was going great and then all of a sudden a few months ago everything collapses,” said El Paso Fire Department Capt. Etor Castillo.

Castillo joined the El Paso Fire Department in 1971. It wasn't until the economy took a turn downhill that he began planning and thinking about retirement.

"It's like firefighting. You go into a burning building; you don't go in there blindly. You have to prepare for it mentally and physically,” Castillo said.

One financial adviser with whom KFOX spoke with agrees you must plan ahead, but he urges those looking to retire to wait.

"Right now is not the time to act, 'til the beginning of the new year. Wait for the new presidential candidate to go into office and have some stability, give the country some stability again,” said Sylvia Amaya-Ibarra, a financial adviser at PRIMERICA. “Because when that happens after every election, you see the market pick up again.”

"When you're a baby boomer such as myself, what happens is that you think that life is going to be good; you've worked all your life and you've saved,” said Castillo.

When his time as a firefighter is up, he plans to continue his education.

"And who knows what's going to happen after that; all I need to do right now is survive,” Castillo said.

So again if you are planning on retiring, financial advisers said just to hold off because when the economy does bounce back it’s more likely that you’ll see more money in return. Financial experts like Ibarra told KFOX that if you are confused on how pensions and savings plans are working right now, seek some advice. You can give them a call at PRIMERICA, 595-0300.