Fix your 401(k)

If your retirement account is down 30, 40, 50 percent, here are some essential steps to kickstart your savings.

1) Get some perspective

If you haven’t already checked out your retirement account’s performance this year – do it now. No doubt, your losses are scary looking from this year with the S&P 500 down some 40 percent – the reality is that is the new normal. Your job: comparing where you are with where you need to be.

2) Boost your savings
You can’t control the stock market or even whether your employer will continue matching your contribution. In fact, 7 percent of employers in a recent poll said they are eliminating or trimming 401k matches. But you can control your own behavior. Most people aren’t saving enough to retire on – the average 401(k) investor is socking away 7 percent of their salary versus the 10 to 15 percent most advisors would recommend. It’s time to save more –set aside more money out of each paycheck for retirement saving.

3) Invest outside your 401(k)

401(k)s are great – but if you really want to make a difference in how much you are socking away – contribute to the max in your 401(k), locking in every precious dime of your employer’s match, if they are still matching, then set up your own investment plan above and beyond that.

A new year…a new you. Get control of your financial life. From wiping out debt to saving for college — Gerri Willis has your guide to financial resolutions all this week on CNN's American Morning.