Since retirement investing is a topic of perennial interest to me, I always look forward to the results of the survey on retirement confidence released by the Employee Benefits Research Institute (EBRI). Given what has gone on in the markets, I expected to see further declines in retirement confidence, but the findings, which came out in mid-April, were especially dramatic:

-- Just 13 percent of Americans surveyed say "they are very confident of having enough money to live comfortably in retirement." That's a record low.

-- People already retired are also feeling the pinch of the downturn: Just 20 percent said they were "very confident" about their retirement resources -- another record low (down from 41 percent in 2007 and 29 percent last year).

-- People are planning to work longer in order to build resources for retirement; 28 percent said their expected retirement age has changed in the last year.

These findings cannot be entirely surprising, of course, in light of the economy, but they are a stark reminder of the importance of retirement planning and saving aggressively. Obviously, it takes money to retire comfortably. But being confident about retirement also takes knowledge-which you get by facing the financial realities.

Heads in the Sand

The doom and gloom of the financial markets have clearly cast a pall over many people engaged in the retirement planning process. But the survey also found that far too many people have invested far too little time or energy into this critical challenge. Less than half (just 44 percent!) of those surveyed said that they (or their spouse) have tried to calculate how much money they will need to have saved by the time they retire. Another 44 percent simply guess at what they'll need.

It's no wonder so many people aren't confident about their long-term financial futures. The simple fact is that it takes a great deal of money to retire comfortably, and only a fraction of that money will come from Social Security. Naturally, it's harder to be confident when the economy is in such turmoil and the financial markets have declined. But none of us has any control over the economy or the markets. We do, however, have the ability to understand what we need for a comfortable retirement and to find strategies to help us get there.

The Good News

There were a few kernels of good news in the EBRI Retirement Confidence Survey, and for me it was in the numbers of people who are waking up to the retirement challenge:

-- 81 percent of those surveyed said they've reduced their expenses

-- 38 percent are working more

-- 25 percent are saving more money

Assuming this extra money is going into tax-advantaged retirement accounts or taxable accounts geared for growth, these steps can start to make a difference. Just as important, saving and investing more can give you a sense of control over your financial future; you're no longer a bystander, hoping for good news from CNBC. Instead, you're a participant, actively taking a role in building assets. Taking control can be empowering!

The survey also found many people, again not surprisingly, were changing their investment strategy given the market turmoil (43 percent of those surveyed this year said they were "changing the way they invest money"). I understand that urge, but I also encourage you to change in ways that make sense for your portfolio and your long-term goals, not the short-term realities of the market. Put another way, you may be "scared" of equities at the moment, but that doesn't necessarily mean selling them off and putting your money into bonds or cash. If you're unsure about how to adjust your portfolio, get some help from an advisor who can understand your needs, your goals and your fears. Remember, beating inflation is the long-term goal for most retirement investors; you're trying to create wealth for the time when you're no longer working.

Have Courage

It takes courage to invest even in good times, and it can take even more when times are tough. But even though investing in the stock market carries risk (as we have all experienced!), I still believe that it presents the best potential for long-term growth.

I've been following the results of the EBRI Retirement Confidence for years now. Typically, the results have suggested a misguided confidence in the future, but now I think the alarm bells are going off a little bit louder. And people are fearful with good reason. If there's any good news to be had from this recession, perhaps it has served as a wake-up call to take action: to save more, to invest for the long-term and to understand what they're going to need when they retire. Short of a tremendous windfall, the best way to be confident about the future is to plan for it.

Note to Readers: I'm pleased to be launching Ask Carrie, a personal finance advice column designed to answer your most pressing personal finance questions. My aim is to give you clear, straightforward information and to keep the "personal" in personal finance. So please ask away. You can email me at askcarrie@schwab.com. Unfortunately, I, won't be able to respond to you personally, but I will include questions of general appeal in the weekly column.