The recent market turmoil prompted many investors to concern themselves more with the near term state of their personal wealth. But now that the markets have rebounded and the economy has at least stabilized, investors are being urged to review their retirement plans.

Advisors have been reporting that many investors have taken substantial hits to their portfolios so their financials may be in need of revision but there are other aspects to retirement planning that should be included in their thinking. Many more individuals are considering working longer. Traditional concepts on retirement and work may no longer apply to some individuals. New technology enables them to continue working even past retirement age, without actually having to be at a work location.

Certainly many are cutting back on the planned lifestyle goals. Most people — even the affluent — are apt to feel more secure about retiring if they make some compromises in the short run. “I see people of all wealth levels cutting back, whether it’s taking less-luxurious vacations, reducing remodeling projects or waiting another year for a new car,” according Gregg Yaeger, director of financial consulting at Northern Trust.

Other people are becoming more comfortable with spending down their estates so they can fulfill their retirement goals. “Some of my clients say that whatever their kids will inherit is a windfall, so they are less concerned with complete estate preservation,” Yaeger says. “Others are so concerned about their children that they watch their own pennies.”

It can be helpful for individuals to work with their financial advisors in reshaping their retirement plans in all areas. For example, some are concerned that they might not be able to make the charitable contributions that they had planned because of recent losses in their portfolios. Investors may want to explore ways of providing support besides making direct gifts. For instance, you could name a charity as the beneficiary of an insurance policy, rather than making a cash gift, points out Yaeger.

When you expect to retire is most important. It will determine the balance of your portfolio for the near -and long-term “When creating your retirement plan, look at your life expectancy, what tax bracket you expect to be in and how much cash you’ll need each year to cover your expenses,” Yaeger says. This can help you determine the asset allocation best suited for your timeframe and risk tolerance