SOUTHWEST FLORIDA - Americans have lost $2 Trillion in retirement savings over the past year. The numbers are brand new and it's causing people to stop putting money in their 401K. But is that a bad idea?

WINK News talked with a financial expert who says it depends.

If you are going to retire soon, it may not be a bad idea.

But everyone else should keep contributing.

Lately, it's been scary to be a senior in this economy.

"They see their statements coming in, they see they're losing money," said Jack Hemmer of Alliance Financial Group.

Hemmer says what to do now depends on time and risk.

How long do your investments have to recover?

How much risk are you willing to take?

"It is rough. It's tough to see that the S&P 500 is down 35 percent and the Dow declining," he said.

Retirees we talked to are reacting in different ways.

"I don't worry about anything. I'm old enough to have about grown out of all my worries," said Jack Collier.

"All of our friends are worried. There's no question about it. We'll see what happens here in the next few weeks," said Bob Shea.

"Worried to a certain extent but it will even out in the end and I'm still spending," said Janet Westervelt.

The AARP is weighing in. "People can't afford to wait ten years for this economy to turn around. We need action," said Chief Executive Bill Novelli.

A new AARP study found one in five workers, 45 and older have stopped putting money into a 401K, IRA or other retirement savings account during the past year. Which is the worst thing you could do, unless... "The people who are just about to retire, they may want to put more of that in cash to reduce their risk tolerance and exposure to the equity markets," said Hemmer.

The best advice is to make an educated decision, whatever you do. Not an emotional one.

Experts say when you retire, use your less risky investments first so investments that have taken big losses have longer to recover.