In the past year, large amounts of wealth were lost and a significant portion of this money came from the retirement funds of baby boomers. It is estimated that trillions of dollars vanished into thin air as a result of the financial meltdown. This is undeniably the worst economic catastrophe to hit the United States since the Great Depression. Aside from the people who lost their homes, no one feels this more than the individuals on the verge of retirement.

If your retirement fund has been affected by the economic crisis, then the blogs below can definitely help you. We have compiled a list of tips, advice, and a few nuggets of thought that will help you rise up from the crisis.

Selena@ Motley Fool wrote a thoughtful post entitled “Wildly Different Retirements”. She compared deaths of two noteworthy individuals and took notice of their age. One died at the age of 73 while another died at age 104. The point is, no one can predict how long they’ll live. She provided tips that will help you get debt relief and save more effectively to build your nest egg.

JD @ Get Rich Slowly posted another great article, “How Much Should You Save for Retirement?” It answers most of the questions we want to ask. JD discussed the percentage of your monthly income you should set aside. There might be conflicting advice on this one but he urges everyone to save as much money as possible.

The True Tips and Facts blog has an interesting blog post for this week, “Retirement Investing – Tips and Advises”. The fact is, investing for your retirement years is very important. The earlier you start the better. In some cases, people might be tempted to dip into their retirement investments to solve their short-term problems today. However, this may not be a good idea because your later years may not be as comfortable as you want it to be.

Banking institutions and credit unions have long promoted debit cards as a convenient alternative to credit cards. However, consumers are finding out that debit cards are not really as friendly as banks want people to believe. Peter Means, for example, used his debit card as a fallback. He thought it will help him spend his money more prudently.

Turns out that using debit cards did him more harm than good. The bank charged him seven separate $34 fees to cover his purchases when there was not enough money in his account. So even if Mr. Means did comparison shopping and selected the best deals, he still ends up on the losing end. In essence, he paid $6.75 at Lowe’s to get screws and was charged a $34 overdraft fee for it… he paid $4.14 for coffee at Starbucks and was charged another $34 and so on. In total, he spent $238 in overdraft charges for just one day’s worth of transactions.

The $34 fee stated above is marketed as an overdraft protection. But the fees it generates have become a significant source of income for banks especially at a time when consumers are using their credit cards less and are generally cutting back on spending. For this year alone, financial institutions are projected to derive as much as $27 billion because of overdraft fees on checking accounts (usually on checks and debit card purchases that exceed the balance).

It is a fact that banks are now making more money covering overdraft than they do from credit card penalty fees. The reason can be traced to several sources. For one, Americans use debit cards more often. And secondly, some banks manipulate a client’s transactions in a way that will let them incur more overdraft charges. The cascade of fees, as can be seen in the $34 example, can be very quick especially among consumers who can least afford it.

With the financial overhaul surrounding credit cards, banks have found a new way to generate their lost revenue. Debit has become a stealth type of credit. Three quarters of the country’s largest banks with the exception of ING Direct and Citigroup automatically cover ATM and debit overdraft.

The economy might have “bottomed-out”, that is, the worst might be over but for individual victims of the financial crisis, their troubles are only beginning. With their houses foreclosed, their credit on the red, and their future uncertain, there is so much they can do. Majority of these stories are quite sad but some are just heartbreaking. If you are in this situation, the blogs below might be of some help.

JD @ Get Rick Slowly recently updated his blog with the post, “How to Face a Family Financial Crisis?” One of his readers came to him with a problem: his family member is in serious financial trouble. JD advised that he should only spend on the necessities, be brutally honest with him, and consider drastic measures. The blogger further said that it is not a good idea to touch the retirement savings because it might lead to problems in the future.

Adam Baker @ Man vs. Debt wrote a very detailed article, “42 Ways to Radically Simplify Your Financial Life”. Finances need not be complicated if you follow his tips. Among the most useful tips included in the post include consolidating accounts, combining finances if married, freezing credit reports because it minimized the risk of identity theft, using cash, paying bills in batches, and budgeting using last month’s income.

Are you interested in finding out how the financial crisis actually occurred, its implications to ordinary Americans, and why the government bailout became necessary? The Mint Blog featured a visual presentation of the events leading to the worst economic problem since the Depression. The entry, “A Visual Guide to the Financial Crisis” is very helpful.

The challenges being faced by many Americans today might seem difficult to overcome, but it is not impossible. Increasing your financial know-how, following practical tips, and saving money by comparing online travel deals and credit reports can go a long way in improving your finances.

With the deepest recession in the US economy since the Great Depression, the income gap between the well-off in the United States and the average American is becoming to shrink. Ideally, this gap should be closed by lifting up the bottom. But in the trend being seen today, it is shrinking because the top is being pulled down.

According to Ariell Reshef, an economist from the University of Virginia, “Based on experience, it looks like inequality will go down and change the long-term trend of America being a less egalitarian society.” Over the last three decades, individuals occupying top positions as chief executives, law-firm partners, Wall Street bankers, and savvy traders have amassed huge amounts of money. Meanwhile, the income of teachers, office managers, factory workers, and other individuals working in the middle grew slowly.

It is estimated that in 2007, the top 1 percent of US families controlled 23.5 percent of all personal income in the United States. The share of that 1 percent is shrinking fast. It is believed that their income will drop to between 15 to 19 percent of all personal income by 2010.

One significant development that can be seen is the drastic cut in pay for chief executives. In 2008, the median salary of executives listed in the S&P fell 15 percent. However, the effects of the economic crisis and the succeeding credit crunch will go deeper than that. Saving money, for example, has become an important part of an average America’s life.

Finance, for its part, has previously been seen as a lucrative job that attracts top talents. It will not be this way in the future because it will make up a smaller part of the overall economy. The behaviors of Americans will also change. Because borrowing is becoming harder, the focus of many would be debt relief to avoid high interest payments. In any case, there is no doubt that the developments in the last two years will be seen as a watershed for the country’s economic life and American’s lifestyles.