More than any other group, 50-plus Baby Boomers are being devastated by the economy. Many have lost their jobs. Others have seen their savings dwindle as the stock market tanks and interest rates remain low. Most have suffered from crashing home equities.

It is obvious now that the world economy is (best case) stagnating or (worse case) headed for a major crash. Aside from those on Wall Street, no one is profiting.
 
So what are older Boomers to do amidst all this economic chaos? Survive!

It's back to Maslow's hierarchy of needs for the two-thirds of 50-Plus Boomers who no longer have an economic cushion to ride into retirement. It is a matter of setting priorities in a fluid environment.

Here are my suggestions:

1. Maintain your health. It's true, if you have your health, you have everything. The opposite is true too, so make time to relax, exercise and pay attention to your well-being.

2. Keep a roof over your head. Amazingly in the U.S. this is no longer easy to do. Many have lost their homes and now live with relatives, friends or in RVs. Some are on the street. Not having a shelter plays with your mind and confidence. Whatever you do, figure out a way to have a place that that provides shelter, food, and safety. We all need somewhere to unwind and gather our mental strength.

3. Adjust your lifestyle to your means. This is especially tough for those who have suffered economic reversals. But living within your new means is critical to survival. Cutting back, budgeting, weaning yourself from credit cards and learning the joy of coupons is the new reality for most older Boomers.

4. Learn to live in a dynamic environment. There is a new reality out there. Nothing is assured anymore. Give up previous perceptions and tune into the way things have really become. Learn to perceive new opportunities and avoid risks. This isn't Kansas anymore.

5. Figure out how to make money. There are few or no jobs for 50-plus Boomers. Across this country, senior Baby Boomers are launching home-based businesses to supplement their income. Working during retirement is the new norm. Ask yourself, "How can I leverage my experience and talents to fill a market need?"
 
Perhaps the most important thing is to never give up hope. Life does not require riches to be happy. Comfortable, rewarding retirement is still possible - it just requires a mental adjustment, commitment and becoming proactive. Learning to make educated choices in our brave new world is key.

But then our generation has lived their lives in a changing world. Most of us are still fast on our feet. We are up to the challenge. We're not through yet.