Sep. 25--Like many American retirees, Gerry Lackey is fretting over how the turmoil in the financial markets will crimp his plans.

The retired lawyer, who counts on savings and investments for about half his income, has watched in dismay as major stock markets plummeted about 19 percent this year. "I don't know if I have enough years to allow the market to come back."

Retirees like Lackey, 69, who depend on investment income to help buy groceries and pay the bills, are among the most vulnerable groups scrambling for cover in the current market upheaval. South Florida, with its wealth of retirees, may suffer disproportionately because of its large number of older souls whose financial well being is closely tied to Wall Street.

"This whole debacle is so much harder on older people -- approaching retirement and those in retirement," said Alicia Munnell, director of the Center for Retirement Research at Boston College. "They're jammed: They don't have the time and space to bounce back like someone in their 30s or 40s."

South Florida financial advisors and estate and trust attorneys say they are fielding numerous inquiries from nervous seniors.

"There is a high degree of concern," said Michael A. Dribin, head of the estate planning and trusts practice group at law firm Broad and Cassel in Miami. "They may not be working anymore, and so are not in a position to put new funds into their savings."

TOUGH POSITION

Experts say many older folks were already poorly positioned for their golden years, as 401(k)s and IRAs, or Individual Retirement Accounts, have replaced traditional fixed retirement plans that dole out monthly checks.

According to AARP, only 20 percent of U.S. workers are covered by old-style defined-benefit retirement plans. That means most people are left to fend for themselves: They have to look to 401(k)s and IRAs for their nest egg.

The rub is many people haven't made adequate contributions to the voluntary plans. On top of that, a lot of people have tapped their IRAs and 401(k)s indiscriminately to pay for everyday expenses, luxury purchases or vacations.

"The balances were already modest," Munnell said. "Now, to have them hit by this storm is just a death blow."

Even before the current crisis, a key problem was people thought they could retire sooner than was realistic, experts say. "Too many people retire too early. They thought the market was going to generate 10 percent to 15 percent a year," said Margaret Starner, senior vice president and financial planner with Raymond James in Coral Gables.