Traders work in the product options pit at the New York Mercantile Exchange in New York, Thursday, Sept. 18, 2008. Financial markets appeared less strained Thursday, but investors were still nervous, seeking safe investments like gold and Treasury bills and showing some reluctance to return to stocks. (AP Photo/Seth Wenig)

In a struggling economy, saving money for retirement can be a real bear.

Older workers worry that the market will scramble their nest egg. New investors can’t figure out why their monthly 401(k) balance goes down instead of up.

Vincent Morris, a vice president with the Bukaty Cos., manages company retirement plans for employers including Heartland Health. He said the company has seen an increase in the number of investors who want to discuss their retirement plans.

“Part of our job is to refocus them on the long term,” Mr. Morris said. “What we haven’t seen is a drop in contribution rates. People want to have the conversation with us, and that’s a good thing, but ultimately they aren’t cutting back.”

For new investors or those with small balances, the current market’s volatility has sent their balance sheets on a roller coaster ride that could scare a few people off the train. As long as they focus on the future, they should be fine, Mr. Morris said.

“They have just as much risk not having enough money to retire on than they have losing money in the market,” he said.

Sometimes an investor just needs a few friends to keep them motivated.

Connie Rehm of Savannah, Mo., formed an investment club with her friends 15 years ago. Ms. Rehm said she didn’t know anything about the market at the time. But 15 years later, she is one of five of the group’s original members who are still investing.

“We’ve been a support group as much as anything,” she said.

Ms. Rehm, who works at Rolling Hills Library in Savannah, Mo., stresses research before making an investment decision. She recommended that new investors read a book or two to find out what kind of investor they are before they jump in. After that, they must stay vigilant and check for new information online and in publications like the Wall Street Journal or Kiplinger’s.

“The most important thing is that you shouldn’t invest anything that you can’t afford to lose,” Ms. Rehm said. “That kind of makes it a catch-22 in today’s economy.”

Terry Utley, first vice president with Mercantile Financial Group in St. Joseph, said that human nature can make it difficult to make the correct investment decision.

“Our emotions work contrary to the market,” Mr. Utley said. “When the market goes up, that is when everybody wants to buy. Then when the market goes down — or in effect, goes on sale — everybody wants to sell their stock.”

In other words, emotion takes one of the basic tenets of investing and flips it around on traders that fear low numbers. Buy low, sell high ... meet buy high, sell low.

History has shown that bear markets often provide big profits for brave investors. In the 18th century, a British nobleman named Baron Rothschild was credited with a quote that has become famous in investment circles: “Buy when there’s blood in the streets.”

The strategy worked for Warren Buffett. The bear market of 1973-74 dropped nearly 50 percent in just under two years, but Mr. Buffett saw an opportunity. He purchased a stake in the Washington Post that has since increased more than 100-fold in value.

The market took another dive after Sept. 11. Aircraft manufacturers like Boeing took an especially hard hit, as Americans were reluctant to fly. The company’s stock hit a low point near $30 in the fall of 2002. Astute traders saw dollar signs. By 2007, prices rose above $100 per share.

Jump ahead to 2008. Politicians spent last week debating a $700 billion plan to bail out the economy. Foreclosures remain high while the value of the dollar stays low. Bullish investors know it’s time to bear down.

“When the market is down, that is the perfect time to invest for the long term,” Mr. Utley said.

Business reporter Clinton Thomas can be reached at clintonthomas@npgco.com.