More Pensions Being Frozen in 2009

More soon-to-be retirees are facing hard times when it comes to their pensions.

The Pension Rights Center reports that at least 16 companies have announced their decision to freeze employee pensions so far this year, compared to 18 for all of 2008.

Among the companies that are cutting back: Anheuser-Busch, E.W. Scripps, Kimberly-Clark, Saks and Wells Fargo.

Selena Maranjian on the Motley Fool says that eventually the economy will recover. But for older employees who are nearing retirement, the site has a few tips . Take a look at where things stand right now with your financial picture. After that, it's a matter of balancing priorities -- time, risk tolerance, amount you can realistically invest and what kind of retirement lifestyle you want. Then retool your portfolio based on what's most important to you.

One thing you might consider -- lifetime income annuities. The Wharton Financial Institutions Center found that lifetime income annuities are "the most cost-effective and least risky asset class for generating guaranteed retirement income for life."