For those nearing retirement who have spent decades saving up their nest egg, Wall Street's woes are leaving some feeling like their egg is cracked.  The wait-and-see approach being touted by financial gurus may work for a majority of America, but what about those older residents who just don't have the time?

In light of the historic 777 point drop on Wall Street Monday, and the fall out over the nation's bail out, advice over what Americans should do with their money seems to be pretty consistent.

"If you're young and have time, just let it ride," said financial expert David Bate.

But what if you don't have the time?  What if you were hoping to approach retirement?  Fifty-eight-year-old Lenny Delbert finds himself in such a position.  The New Orleans native is a small business owner, who on Monday met with his financial consultant to talk to about his plans to retire at age 60.

"I'll be 60 in two years and I just don't see it happening.”

For Delbert, business has been slow post-Katrina, but it was Wall Street that produced some of his biggest losses.  One of his investments dropped 8 percent on Monday, adding to the growing list of reasons why he says he may have to push back his retirement.

"You're a year behind in one day, so it's kinda tough," said Delbert.

And Delbert says his overall losses, will likely have him holding off on retirement for at least a couple more years.

"We’re probably talking at least two to five," said Delbert.

According to Tulane University finance professor Mark Rosa, about 50 percent of the country has their money in some type of equities, like through a 401k plan at work or an IRA.  But Rosa says the Dow Jones is down 4,000 points from this time last year, and says those individuals already in retirement, and even those approaching it, will feel the pinch first.

"What we should be doing is getting ourselves out of equities, ideally into bonds or other fixed income securities or possibly even just financial instruments like bank and credit unions certificates of deposits, the most safe of assets." said Rosa.

Financial advisors, however, acknowledge that what has historically been considered a safe or conservative investment has changed.

"If you can only get three percent on a treasury or even less than that on a short term treasuries, and inflation is running at three percent and taxes is eating some of that too, you're losing purchasing power as you move forward, that's a risk," said Michael Zabalaoui, financial consultant and president of the consulting firm Resource Management.

Rosa says the effects of the economy's recent turmoil will likely be felt for years, and says diversifying your investments is the best kind of plan to help pass the time.