Due to the struggling economy, many are ruling out the idea of retirement right now. Despite such economic troubles such as the widespread stock market losses, retirement may still be possible, according to a Kansas State University retirement expert.

K-State's Fred Brock is the best-selling author of "Retire on Less Than You Think: The New York Times Guide to Planning Your Financial Future."

Brock, an assistant professor who holds the R.M. Seaton Professional Journalism Chair at K-State's A.Q. Miller School of Journalism and Mass Communications, said if people are savvy and careful, retirement is possible, even while living in today's economy.

"What people need to do is relax a little bit," Brock said. "I don't think it's time to panic. It's time to be cautious and time to be prudent. If you're motivated to retire, and if it's important to you, you can do it. It just takes a little more skill and a little more cost cutting."

Brock said the trick to retiring today is not solely the amount of your income, but cutting expenses to increase your income. The idea is fairly simple in today's society. Still, at the top of the list of worries for retirees are the housing market slump, retirement account losses and the possibility of getting laid off, he said.

Brock encourages people wanting to retire to downscale their lifestyles. This includes selling their home and moving to a smaller town. For those wanting to move, he said the market is not down everywhere.

People who have lived in their house for a long time and have it paid off, can make decent money despite market turmoil, according to Brock.

Even if money is still owed on the house, renting it out is an option if moving is determined. Their other options are simply selling their house for less than they would like or postponing their retirement.

Brock said people panic when they look at their retirement accounts and 401Ks and see the losses.

He said regardless of this, people can still retire, baring in mind several things. When looking at their retirement accounts remember: the market goes up and down, you don't lose money on your stocks until you sell them, and when you withdraw money from the account it is gradual.

"You're not going to retire and pull all your money out," Brock said.

"What you'll do when you retire is probably take about 4 percent of your money out each year, so it's a long-term withdrawal. When there's another up market, it will help replenish your account."

Brock recommends talking to financial advisers to make sure they're in as safe investments as possible and to look at future growth.

Brock said getting laid off might force some people into retirement earlier than they want, though it shouldn't affect their pension money or 401Ks. Some might need to find another job, though that will be difficult right now.

"If you are older and want to retire and work part time, it's going to be easier to find a job when the current crisis passes -- and it will pass," Brock said.

Brock said the unemployment problem should reverse when most baby boomers retire in about three to five years, when he expects there will be a labor shortage.

"You're going to spend one-fourth to one-third of your life post-retirement," he said. "If somebody is 60 and they retire and live to be 90, that's 30 years they'll have spent retired so you better like it."

Brock continues to write for the New York Times, where for years he worked as a business editor and writer. His other books include "Live Well on Less Than You Think" and "Health Care on Less Than You Think."