Once the worst is over, the thought of focusing on long-term financial goals may seem overwhelming, particularly if you’re still coping with debt and other expenses. (And every crisis is different: A divorce, for example, can entail ongoing costs that unemployment might not once you find a new job.) Even so, every month you put off contributing to a tax-advantaged retirement plan means you might be losing out on compounded growth that could help point you toward financial security when you're no longer earning a paycheck.

That's why it’s vital to perform triage on damaged portfolios as soon as possible, says Bill Hunter, Director of IRA Program Management for Merrill Lynch. “Saving for retirement may not seem as urgent as the crisis you’re dealing with, but it’s no less important.”

Fortunately, there’s a lot you can do to get back on track with your long-term strategy. Here are some steps to consider that could help you decrease debt, restore your cash reserves and attend to your long-term security.

1. Replenish your emergency fund.
It may seem counter-intuitive that the first step, even before paying down debt, would be to replenish your rainy day fund. But you never know when misfortune will strike again, and you should make sure you won’t have to dig into long-term investments the next time you’re faced with an emergency. (Also, remember that right after a financial crisis, it may be hard to re-establish a line of credit.)

“Your emergency fund is a buffer to help keep your long-term savings on track,” says Hunter. “When the next crisis happens, you don’t want to have to sell securities or incur hefty additional taxes for early withdrawals from retirement plans.” The amount you need will vary with your circumstances, but aim to squirrel away 6 to 8 months’ worth of expenses in a liquid, interest-bearing savings or money market account.

2. Pay down debt.
Once your emergency fund is at the 4-month level, you can begin to reduce debt while continuing to save, though at a slower rate, says Hunter. Start by repaying your future self if you took a loan from your 401(k) account. A record proportion of workers—27.6%— had 401(k) loans outstanding at the end of 2010, according to a survey last year by management consulting firm Aon Hewitt. While interest rates on such loans are relatively low, taking that money out of your account could mean losing out on critical compound growth. “You’re technically paying yourself interest, but it’s still good practice to put that money back to work,” says Hunter.

After repaying any 401(k) loans, next tackle high-interest credit card balances or any loan costing you 15% or more. Put off discretionary purchases until you have that pricey debt under control.

3. Re-establish your retirement plan contributions.
If you can afford it while paying off loans, resume contributions to your 401(k)—especially if your employer offers a company match, which effectively pays you for contributing. After that, you can choose to make additional 401(k) contributions or add money to an IRA (which may provide additional investment options). If you’re turning 50 this year or are older, try to take advantage of the catch-up provisions to put away as much as $5,500 more in your 401(k) and an extra $1,000 in a traditional or Roth IRA.

“This is also a time to make sure your portfolio mix is in line with your risk tolerance and has a balanced asset mix of stocks and fixed-income securities, especially if you had to liquidate a portion of your holdings to address the crisis,” Hunter says.

4. Once things settle down, look for additional sources of potential liquidity.
After you've regained some financial stability, you may want to pursue a line of credit, which should be easier to get now, while your financial situation is solid. Also, take a look at whether you could draw Social Security benefits in an emergency. If you’re widowed, you can begin receiving benefits at age 60, and disability payments can start at age 50. You'll get a reduced benefit, because you’re taking money early, but that may be better than diverting savings from a tax-deferred account.

Hunter notes that if you’re divorced, you can still receive spousal Social Security benefits if you were married for at least 10 years.

Generally, you can take some early distributions from a Roth IRS--without incurring federal taxes or additional tax--to cope with a financial emergency as long as you withdraw only your contributions and not any investment growth you've earned.

Insurance can be another important safety net, says Hunter. “Consider long-term-care insurance to avoid catastrophic costs if you’re disabled and need care at home or in a nursing facility.”

By being aware of your sources of potential liquidity and creating new ones if needed, you may be able to protect your nest egg if a financial crisis hits your household again.

Important questions to consider regarding your financial health:

• Is my current emergency fund large enough to protect me if there’s a crisis involving my personal health or finances?
  
  
• Are my savings priorities in line with my goals?
  
  
• Could I rearrange my financial holdings to provide more help the next time there’s a crisis?

For more help on general money management, go to My Financial Life on Benefits OnLine and view the "Managing Your Money" section, where you'll find advice on creating a budget, developing a savings plan, and other topics.