I would highly recommend replacing the compression post with one made of either stainless steel or aluminum, preferably stainless steel. One thing to check for ASAP is whether the deck is dishing at all at the point the mast is stepped. If so, it might indicate that the compression post has compressed or weakened already. If this is the case, you would probably be wise to unstep the mast and do this sooner, rather than later, as if the compression post fails, it will be rather dramatic...
Ideally, the new compression post would be bolted to a step in the bilge that transfers the load to the keelson and over a substantial portion of the hull via a stress grid or some stringers and floors. The top of the compression post should through-bolt to the mast step on the deck.
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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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Still—DON'T READ THAT POST AGAIN.