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What should a password policy contain to reduce a hackers ability to crack the passwords?

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Creating a strong password is an important part of protecting your account. The following character sets should all be included in every password:

uppercase letters such as A, B, C; lowercase letters such as a, b,c; numerals such as 1, 2, 3; special characters such as $, ?, &; alt characters such as µ, £, Æ. (Cliff)

Misspell words or create acronyms;
Use punctuation characters to separate words or acronyms;
Change passwords every 6 to 12 months;
Use variable-length passwords;
Don’t rely completely on similar-looking characters, such as 3 instead of E, 5 instead of S,or ! instead of 1.
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