Financial advisers offer tips on riding out financial market

Economic experts said the current economic crisis started with the decline in the housing market.

Some argue the decline in the stock market is an irrational, fearful reaction based on nothing of substance. A crisis of confidence that could leave some investors with nothing, but could also provide an opportunity to others. Especially with your retirement.

"They're buying very cheap. They bought high. Now they're buying cheap. So they're lowering their dollar cost average. So that's good. You're getting more for your money," Karen Kruse of First Tennessee Bank said.

Financial planners said there are no universal answers for everyone, just some broad tips. For example, withdrawing money out of fear is a bad idea.

There are penalties for early removal.

Also, spread out your investments. Too many eggs in one basket could spoil.

And get age-specific advice. Some might want to save what's left and cash out. But if you can afford it, leave your money right where it is and keep plugging away.

Experts said history proves the market typically rebounds and you do not want to lose out.

"If it improves your quality of life to sell. If it's really causing you that much emotional anxiety then sell. But I can't make as a financial planner or as an investment strategist a rational case for you to do that," David Waddell of Waddell and Associates said.

The best advice is to seek personal advice from a professional. Experts say, even if you are nearing retirement, they can prevent you from losing everything during tough economic times.

Click here to e-mail Nick Kenney.