Financial advisers say there are 4 things you can do if your investments are hemorrhaging money

By and large, research shows that, over time, markets come back and hit new highs again. With that in mind, now could be an excellent time to invest more money into your portfolio, or at least stay on track with the contributions you've been making.
Financial advisers agree that now isn't the time to panic . Instead, make sure you have a comprehensive financial plan in place so you know exactly what to do during good times and bad times like we're experiencing now.
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As the novel coronavirus continues to spread with no end in sight, a lot of investors are starting to wonder what to do with their shrinking retirement accounts . After all, the S&P 500 closed nearly 30% down from market highs on March 17, and the situation could be volatile for a while.

Some investors are wondering if now is the time to reduce their risk to stem further losses. On the other hand, the drum beat to invest more since "stocks are on sale" continues.

So, which is it? Should future retirees leave their nest eggs alone? Should they stay the course, move into investments with a lower level of risk, or even invest more during these troubled times?

We asked financial advisers to find out their general thoughts, keeping in mind that everyone's situation is different and there is no one-size-fits-all solution. Overwhelmingly, financial advisers said the best course of action is to do absolutely nothing , with some caveats of course.

What should you do while the stock market tanks? Here are some general thoughts from financial advisers around the US.

Consider beefing up your investment schedule

Financial adviser Mitchell Bloom of Colorado-based Bloom Financial says that emotions can play a big part in how we invest, but that it's crucial to keep perspective.

Yes, this is a cruddy time to have to deal with the coronavirus and all the fallout, and the current environment is scary, but we have to look to the future and remind ourselves that nothing lasts forever not even a crisis of this magnitude.

"Long-term, the markets will hit new highs again," he says. "Invest for the long-term, and if you have cash set aside that is not working for you, now is the time to start putting it into the markets."

With that being said, if you are uncomfortable with your current investments, you may want to step back and assess whether you have an appropriate portfolio asset mix for where you are in life. If so, it can make sense to move forward with some thoughtful tweaks provided they take your entire situation into account.

Remember that doing something is not necessarily better than doing nothing

Financial adviser Brian Behl of Behl Wealth Management in Waukesha, Wisconsin, says that a lot of people panic and act emotionally when the stock market tanks, which might lead them to make suboptimal decisions. Often, this is due to the fact that they feel like they are doing something, and that something is surely better than nothing at all.

But if you're selling all your investments out of fear after the market has already dropped considerably, then you're likely making a rash decision that isn't in line with your long-term financial plan .

The bottom line: Sometimes the solution to a problem is simply waiting it out and staying the course. This isn't always the case, but plenty of research shows that staying the course during market turmoil pays off if you have a long timeline.

Create a plan that accounts for your long-term goals

California-based financial adviser Taylor Schulte, who is also the host of the Stay Wealthy Retirement podcast , also agrees that staying the course can pay off, but with one caveat. You have to have a course to follow to begin with.

A severe downturn is not the time to rush out and make major changes to your portfolio, he said. Instead, this is the time for you to stay committed to the plan you have in place, focus on the things you can control, and maintain an open line of communication with your family and trusted advisers. And if you don't have a plan for your money and retirement, now would be the time to put one in place.

"Investing your money for retirement without a plan is like taking a prescription drug without being diagnosed by a doctor," he says. To make sure you have the discipline to stay on track, you should sit down with a financial adviser to come up with an investment plan that makes sense during good times and bad times.

Leave your 401(k) alone

In times of market turmoil like the one we're in, Pennsylvania-based financial adviser Vincent R. Barbera of New Bridge Wealth Management says to ask yourself a simple question: "Would you stop buying clothing if everything was discounted by 30%?"

Of course not, he says. You would probably buy more. And this, he says, is part of the reason you should leave your 401(k) account as it is and continue on with regular contributions.

Retirement plans with automated contributions like 401(k) plans let you dollar-cost average into the markets, meaning you'll buy high and you'll buy low at times, but you'll wind up with a lower average cost over time.

"This is only going to help you in the long run," he says. "If you stop your contributions now, you are only compromising your potential future financial freedom. Please don't stop contributing."

If you're not contributing a lot to your 401(k), now could even be a good time to change that, provided you can afford to.

Financial adviser Michael A. Edburg of MillenniuM Investment & Retirement advisers says that we do not know how long these bargain prices will remain, but dollar-cost averaging with each paycheck will lead to a larger retirement plan once the market recovers.

In other words, now is the time to increase your contribution percentage and even max out if you can. "At a minimum, take full advantage of your employer's match," he says.