Retirement Accounts Have Lost Value

This is particularly frightening for those who rely on their retirement accounts alone. If you are able, try to tap into other emergency accounts and savings before withdrawing from your retirement accounts.

If this is not an option for you and your household, then minimizing your withdrawals might still offer it enough time to recover. For example, opt for a required minimum distribution instead of taking out any more.

Delaying some purchases is also imperative, as keeping the money invested in a retirement account will help it regain its value over time. Financial advisors caution us not to withdraw too much in the middle of a crisis out of fear of losing more assets.