A: "If you are not retiring until the distant future — in other words you’re younger — then yes," Hayhoe said. "But if you are going to retire in the next five years, then you should be moving money out of the market into fixed income so you can at least guarantee the money you need will be there."

That means if you are 61 and plan to retire at 66, you need to start taking the first year of retirement out of the market this year.

"The basic rule of thumb is the money you need in the next five years does not belong in the stock market," she said.

Q: What are the short-term strategies to weathering the market’s volatility?

"When the market is down, it’s the best time to buy stock," Hayhoe said. "I’m talking about index funds, not specific stocks because with specific stocks you have to monitor how the company is doing.

"You want to invest now, because you get more shares. … It’s counterintuitive, but the adage we always say, ‘Buy low, sell high,’ applies."

Q: What mistakes are people making with their 401(k)?

A: Getting out of the market. Remember that until you cash out, the loss is only on paper, Hayhoe said. The other mistake is having too much of your portfolio in company stock because of stock option plans. "Never have more than 10 percent of your portfolio in your own company’s stock," she said.

Q: Is it OK to be borrowing against your 401(k)?

A: "If you lost your job and need the money," Hayhoe said. "But it’s never really a good idea to borrow against your retirement plan. It’s not growing, and you lose a lot of the compound growth that you would have."

Q: How do you determine a good asset allocation?

The rule of thumb is to subtract your age from 110. That number is the amount that should be invested in equities, or stock. So a 20-year-old would put about 90 percent in equity. The remainder should be in fixed investments.

For investors who are more averse to risk, Hayhoe recommends subtracting your age from 100.

Q: For people nearing retirement, who just lost a big chunk of their savings, is there anything they can do?

A: When you are within that five-year period, take out how much need to live off, but remember to factor in Social Security and other income, Hayhoe said. Mostly people should try not to take out more than 4 percent.

Q: Are there other retirement savings options that should be considered right now?

A: Both Roth IRAs and traditional IRAs are good additional options, Hayhoe said. They are especially good for workplace retirement plans that are tied to company stock options.

Annuities are another option.

Q: Should people talk to an investment planner? How do you identify a good planner?

A: "If people can afford it, they should talk to a planner," she said. "Don’t just talk to one; go to four or five. Find somebody who you are comfortable with. Some are more conservative than others." Most give free initial consultations, she said.