Have you looked at your 401k statement lately? If so, you were probably disheartened to see how much money you’ve lost on stock-based investments in such a short amount of time. The trouble on Wall Street is making waves that can be felt all the way through our individual retirement accounts.

Though it’s tempting, pulling out of your 401k is not the answer. Grab your statement, take a deep breath, and look over these five steps you can take to safeguard your retirement fund.

1.    Look at your asset allocation. This can be found on your 401k statement. It tells you how much of your money is tied up in stocks, how much is allocated to bonds, etc. Good asset allocation is the key to a hearty retirement fund. Right now, stock allocations are suffering.

2.    Get in touch. Most 401k plans have a number you can call to speak with an investment advisor. These professionals will be able to make suggestions on how your funds should be allocated. They’ll also guide you through all your available options.

3.    Stay the course. Whatever you do, don’t pull out your money right now. Doing so is a short-term fix, and not even a good one. Financial markets fluctuate constantly. If you pull out now, your fund won’t have a chance to recover. Plus, you’ll risk losing even more of your money to steep withdrawal penalties.

4.    Invest more. Are you setting aside 10-15% of your total income for retirement? If not, you might find yourself struggling in your senior years or even going back to work to make ends meet. Look at the big picture and put away as much money as you can. Remember: when you’re ready to retire, the cost of living will be higher than it is today. Do yourself a favor and live frugally now in order to live comfortably later.

5.    Check out your brokerage options. Some 401k plans give you the choice of working with a broker to move your allocated funds from tanking stocks into investments with a brighter outlook.

All investments have their ups and downs. If your retirement is more than ten years away, stay invested in your 401k. Buy as many stocks as you can while they’re selling at low prices. Then sit back and let the money grow over the next decade.

If your retirement is right around the corner, allocate your funds to safer investments. The sheer number of choices can be overwhelming, so don’t hesitate to contact a broker or financial advisor if you need assistance.