You're riding it out. You likely have 10-plus years before you start withdrawals, so you should continue contributions. Double check that your asset allocation is still one you're comfortable with, but don't pull out because you're experiencing a lot of losses.

"People hate volatility when the market goes down, but they love volatility when it goes up. ... The stock market goes up about 70 percent of the time. Right now, we're in that 30 percent when it goes down, and we've just got to deal with it," Losey said.

Also look into long-term care insurance. The best time to buy may be now. If you wait until you're 60, you'll pay more. Generally, if you have $300,000 or more in savings, you're a good candidate for this kind of coverage, which gives you more choices than Medicaid.

Watch to find out how much life insurance you really need. Watch

Calculate how much you need to retire.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.


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