Regardless of your opinion on President Trump’s steep tariffs, one thing is indisputable: They’ve rattled the stock market. The Nasdaq Composite (NASDAQINDEX: ^IXIC) is now in a bear market. The S&P 500 (SNPINDEX: ^GSPC) is in correction.

With the markets tumbling as Trump’s tariffs take effect, many retirees are understandably anxious. What should they do now? Here are four steps retirees can take to protect their investments — and one they should avoid.

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1. Maintain a long-term perspective

The most important step for retirees to take with the stock market in turmoil is to maintain a long-term perspective. Stock market corrections and bear markets don’t last forever. Over the long run, stocks go up more than they go down.

If you’re 65 and recently retired, your average expected longevity, according to the Social Security Administration’s actuaries, is nearly 17 years for men and almost 20 years for women. Even for retirees who are 80, the expected longevity is roughly eight or nine years. That’s plenty of time for stocks to recover. And many retirees live much longer than those actuarial averages.

2. Rebalance your investment portfolio

Keeping the long term in mind doesn’t mean you should do nothing as your retirement accounts decline, though. One smart move is to review your investment portfolio and rebalance if needed.

Rebalancing simply means adjusting the allocation given to different types of assets in your portfolio. This allocation will depend on your financial goals and risk tolerance. It’s a step that retirees (and all investors, for that matter) should take periodically. When market conditions change dramatically, as they’ve done recently, rebalancing might be needed.

It’s possible that rebalancing could mean selling some assets that have held up well during the market sell-off (such as bonds) and reinvesting the money by buying stocks. Some high-quality stocks are now attractively valued. Buying them at lower prices could give you better returns when the market eventually bounces back.

3. Delay or reduce withdrawals if you can

If you can delay or reduce withdrawals from your retirement accounts, you might want to consider doing so. This is especially applicable for relatively younger retirees. Why? You could be hurt by what’s called a sequence of return risk.

What this means is that negative investment returns early during your retirement can cause you to deplete your retirement account more rapidly. Delaying or reducing withdrawals when the market is down significantly can reduce the sequence of return risk.

Granted, not all retirees will be able to take this step. But those who can rely on other sources of income and/or cut back major expenses could potentially ensure their retirement accounts have time to recover from a stock market downturn.

4. Consult a reputable financial advisor

Every retiree should consider consulting a reputable financial advisor to help determine the most appropriate actions to take (or not take) to protect their investment portfolio. A reputable financial advisor can help you with all the steps previously mentioned.

Many retirees will already have a financial advisor they trust. If you don’t, it’s best to select a financial advisor who is a fiduciary. A fiduciary is legally required to only make recommendations that serve your best interests, not their own.

One step to avoid: Panic selling

Arguably the most important thing for retirees to know with the Trump tariffs causing the stock market to plunge is what not to do: Don’t sell in panic. Selling stocks when their prices have declined steeply locks in losses.

The tariffs might not be in place very long. The White House claims that over 50 countries have reached out wanting to negotiate trade policies with the U.S. Even if steep tariffs remain in effect, it’s possible that the stock market will rebound anyway.

And if that doesn’t happen, remember that all the tariffs announced by the Trump administration are the result of executive orders signed by President Trump, not congressional action. The next president could revoke those executive orders on the first day of his or her administration (as President Trump revoked many executive orders signed by former President Biden).

This brings us full circle to the first step: Think long term. Market downturns, regardless of their cause, are only temporary.

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Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.