How to invest when markets are in turmoil like now.

Stocks plummeted amid growing concerns about the economic impact of the Corona virus that Dow plunged more than 2000 points yesterday, its worst one day point decline ever.

In percentage terms, it was the biggest sell off since 2008.

The slump push stocks close to a bear market to find as a 20% drop from their peak.

CBS News business analyst Dill Schlessinger is here with advice about your investment.

Still, good morning.

Good morning.

What do you do?

Two years easier fears.

In a moment like this, I think you go back to basics and you say to yourself, Let me remind myself what I'm doing here.

I am saving for usually a long term goal, probably decades in the future, and that can really start to calm you down.

Also, for most of us, we have diversified portfolios.

We've got some in stocks, but maybe some in bonds sum in cash and maybe even some a little peace and gold, and that can make you feel better.

I'm not the person who says Don't check your accounts.

By the way, because I think sometimes when you check your accounts like, Oh, I didn't fall 8% yesterday.

I actually feel better if you are really freaking s, I e really are freaking out.

It probably means you had too much risk in your portfolio.

You might need some professional help in terms of a investment advice.

Well, what if you need money soon?

This is a really different category, because if you knew coming into this period, I have to buy a car.

I have a big home repair.

I need a house down payment.

I have a tuition check to write The money never should have been at risk in the first place.

So, unfortunately, you kind of have to bite the bullet and get out of the risky thing.

Put it into something safe cash, money, market savings, checking so that you can preserve your money.

Honest to gosh, it's really hard to say.

I hope the market will go up to so I can write this tuition check.

Do it right now.

Preserve that cat on that point for the recently retired of those people who are thinking about it soon, sooner rather than later, which should they be doing?

I got hundreds, if not thousands, of e mails from people who listen to my radio show about this very thought.

And I think the general question is, I'm 60 years old.

I really want to retire in five years.

This mark, it's making me nuts.

What dough I d'oh again?

This is really important because our life expectancies are so much longer than they used to be.

A 60 year old who's thinking about retirement has to plan on living till 85 90 95.

So again you're a long term investor.

You really do need to plan on that money lasting.

And on that note.

One of the ways that we help money last is that we don't go into cash because cash is kind of the losing bet, meaning that after taxes and after inflation, you're gonna automatically lose money.

So pretty much Everyone who's investing for the long term does need to have some money in the stock market, even though that's scary.

And also when you retire, you have a 401 K or an IRA.

You're lucky enough to have these accounts.

You're not pulling all that money out in one fell swoop.

So again, you're dribbling it out Over time, I will say that for near retirees or retirees, the Emergency Reserve Fund that you maintain should be closer to two years of your expenses so you don't have to invade your investment accounts When things go south.

Two years is a long thank you so much useful information.