Note to Readers: I'm pleased to be launching Ask Carrie, a personal finance advice column designed to answer your most pressing personal finance questions. My aim is to give you clear, straightforward information and to keep the "personal" in personal finance. So please ask away. You can email me at askcarrie@schwab.com. Unfortunately, I won't be able to respond to you directly, but I will include questions of general appeal in the weekly column.

Dear Carrie: I'm 28, and I lost 36 percent of my 401(k). I have it in 45 percent stocks. What should I do -- watch my money disappear, or do I move it around? -- A Reader

Dear Carrie: I'm 58 this year and hesitant to invest in equities even though I know the conventional wisdom is to buy when the market's down. What's your advice? -- A Reader

Dear Carrie: I'm 77 years old and still working. I currently have $480,000 invested, and the value seems to be dropping daily. What should I do to protect the total? -- A Reader

Dear Readers: There's no doubt that the past several months have been a strain on everyone's portfolio -- and their investing confidence. Across the board, people of all ages and from all walks of life have watched the value of their investments go down. They're looking for some way to ensure that they won't lose more. At the same time, a lot of folks are just sitting on the sidelines, paralyzed by indecision.

So my first bit of general advice to everyone, regardless of age, is to stay involved. You all indicate that you're saving and have money to invest. Don't stop now. Keep doing the right things -- saving, investing and taking advantage of any 401(k) match. Then, step back and think about changes you might want to make.

General Guidelines Everyone Should Follow -- All the Time

First some general guidelines for all investors ...

-- Honestly evaluate your feelings about risk. The current market climate provides a great opportunity to take your risk temperature. When times are good, it's easy to be more aggressive. But how do you feel now? Review your mix of stocks, bonds and cash. If you don't have the stomach for dramatic market swings, or you're investing for short-term goals (less than five years), it might be appropriate to gradually reduce your exposure to the stock market.