This is the million dollar question... with the volitility of the market, should I cash in my 401K, simple or IRA and put the money under my mattress. (Not really there.. but you know what I mean.) I am concerned that I am going to lose so much of its value and then need the money and not be able to get it. We are currently living out of savings each month (because of a bad land investment purchase).

Are you over 59 1/2? If not what age are you?

Nowhere near... 45.

Then you still have plenty of time to stick it out for the long term. The penalties for cashing out your 401K and IRA would be prohibitive, even if you could do, which you probably can't.

The quick answer, is NO! Just because you are concerned about volatility is NOT a reason to "cash in" your retirement accounts. It MIGHT be reason to move the investments inside the account to safer investment options, but it is impossible to advise specific investment options without knowing more about your personal situation.

An adviser in your area may be able to help you with deciding what to do within your accounts and you might feel better if you talk to one. You can talk to a CFP (find one at www.cfp-board.com), a CPA (American Institute of Certified Public Accountants), or a variety of other professionals. (there are also many good advisers without letters behind their name, too!)

This is a time when professional advice and guidance can be especially useful.