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People invested in stocks and bonds these days are feeling the financial ground shifting beneath their feet like a never-ending earthquake.

Portfolios took a heavy hit during the past six months, many plummeting in value by a third or more. Nervous investors eyeing escape face a tough reality. Selling now would lock in the losses their portfolios already have suffered.

Depending on your particular circumstances, that might be the viable option, investment advisors say. For others, riding out the current downturn -- according to the experts, the worst since the Great Depression -- is the best course of action, the theory being that in time the stock market will recover.

"If you're 50, or 40 or even younger, you may have many years of earning capabilities, and many years for the economy to recover and the perspective to improve," said Frank Mullen with Raymond James Financial Services, in Homer. "If you're young, this may be a great buying opportunity; buy low and sell high."

The best answer, of course, is different for every individual.

"There's no good answer for everyone," he said. "No one has a crystal ball."

In general, investment advisors are telling clients who have time to hold fast. But those on fixed incomes or very close to retirement may want to rebalance their portfolios.

People typically pay little attention to their holdings until it is time to retire, discovering they are too heavily weighted in equities when they should have been moving into bonds to lower their risk.

"You may want to consider selling some of your stocks (and investing in bonds) so you can bring the allocation back into what should have been the proper balance anyway," Mullen said.

Of course, the bond markets took at hit in 2008, as well. Generally, when stocks dive, bonds get better, but that wasn't the case last year. U.S. Treasury bonds and some other sectors of the bond market are starting to perk, however, Mullen noted. His advice: see your financial advisor.

Jon Brandt, with New York Life Insurance Co., in Soldotna, said he's tried to be proactive with his clients, especially since the economy began to decline in late 2007. That means staying in contact and asking questions.

"I ask them, what's changing? Are they having a Maalox moment and feeling a lot stress? Or are they not too worried about it, understanding the economy will come back around. It's a matter of assessing their risk tolerance," he said.

Older folks are often more stressed, he said. In general, Brandt advises clients to stay diversified. A useful tool, he said, is automatic asset reallocation -- basically, a program that looks at your mix of mutual funds once each quarter, perhaps selling off some of the higher priced shares and buying some at lower prices. That avoids the knee-jerk reactions that can lose people lots of money fast.

Another method of avoiding some risk is dollar cost averaging. Say you want to invest $5,000. You could buy a product all at once, accepting whatever occurs after that, or buy a twelfth of the amount each month for a year, sort of like what employer 401Ks do, Brandt said. That takes some of the risk out, but also means you might miss out on some profit. Brandt likened the process to smoothing out the peaks and valleys of the graph.

"We like to say, 'It's not timing the market; it's time in the market' that counts," he said.

Brandt said about 95 percent of his clients have opted to make no changes in their portfolios at all, the other 5 percent are making what he called "minor tweaks."

Treasuries, which include short term bills, notes, bonds, treasury inflation-protected securities (TIPS) and savings bonds, are generally safer than stocks, but Brandt noted the yields at this time are incredibly low. For those near or in retirement who want to lower their risk, he recommended some kind of guaranteed lifetime income product -- annuities sold by insurance companies. They provide a steady income for the life of the holder.

Brandt said annuities had gotten a bad rap, but they've been restructured.

"They're not right for everyone," he said, "but they're often a good solution for part of an overall portfolio."

Roy Wells, with Waddell & Reed Financial Advisors in Kenai, said the current economy was in the worst downturn he can remember in the 10 years he's been in business on the peninsula.

He, too, notes that risk should be age appropriate, but that even older investors and those already retired should realize the current situation will not last forever.

"The negative news will subside," he said. "There's been a sell off. The odds are -- based on history -- the biggest part of the recovery happens right after a sell off. That could be a substantial period of growth."

Wells said it was "a golden opportunity to buy" stocks if you're young. He advises putting money into the market and other investment vehicles now while prices are low.

"I quote Warren Buffett," he said. "Be greedy when people are fearful, and fearful when people are greedy."

Wells also recommended rebalancing your portfolio if you are nearing or at retirement. Annuities are a good income vehicle, but find a strong company to buy from.

"Figure out a way to where there is guaranteed money coming in no matter what's happening in the market place," he said.