The last thing you should do is make investment decisions or changes in your investment plan in response to the market swings reported in the news. Market volatility, especially in recent years, is enough to make even the most knowledgeable investor nervous. To prevent yourself from overreacting to any one bit of news, broaden your sources.

"If you read something you think is interesting, find another place where it's written about, so that you can look at several different points of view," Lane says.

McHugh says your best bet is to establish a plan and stick with it, no matter how wild the market roller coaster seems to be.

"You need to be comfortable in maintaining an age-appropriate asset allocation," McHugh says. "If you do that and are able to almost look away, you'll be able to recover."