WASHINGTON (DC News Now) -- As the Trump Administration announces impending tariffs, further rattling a weakening stock market, Americans are seeing substantial drops in their 401(k) retirement accounts. The S&P 500 is down 9.3% from its all-time high reached on Feb. 19 and Jason DeLorenzo, P rincipal and Founding Member of Ad Deum Funds LLC, told DC News Now that the D.C. area is particularly on edge. "Mainly from clients, a lot of the questions I'm getting are mostly about Trump, how he is [imposing] tariffs and how his policies are going to affect the economy and the markets," DeLorenzo said. DC council passes emergency legislation allowing more closed-door meetings Younger investors feel the D.C. area economy is in a particularly precarious position as federal government workers are laid off en masse, though they say they're weathering the market downturn. "I think the best thing to do is just always be saving. Trying to time the market is a fool's errand," Pulkit Rampa said. Other investors nearing retirement who are worried about the security of their 401(k) investments can convert them to bond funds for more secure returns, DeLorenzo said. Once an employee leaves a position at the company attached to their 401(k), they're allowed to roll the money into an individual retirement account. "Everyone's worried about their investment accounts. Being retired, I have all of my money in investments. I'm very concerned," said Mark Goeller, who lives in Arlington. IRAs allow greater latitude to change fund allocation than a 401(k) offers. Owners may purchase individual stocks and even commodities. While drawing money from either account before retirement age comes with a penalty, IRA owners can draw portions of their money while paying penalties. DeLorenzo said early withdrawal from a 401(k) generally requires drawing the entire portfolio. DeLorenzo said each financial situation is unique, and advice for enduring economic hardship isn't one-size-fits-all. "In our area, there's a lot more uncertainty than normal right now. And I think that all choices should be kind of reviewed by a professional. And it's not something necessarily that you want to take on yourself and just because you might make a wrong move, you might not have considered something that a professional would," he said. ...read more read less