After weeks of volatility, the S&P 500 is down nearly 32% from its February peak. For investors still decades away from retirement, this current bear market will eventually come to be remembered as just another downturn they have lived through. But for retirees or near-retirees, the market drop could mean the difference between a comfortable retirement or one marred by portfolio depletion. 

If you’re on the cusp of retirement or have stopped working, here are the steps you should take to protect your nest egg.

The go-to instinct for many investors in the midst of a bear market will be to sell all their stocks before they lose even more value. That will be a mistake. Doing so will only lock in your losses and prevent you from reaping gains once the market recovers. Markets have always recovered from a downturn and