The mantra of financial advisers to “stay the course” during periods of market turmoil is etched in the minds of many people saving for retirement, but after the turbulence of the past few weeks due to Trump tariffs, some retirees and near-retirees are moving assets into money market funds, bonds and Treasuries, The New York Times reports.

Even diversified target-date funds and benchmark index funds, viewed as safe-haven equity plays, now seem too treacherous, some investors say.

Retiree Lars Staack, 62, is one such uneasy investor, who, after 20 years of investing in S&P 500 index funds, has moved two-thirds of his money into fixed-income funds.

“I’m fumbling about, trying to figure out what is going to be the best way to preserve my retirement savings from a volatile economy and inflation,” Staack said.

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“What Trump and Musk have done is unprecedented,” Staack added, noting March 10, when the Dow fell nearly 900 points and the market suffered its worst day in months.

Stephen Dinan, 55, is closely watching his five- and seven-year-old children’s 529 college savings plans along with his own 401(k). He said he is no longer living by the “buy-and-hold” advice of money experts.

Financial advisers are “focused on things that are moving within the game as it’s played,” Dinan said. “But they’re not planning for if the board game itself is taken out from under.”

Dinan has moved his 529 accounts from U.S. stocks and stock index funds into bonds and an international equities index fund, and his 401(k) account completely into bonds.

Although retirement for Alison Greenlaw, 43, is decades away, she has transferred her money out of a Vanguard target-date retirement fund into a Vanguard money market fund to avoid “freaking out like everyone whose 401(k) is losing money every day.”

Nevertheless, advisers at big wealth management firms say they are seeing little redemptions or portfolio reallocations.

A mere 2.5% of the investors on Vanguard’s brokerage platform placed trades on Monday, March 10, when Wall Street was hit with its worst decline of the year, according to James Martielli, Vanguard’s head of investment and trading services.

For the most part, Martielli said, investors have “stayed disciplined.”

Likewise, Mark Mirsberger, chief executive officer of Dana Investment Advisors, with $8.5 billion in institutional and retail assets under management, concurred with Martielli.

“Most clients right now are a little bit dazed, but still relatively comfortable where they’re at and where things are going,” Mirsberger said.

Siegfried Lodwig is one retiree, now 10 years out of the job market, who is unfazed by the market volatility. He is keeping 50% of his assets in the stock market with a financial services firm. The 80-year-old thinks the market will bounce back, as it always does.

However, Lodwig admitted, he plans to leave his estate to Amherst College, where he was granted a scholarship in his youth, and he now has some concerns about how much will be left to bequeath to the school.

Heather Knight, a national brokerage coach at Fidelity Investments, is sticking to the standard storyline: “Stay the course—that’s the best way to weather through some of those periods of volatility.”

Despite this advice, economists are beginning to talk about the possibility of a recession or stagflation, and articles on what investors should do during periods of extreme volatility, as well as how to pinpoint a market bottom, are beginning to appear.

Look at institutional investors’ sentiment and leverage, and whether stocks are overpriced, The Wall Street Journal advises.

Options hedging has picked up, which is a sign of worry and a breakdown in sentiment.

Hedge funds and day traders have leveraged trades, but have yet to unwind these trades.

Finally, Wall Street investment banks are cutting their economic forecasts due to weak earnings on economically sensitive, cyclical stocks.

However, some investors think the market is overreacting to President Trump’s economic policies.  While uncomfortable with the uncertainty of Trump’s policies, they do not see flashing signs of a recession ahead.

In fact, last week, global hedge funds started to add U.S. equities back to portfolios in the same week as the massive selloff in Wall Street's major indexes.

At least they are optimistic about the direction of the country.