The value of America’s retirement accounts has dropped by nearly $2 trillion in the past year, but local investment advisors on Wednesday urged those saving for retirement not to give up on the stock market.

“Unfortunately, we’re seeing some people panic, throw in the towel and get out of the market with their long-term investments,” said Jay Jumper, president of the Chattanooga-based Jumper Group, which offers advice and management for 401(k) retirement accounts for nearly 300,000 workers and retirees.

“Our advice is to stay the course in a diversified portfolio because, if you sell now, it could take years with more conservative investments to get back to where you were,” he said. “In our view, the stock market is on sale right now.”

Today marks the one-year anniversary of the record close of 14,164 for the Dow Jones Industrials Average. In the past year, the Dow has dropped 35 percent from the peak, half of that in the past two weeks alone. The market value of the Dow Jones Wilshire 5000 has fallen by more than $7 trillion over the past 12 months.

The tumult on Wall Street has left Chattanooga investors anxious and nervous and could force some older workers to delay their retirement, advisors said.

“We’re having to do a lot hand-holding and counseling with our clients who are understandably fearful and worried in many instances,” said Chris Hopkins, a vice president of investment for Barnett & Co., a 25-year-old Chattanooga investment firm. “In most instances, our clients are maintaining their value-oriented investments for the long term, even though the magnitude of this credit crisis is unprecedented.”

By historic measures, the current bear market in stocks is comparable with previous downturns, Mr. Hopkins said.

“You have to remember that, over the long term, there is an average of one down year for every three years of market growth,” Mr. Hopkins said. “You take three steps forward and one step back.”

Selling at the wrong time can undermine the long-term gains in the market, experts note.

On Oct. 19, 1987, when the stock market suffered its worst one-day percentage drop in history, the Dow Jones Industrials fell 22.6 percent. But by the end of the year, the Dow was up 200 points from that low and actually finished 1987 ahead of where it began in January.

Despite the history of such market rebounds, however, one of every eight older workers with investments in 401(k) plans withdrew at least some of their money in the past year, and one in five quit adding to their accounts, according to a new survey done for AARP.

Even though her nest egg has shrunk in the past year, Chattanooga resident Carolyn Buckner said Wednesday she has resisted cashing out or switching her investment strategy.

A baby boomer and a single mother with plans to open a business, Mrs. Buckner is just doing what the experts tell her to do these days. Though she plans to work for another 10 years or so, trouble on Wall Street still has her worried.

“I’ve lost thousands over the last two months,” said Mrs. Buckner. “It makes you reassess your investments and ask, ‘Are you diversified enough?’”

If she does pull her money out of the market, Mrs. Buckner’s accountant has told her she faces losing at least 25 percent of her portfolio in taxes and penalties.

“My adviser said to hold on until things calm down, but don’t panic,” she said.

Chris Matthews, 39, owns a software business in Chattanooga and said that, while he has some anxiety over the country’s current economic situation, he has survived financial meltdowns before. His portfolio was a victim of the dot-com bomb in 2001, he said.

“We were wrapped up in multiple stock scenarios there,” Mr. Matthews said. “We lost money then, but the market returned.”

Mr. Matthews estimates he has lost 5 percent to 10 percent of his portfolio, and though he said he always worries about his money, it has not escalated to anxiety — yet.

“At a young age, with the portfolio diverse and aggressive investing, I am not too concerned about the portfolio at this point going forward,” he said. “I don’t have too much aggressive investment.”

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