There have been 27 market corrections since November 1974, including last week’s market move, according to Mark Riepe, head of the Schwab Center for Financial Research. That amounts to roughly one every two years or so, on average.

Most of them haven’t cascaded into something more sinister. Just six of those corrections became “bear markets” (in 1980, 1987, 2000, 2007, 2020 and 2022), according to Riepe. A bear market is a downturn of 20% or more.

In reality, pullbacks are a less-risky time to invest, relative to when stocks are hitting all-time highs and feel more “exciting,” said Klontz, managing principal of YMW Advisors in Boulder, Colorado, and a member of CNBC’s Advisor Council.

Investors are also buying stocks at a discount, known as “buying the dip.”

“It’s an incredible opportunity for you to be putting more money in,” Klontz said.

This is especially the case for young investors, who have decades for stock prices to recover and grow, Klontz said.  

Investors in workplace plans like 401(k) plans unconsciously take advantage of stock selloffs via dollar-cost averaging. A piece of their paycheck goes into the market every pay cycle, regardless of what’s happening in the market, Klontz said.

Of course, certain investors with cash on the sidelines may be able to take advantage of selloffs by investing in undervalued stocks, Benz said. U.S. large-cap stocks, for example, were selling at a roughly 5% discount relative to their fair market value as of Wednesday, according to Morningstar.

“I would let the asset-allocation target lead the way in determining whether that’s an appropriate strategy,” Benz said.

President Donald Trump said Friday that the Small Business Administration, instead of the U.S. Department of Education, would handle the country’s federal student loan portfolio.

“We have a portfolio that is very large, lots of loans, tens of thousands of loans, pretty complicated deal,” Trump said, speaking to reporters in the Oval Office. “That’s coming out of the Department of Education immediately.”

“They’re all set for it,” the president said of the SBA. “They’re waiting for it.”

Outstanding federal education debt exceeds $1.6 trillion, with more than 40 million Americans holding student loans.

Trump’s announcement comes a day after he signed an executive order aimed at dismantling the Education Department. Only Congress can unilaterally eliminate the agency.

Consumer advocates are worried that the mass transfer of accounts could trigger errors, or compromise borrowers’ privacy. They also raised concerns about how a change in agency might affect protections and programs such as Public Service Loan Forgiveness.

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Generally, you calculate RMDs for each account by dividing the prior Dec. 31 balance by a “life expectancy factor,” according to the IRS. Some companies calculate RMDs for you, but you’re ultimately responsible for withdrawing the correct amount.  

There’s a 25% penalty for skipping the RMD or not withdrawing enough, said certified financial planner Scott Bishop, partner and managing director of Presidio Wealth Partners, based in Houston.

But the IRS could reduce the fee to 10% if you correct the mistake, withdraw the proper amount within two years and file Form 5329. 

“If you miss [the RMD], own up to it,” Bishop said. “Make sure you’re timely with it.”  

In some cases, the IRS could waive the penalty entirely if you show the shortfall happened due to “reasonable error” and you’re taking “reasonable steps” to fix it, according to the agency.