Struggling to keep your investment strategy intact? Here's how to handle your portfolio while the market experiences turbulence.

It's often easier said than done, but resist the urge to touch your portfolio.

A Fidelity study of over 11 million 401(k) accounts revealed that investors who held steady during the last financial downturn performed much better than those who panicked and sold off their investments, even temporarily.

Those who withdrew funds during the market drop at the end of 2008 and waited until March 2010 to re-enter lost nearly 7% on average. In contrast, investors who maintained their contributions and stock allocations from September 2008 through March 2010 saw their 401(k) balances grow by about 22%.

The most beneficial action for your long-term financial wellbeing is to keep your hands off your portfolio. However, if you're feeling restless or have already made impulsive changes to your 401(k), IRA, or other investment accounts, consider these productive alternatives while awaiting market recovery.

1. Reverse Any Impulsive Moves

If you managed to stay calm while the stock market faced a significant downturn, great job! If you made quick decisions and exited the market, it's time to reconsider those choices.

Now is the moment to reverse any hasty actions. If you halted contributions to your 401(k) or other retirement plans, restart those payments. (In 2020, you can contribute a maximum of $19,500, or $26,000 if you're over 50.)

By making regular contributions, you'll be investing at various price points, which helps average out your investment costs. It's far less stressful than trying to time a single entry back into the market.

2. Investigate Investment Fees

Want something to focus your energy on? Dive into the details of your investment fees.

Fees such as mutual fund expense ratios and account management costs can quietly erode your returns. While a 1% to 2% fee might not seem significant, it can have a detrimental effect on your overall investment growth.

A 2% annual management fee on a $100,000 investment could reduce your final account value by almost 40% over 25 years.

According to Vanguard, that same 2% fee could cost you nearly 40% of your account value in 25 years. Use FINRA's Fund Analyzer tool to measure the impact of those seemingly small fees. Then, consider switching high-fee investments (those charging 1% or more) for lower-cost options.

3. Assess Your Investment Allocation

Your asset allocation — for example, 60% in stocks, 30% in bonds, and 10% in alternatives — is likely out of balance due to market shifts.

Typically, financial experts suggest adjusting allocations that drift by more than 5%. However, in these volatile times, it may be wise to hold off on rebalancing until the market stabilizes. If you're in a target-date fund, it automatically rebalances over time.

What you can do now is allocate a greater portion of your new investments into stocks. Rather than selling other assets and locking in losses, you can take advantage of lower stock prices.

4. Consult with a Financial Advisor

You don't have to shoulder the stress alone. If your worries about your portfolio are overshadowing other concerns, it's time to connect with a financial advisor. A fee-only planner can provide tailored advice on your situation and help model both short- and long-term outcomes.

If you don't have an advisor, now is a great time to find one and start building a relationship — especially if retirement is on the horizon. You can locate an advisor through the National Association of Personal Financial Advisors at NAPFA.org, and verify their background with FINRA's broker check tool.

MORE: 5 Essential Questions to Ask a Financial Advisor

Gathering details about your retirement budget is also a good use of your time during this downtime.

5. Rebuild Your Emergency Fund

Any funds needed in the short term (five years or less) shouldn't be invested in the stock market. (Learn where to allocate that cash.) That said, you can still balance having cash reserves while pursuing long-term growth.

Withdrawals of contributions from a Roth IRA are allowed anytime without taxes or penalties.

A Roth IRA can support your emergency savings and offer potentially higher returns by investing part of your cash in stocks, mutual funds, or ETFs. Should you need to access the cash before retirement, the IRS allows you to withdraw your contributions (not earnings) anytime tax-free and penalty-free. If you can leave the funds invested, they can continue to grow tax-free, which sets the Roth IRA apart from traditional IRAs.

MORE: Where to Establish an IRA

The deadline to contribute to an IRA for the 2019 tax year is July 15, and you have until the following April for 2020 contributions. For both years, the contribution limit is $6,000 if you're under 50 and $7,000 if you're 50 or older.

You don't need to invest your Roth IRA contributions immediately. As mentioned, gradually easing back into the market when prices are lower is a strategic approach. (For further guidance, check out our step-by-step process for opening an IRA.)