The stock market tanked on Monday, another bank – Wachovia – was taken over by Citigroup, the House can’t seem to pass a bailout package and Wall Street’s woes are having serious repercussions in global financial markets.

So what is a regular investor to make of it all? What about your own bank account? What about your retirement accounts?

The New York Times offers a Q & A on what’s causing the markets to drop, what might happen in the next few days, and tips on what to do with your own investments. Click on the link above to read the story in its entirety.

Here’s a sampling of the tips in the Times article:

Q. My retirement portfolio has been wrecked by this. How should I respond?

A. Continue to save. Big losses mean you’ll need that much more time, or good news, to bring your balances back before you can retire comfortably. If your employer matches your contributions, this is a great time to take advantage of the largess.

Q. But what if I am about to retire? Then what?

A. Leaving the workforce at a time like this creates big problems. You may want to consider delaying retirement if your portfolio has taken a big hit. Or, take a part-time job until your portfolio recovers.

Q. Is it time to buy stocks?

A. If you like gambling. It’s a great time to make bets on the wide price swings happening in some stocks and entire sectors of the market. Just be prepared to lose big if you make the wrong picks.