The financial world was rocked Monday morning with news that Lehman Brothers filed for bankruptcy and Bank of America’s purchase Merrill Lynch & Co.

The Dow Jones industrials fell more than 300 points in early trading Monday as the market reacted to changes in Wall Street's landscape.

High-end investors around the world continue to watch this news very closely, but what should an average investor with a 401(k) be thinking at this point?

“Don’t panic,” said Nicole Middendorf, a Minneapolis-based financial adviser with Strategic Financial, Inc.

She said today’s news, as tragic as it is for many companies, should not cause investors to jump into their investments or their 401(k)'s and start making drastic changes.

“If you’re panicked, it’s because you probably don’t have a plan,” she said.

She had some other advice for investors on Monday as the stock market continued to fluctuate.

Should I Make Changes To My 401(k)?

“Any changes you make today will simply be a Band-Aid, you don’t want to make big changes on short-term news,” Middendorf said. “However, if you haven’t looked at in a while, this is a good reminder to go in and take a look at your allocations.”

She said to look at what percentage of your 401(k) is allocated into equity and what percentage is allocated into bonds. Today’s news may cause some people to consider allocating a higher percentage to safer investments, such as bonds.

Will This Impact My Mortgage?

It doesn’t look like this will have any immediate impact on any mortgages or rates.

Is My Money Safe In The Bank?

It depends on the bank, she said, but most are still safe. Middendorf advises that you don’t want to have more than $100,000 in any one account because that is the amount insured by the Federal Deposit Insurance Corporation.

I Have My 401(k) with Merrill Lynch And Co., Is It Safe?

Yes. Bank of America will just take over the accounts. “For 401(k)'s, it’s about what it’s invested in more than who manages the account,” she said, again reminding people to look closely at their 401(k)allocations.