In-Between-Jobs: What to do?
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Reinvest Your 401(k)
Instead of hanging on to your 401(k) when you receive the check from your former employer, reinvest it in an IRA account immediately. Holding on to it is a bad idea. It'll be tempting to use it--especially during this time, when money might be tight--but you'll get slammed on taxes and penalties. Also, if the worst happens, it's exempt from being touched during bankruptcy proceedings.
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