10 Tips For the Unemployed
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Tap your 401(k)--if you're 55 or older
Tapping retirement funds should be a last resort since you want the money to stay in the account growing tax-deferred for your retirement. But if you've lost your job, tax rules allow you to access money in a pension plan such as a 401(k) without facing a 10% early withdrawal penalty--provided you're 55 or older. (You will still owe regular income taxes on the payouts.)
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