Getting laid off at age 55 can be a challenging situation, especially if you’re not ready to retire. While you may be tempted to tap into your 401(k) early, it’s important to understand the rules and potential penalties associated with doing so. If you separate from your employer at 55 or later, you can withdraw from your company’s 401(k) without a penalty, but you will still pay taxes on the withdrawals. Keep in mind that this rule only applies to your most recent employer’s 401(k). Consider exploring part-time work or other retirement strategies to supplement your income.

If you’re behind on retirement savings, maximizing your Social Security benefits could provide a significant boost to your income in retirement. By learning certain “Social Security secrets,” you could potentially increase your annual benefits by thousands of dollars. Many Americans leave money on the table when it comes to retirement, so it’s crucial to explore all available strategies. Joining Stock Advisor can provide you with more information on retirement planning and maximizing your Social Security benefits.

Read more at Yahoo Finance: Laid Off at 55? Here’s What You Need to Know About Your 401(k).