If you lose your job, you might be eligible for unemployment benefits. If you are worried about money, you can also withdraw it from your 401k retirement plan. However, you will have to pay a 10 percent tax on your withdrawal as well as claim it as income on your income taxes. In addition, withdrawing 401k funds affects your unemployment benefits. If you roll your 401k over into an IRA, you can take out funds after receiving unemployment for 12 weeks without paying the 10 percent penalty tax.
1. Check with the state unemployment office to find out the rules about pensions in your state. Most states subtract pensions altogether from your weekly benefit amount, although some states exempt a portion of your benefits.
2. Find out how much you will get from your 401k per month. Divide this amount by four to calculate how much you will get per week from your 401k.
3. Subtract your weekly pension amount from your weekly benefit amount. If your state exempts part of your weekly pension amount, add the exempt amount back into the total to determine your new weekly benefit amount.
- Comstock Images/Stockbyte/Getty Images