Oops, something went wrong Losing your job unexpectedly is never fun. It usually means confusion, frustration and, all too often, financial turmoil. In financial emergencies, it might be tempting to tap into your retirement plan for funds. But this can be costly, now and later in life. Similarly, the options available to you regarding keeping, moving or cashing out your employer-sponsored retirement accounts, such as 401(k) and 403(b) plans, can be confusing. Read More: The Money You Need To Save Monthly To Retire Comfortably in Every State Check Out: 6 Popular SUVs That Aren't Worth the Cost -- and 6 Affordable Alternatives Here’s a primer on your options and how to keep your retirement plan on track. If you have less than $7,000 in your 401(k) or 403(b) when you leave your job, your employer may automatically roll it over to your new employer or into an IRA if you have no new employer. If you have more than $7,000 in your 401(k) or 403(b), you generally have four options, according to Fidelity. Find Out: How To Protect Your Roth IRA From a Stock Market Crash If your employer allows it and you like your plan’s investment choices, you have the option to keep your account just as it is. The one caveat is that you will not be able to contribute money to it any longer. But you will continue to enjoy tax-deferred earnings in your investments. If you prefer, you can roll over your funds into an IRA with no taxation or penalty. This way, your money still grows tax-deferred and you can continue to contribute to it. If you get a new job with a 401(k) or 403(b) plan and would like your retirement money in one place, ask your employer to transfer the money directly to your new employer. The other option is for them to send you a check to move the funds. However, if they do this, they are required to withhold 20% of the money for potential taxes. You then have 60 days to deposit the money into a new 401(k) or 403(b) plan to avoid early withdrawal taxes and penalties. You do have the option of cashing out your retirement plan. However, carefully consider this since it opens you up to taxes and potential penalties for early withdrawal if you don’t meet IRS regulations for certain accounts. Depending on the account, the taxes could be anywhere from 10% to 25%, per the IRS. Because early withdrawal penalties and taxes can hit your retirement savings so hard, you should consider other options to get through any financial turbulence. If you have any Roth retirement accounts that are at least five years old, you can access the funds you have contributed over the years tax- and penalty-free. This is because you contributed the money after paying tax on the money. But remember, any gains will be penalized at withdrawal before age 59 1/2. If you have equity in your home, this might be the time to tap into it. Consider consulting a professional to calculate whether this makes financial sense, but the interest you pay on a loan or line of credit could be less than the taxes and penalties you’d face by tapping into your retirement savings accounts. Part of a good retirement plan is having an emergency fund to help you avoid having to access your retirement savings. So if you have a savings account or other forms of liquid assets, this might be the time to use them. More From GOBankingRates 5 Used Luxury Cars That Are a Good Investment for Retirees 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years Inside the $1 Billion Mega Mansions Owned by Tech Billionaires 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth This article originally appeared on GOBankingRates.com: How To Protect Your Retirement Plan If You Lose Your Job Sign in to access your portfolio