629 Financial tips and laws for today and tomorrow

Here are the best tips to contribute toward your retirement savings while unemployed.

Tip 1:

Avoid dipping into your retirement accounts like 401(k)s as withdrawing early can lead to a 10% penalty and more income tax.

Tip 2:

Save anything extra you earn, like a cash gift from a family member, into a separate account.

Tip 3:

Try not to use your credit card often as it will add to your debt. That means more financial stress.

Tip 4:

Move your savings into a Roth IRA for tax-free withdrawals later. Just make sure to pay your taxes using outside funds.

Tip 5:

If you're eligible, max out your Health Savings Account to support your retirement goals.