If you need money, the first place to turn is cash. (So now you're saying, "If I had cash, I wouldn't need money.) Actually, cash refers to any funds that are easy to access and on which you pay income tax every year.

Cash can be a bank savings account, a bank certificate of deposit, or a brokerage money market account. Unlike the funds in your employer-sponsored plan, you may not have to pay income taxes and penalties simply to access your funds.

Not an option? How about other taxable sources, such as money in a mutual fund or a stock?

Even if you have to pay a fee or small penalty, for instance to cash in a CD or to sell mutual fund shares, you're still much further ahead than what you sacrifice to get cash from your employer-sponsored plan.