The national unemployment rate is at its worst in over a decade. People who never expected to be unemployed — people just like you — are suddenly wondering, “What happened?”

Unfortunately, in a time when the newly jobless need to focus their energy on answering truly pressing questions (like how to pay the mortgage), they have to deal with many they’d never considered. A particularly thorny one: What to do with your 401(k)?

After a couple of months without a regular paycheck, it’ll be tempting to use it to pay the mortgage. But Roy Bodinus, an investment partner with CBG, Inc., says to hold your horses. Anything you take out of your 401(k) will immediately be taxable. And if you’re under 59 and a half years old, it’ll also be subject to an additional 10 percent penalty.

“It should be a last resort,” Bodinus said. And not just because of the tax and penalty.

“People overlook the negative implications of foregoing years and years of compound growth,” Bodinus said. “You don’t get those years back.”

Rather than simply doing nothing, Bodinus suggests rolling that money into an IRA. There are no taxes or penalties, and an IRA has significant advantages over a 401(k).

“You have control over it,” he said. “You aren’t limited to the investment options of your former employer’s 401(k).”

You can reduce how much you pay in fees, too. “A lot of people think they aren’t paying any fees when their assets are sitting in a 401(k),” Bodinus said. “But they are paying an internal expense ratio. Big companies like Merrill Lynch aren’t nonprofits. It’s painless, because you don’t see it, but it’s happening.”

Expense ratios are unavoidable. But with an IRA through an investment management company (Bodinus suggests Vanguard), you often pay significantly less.

Say you roll your 401(k) into an IRA. When you return to the workforce, you’ll likely have the chance to roll that cash into your new employer’s 401(k). Bodinus’ advice? Don’t do it.

“I don’t see many advantages to it. Again, you’re limited to the investment options of your employer.”

Some argue a 401(k) is preferable because it has a loan provision. But Bodinus advises against borrowing against your retirement plan. “There are two reasons not to: the negative tax implications, and it takes away from compound growth.”

Instead, he recommends always having four to six months worth of expenses in a cash reserve account. Because in times like these, you just never know.