Your 401(k) is an unbelievably powerful piece of your retirement savings plan — but the key is to avoid touching that money until you hit retirement age. So what should you do if emergencies pop up along the way?

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to share the dangers of dipping into your 401(k) before retirement. If calamity comes calling, should you tap into this account? No way — and here’s why.

If you’re even tempted to take a dip from your 401(k) account, slap your hand and take a cold shower. The penalties just won’t outweigh the temporary benefits. The beauty of a 401(k) is its ability to build for your future on auto-pilot. Once your contributions are set up and your investments are set up, the account will snowball. But not if you withdraw money early!

To prepare for emergencies, you should really have a solid emergency savings account for that very scenario. Get a loan, talk with family, pick up a consulting gig — anything to avoid dipping into your 401(k) retirement savings. You need this account to stay on track, because your long-term financial needs are just too important.

Financial independence is unbelievably liberating. Having a strong 401(k) is a strong asset to keep you secure into your many, many tomorrows. Keep from dipping into this account before you hit retirement to boost your financial security for the long haul.

Remember: I publish a new episode of Your Money Minute each and every weekday. Subscribe to my YouTube channel for more tips on how to manage your money and life.