Suppose you’re switching jobs after being furloughed because of the pandemic, or you’re simply moving to greener pastures. If you have a 401(k) from your former or soon-to-be former employer, you must decide what to do with your retirement account when you leave.

Here are four options for 401(k) accounts when switching jobs:

1. Leave the money in your previous employer’s pension plan.

2. Roll over the money to your new employer’s pension plan.

3. Roll over the money into an IRA.

4. Take the money and run.

So which of these options should you choose? Here are some things to consider as you think about what to do with your 401(k) account:

Borrow the money. If you want to borrow money from your retirement account in the future, you’ll want to roll the money into another 401(k). While you can borrow money out of your 401(k), that option is not allowed with an IRA.

Take the money. This year may be the best time to make a withdrawal from a retirement account. In a normal year, when you make an early withdrawal from a retirement account, you owe income taxes on the amount of the distribution plus a 10% early withdrawal penalty. In 2020, this 10% penalty has been suspended. So while you’ll still pay taxes on the distribution, you can avoid the early withdrawal penalty.

Invest the money. This is why you started contributing to a 401(k) account, right? While it might be tempting to borrow or take an early distribution from your retirement account, you’ll also be depleting future earnings. So you consider whether you truly need the money now to pay for an emergency or if you’re fine leaving it alone in your 401(k).