Q: My wife and I have been talking about me retiring now versus waiting until I am 60 but I don’t want to pay the 10% tax for early withdrawals before age 59 1/2.  Is there anything I can do? – B.G., Orlando

A: An employee who is laid off or quits a job between the ages of 55 and 59 1/2 can pull money out of his 401(k) or 403(b) plan without penalty. However, this only applies to assets in your current 401(k) or 403(b).  If you have money in a former 401(k), 403(b) or IRA it is not eligible. You would have to wait until age 59½ to begin withdrawing those funds without the penalty.  – John Cash III

Q: I have a lot of losses in a non-retirement brokerage account. Can I use those losses on my tax return? – B.M. Oviedo

A: Yes, when you sell the investments that are at a loss they are netted against the investments you sold at a gain. If the result is a net loss, that loss up to $3,000 is used as a deduction against other income on your tax return. Talk with your tax adviser to learn more. – Tommy Lucas

Have a question? E-mail askanexpert@fpafla.com. Include your name (only your initials will be printed), hometown and phone. Questions are answered by Certified Financial Planners from the Financial Planning Association of Central Florida. Answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for space considerations.