It's one of the most jolting memos you'll ever receive the proverbial pink slip. And now that we're firmly settled into the fourth year of the Great Recession, chances are that you or someone you know has been affected.

So how do you protect your retirement assets while unemployed? What are some smart steps to take to make sure all that good planning you've done through the years is not torpedoed by what will surely be a temporary situation?

First: Reduce expenses, preserve cash

'Preserving ready cash is vital,' says Andy Tilp of Trillium Valley Financial Planning. 'If you don't know how much you are spending on what, then write that down, now!'

If the word 'budget' makes you cringe, call it 'cash flow,' but either way, you need to be brutally honest in identifying where reductions can be made, he says. Some big money-savers are:

· If you have an expensive toy "hello, Ducati motorcycle!" sell it now and use the proceeds to fund several more months of living expenses

· Temporarily stop any college savings

· See if your family can get by with one car instead of two. If you must have two, pick a used, inexpensive car as the backup.

· Evaluate the necessity of some of the children's activities. There is no choice to be made between your daughter's dressage lessons and losing the house.

· Realize that you and your family are not entitled to a grand vacation every year.

Next: Longer-term Strategies

'There are a lot of paths that can be pursued, some more dangerous than others,' says Chad Carlson of Balasa, Diverno and Futz.. 'In general, I suggest clients avoid distributions from retirement plans, as the combination of tax and penalties really sets them back once they are back on their feet.'

That said, here's some good advice for accessing your assets and strategizing how you'll handle your financial life during this brief period in your career:

Tap your taxable assets first, including your emergency savings fund and other taxable investment accounts.

Roth distribution After you've used your emergency cash and other taxable accounts, look at your Roth IRA as a source for cash. Contributions or principal "but not gains" can be withdrawn penalty-free, even if you're not yet 59½.

If accessing your Roth makes you uncomfortable, consider tapping into your home's equity instead. You will need to have established this line of credit prior to your layoff, though, and only do it if you can make the monthly payments. You don't want to put your home in jeopardy.

'Some people may want to consider taking Substantially Equal Periodic Payments,' says Devin Pope at Albion Financial. It's a way to access your IRA penalty-free if you meet certain requirements.

But consider this option carefully. The IRS rules for taking a SEPP are very specific, so you'll want to make sure you qualify, and the withdrawals must continue for many years if you're a GenX-er. 'This will help with cash flow demand, but taxes will still be owed on this money come April, and most GenX-ers will not want to make withdrawals until age 59½,' says Pope.

Consider asking your family for help. Only you will know if this is realistic in your family, and if it is, don't rule the option out.

Defer your student loans. Call your lender or servicer and see what options are available to you. Depending on whether your loan is federally subsidized or not, interest on these loans may or may not continue to accrue. More information on deferment programs can be found here.

Credit cards Continue to pay the minimums so you keep your good credit rating intact. Also, check into consolidating some of these balances onto the lowest rate card. Be very careful to understand the terms of the promotional rates and transaction fees when you do this, though.

The main thing to remember is: a period of unemployment is just that "a period" and no more. It will end, and with smart collaboration with your financial advisor, you'll find a way to weather the storm and end up on top.