take some of the money out?
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generally funds have to remain within the rollover IRA. Before retirement age the only provision I know to remove money without penalty is section 72t, substantially equal periodic payments.
If u r no longer with the employer who sponsors the 401k you can, but may not be able to if still employed with them. Check the plan provisions (summary plan document, SPD) to see if you can if u r still employed. If u can roll them over in full or partial u can roll to a rollover IRA (individual retirement acct), traditional IRA or a ROTH (in 2010, new previsions with ROTH will allow it only after new year). IRA’s can invest in stocks, bonds, CD’s, IPO’s etc. depending on the financial institution u choose to go with. Try a discount brokerage firm….
yes it is. however if you take $$ out of your IRA before you are 59.5 there will be a penalty that you have to pay to the Govt AND the $$ u take out is also taxable.