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I recently retired with a $43,000 annual pension for life. I am 55. I have $340,000 in my 401K which have been earning about 15% a year in a balanced fund. My wife and I also have about $50,000 in IRAs.

According to my 401K administator (METLIFE) I can start withdrawing now from my 401K now without paying a 10% penalty. (I will double check with the IRS)

What would be the best strategy for withdrawing money from my 401K plan (say $20,000 a year)?

Would a varible annuity make sense or would that be too expensive? (I don't like annuities any more than you do -- but what about Vanguard?)
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