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dink41 asked ... I'm 57-1/2 (if the 1/2 makes any difference in this case), may get layed off in the next 3 months, plan to retire June 2 if I don't. If I do the partial roll-over, don't I have to wait until I'm 59-1/2, or years, "whichever is longer", in order to withdraw the money w/o 10% penalty, in addition to the 20%?

If you are 55 years of age, or older, in the year that you separate from service, you can withdrawl from your 401k without having to pay a 10% penalty. And you can do a rollover from a 401k to a "rollover IRA" without penalty (or taxes) at any age.

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