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Greetings, Bucket43, and welcome. You asked:

Can I take investments from my 401k and put them into an IRA without penalty? I'd like to invest some of my 401k portfolio in investments that are not offered by my 401k plan.

Probably not. You usually have to wait until you leave the job to transfer money from your plan to an IRA. Still, some plans offer an in-service withdrawal of some of the 401k balance after you have been in the plan for a while and/or have attained a certain age. You will have to check with your plan administrator to see if yours is one that allows those partial in-service withdrawals.

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