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[[I have a 401k with a former employer that I am considering rolling over into an

Good deal, Rusty...

[[ If I do that, I would have to wait until 59 1/2 before I can make
unrestricted withdrawals.]]

Which is basically what you have to do with your current 401k account. You MAY be able to borrow against your 401k (which you can't do with an IRA), but you'll still have to wait for quite some time before you can get "unrestricted" distributions from your 401k account.

<< What is the earliest date that money can be withdrawn
from a 401k without incurring a 10% penalty?>>

Check with your 401k administrator for the exact ages and dates. But generally you are looking AT LEAST to age 55.

<< I'm am talking about unrestricted
withdrawals. Is it the same as IRA's - 59 1/2?>>

Again, check with your 401k plan administrator, Rusty, but you are most likely looking at age 55.

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