You have just as much freedom to invest in an IRA as you do in a taxable account (it's unlikely that you'd run into any of the exceptions). If you rollover from 401(k) to IRA, you can still pull the money out later (paying tax and penalty of course).You cannot explicitly borrow from an IRA, but there is a way to accomplish much the same thing: you can withdraw money and then pay it back in full in 3 months. This only works once a year.There are no taxes in a 401(k) to IRA rollover as long as the 401(k) company writes out the check to the IRA company for the full amount.
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