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Greetings, 24, and welcome. You asked:

We were informed that as of May we will all be out of a job. I am 63 and have a choice of early retirement or to find another job soon. I have a modest pension and 401K. Can I get any money out of either of these funds for house repairs or do I have to roll both of them over into an IRA? I know I will have to pay tax, but do
I have to pay a penalty?


You are well over the age where an early withdrawal penalty no longer applies for distributions taken from either an employer's qualified retirement plan or a traditional IRA. Therefore, you may take as much as you wish (or as much as the plans allow) from those two retirement plans. As you mention, you will pay ordinary income tax on whatever you take, but no penalty applies.

Regards..Pixy
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