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I have just been informed that the 401K at my job is being changed over to another company. They've decided that to use American Funds, I've just been told that the money I have will be rolled over into a simple IRA, and that the new program is also a simple IRA.

What the heck is a simple IRA, is it better, worse, the same as an aggressive 401k or should I look into other options. I'm pretty new at the whole retirement thing so any and all help would be appreciated. I currently have about $3500 in the current 401K with MetLife so this will get rolled over into the IRA. If I don't like this IRA can I take it out and put it somewhere else, I am extremely confused about this.
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