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I just changed job and I can roll my 401K over to an IRA account. I have few questions that  need the forum's advices:

a) Should I roll over to an IRA?

Is there any chance you may be retiring between the ages of 55 and 59 1/2?  If so, I'd definitely NOT roll the money over into an IRA.  With a 401K you can begin unrestricted withdrawals at age 55 if you are retired.  With an IRA you have to wait until age 59 1/2 unless you eat the 10% penalty or take SEPP through Rule 72(t) at least through age 59 1/2.

The 10% early withdrawal penalty will still apply if the 401(k) is still with the former employer's plan.  That exemption only applies to the 401(k) plan of the employer from which you retire.  You'd have to roll the former employer's 401(k) to the current employer's plan in order to take penalty-free withdrawals upon retiring in the year you turn 55 or later.
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