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While Pixy's response is correct, she doesn't tell the whole story for you. Be very careful here if you are considering moving your 401k money to an IRA. At age 55, you can withdraw money from your 401k without penalty (you must pay taxes on all such withdrawals) or hassles, but if you roll that money to an IRA you must wait until age 59.5 to do the same.

If by chance you already cashed out your 401k, run to a CPA to find out what your options are now.

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