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You can rollover the 401k into an IRA. There are lots of good mututal fund compnies to do so. The IRA can be set up to generate income if you need it. Ginny Maes yeald in the excess of 6% right now. That will give you your income you want. A better solution would put it into 50% fixed income and 50% stocks to protect you from inflation. Any additional income should be taken from your capital. The IRS will require you to start to do this in 10 years anyway. Your capital should last you many years.
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