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If you have a 401K plan and leave your employer before reaching age 59 1/2, and you are not disabled as defined by the Internal Revenue Code:

  • The amount of money you can take depends on how much is vested
  • If you do not rollover the amount, you will have to pay income taxes and an early distribution penalty.

The rules are different if you are:

  • Age 55 or older and retiring.
  • You have a "disability" as defined in your Plan document.

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