You have to request the rolling over of the money first into a regular ira. not sure if you have a 401k or 403b. you should ask the company/ school (not sure if it is a public or private school) If you are 54 and you take money now, you more than likely will have an exposure to penalties, since most plans you cannot withdraw until you are 59 1/2 minimum. I would suggest the following: 1. go to a brokerage firm like fidelity or schwab. 2. open up an ira, and that you want to roll over your money to them (they know how to do it, and the rolling over will not cause a taxable event) 3. once the money is rolled over, or when they are in process, ask the financial advisor, will you have to pay penalties if you withdraw now? If he says yes, then you will have to figure our if that is what you want to do, or if it is better to defer that withdraw a few years and get another job. Best of luck.
Answered on Jan 04th, 2013 at 3:07 PM