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You should take your old 401k and roll it into a Traditional IRA. You can do this without paying any penalties. You can not roll it into a Roth IRA without paying penalties though. Because the 401k is a pre-tax account, it needs to be rolled into the pre-tax IRA, which is the traditional, otherwise tax (and probably early recovery) penalties will be assessed. You should also start putting money into the new 401k, to take advantage of your company's matching.
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Rational Anarchy
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