Best to open an IRA account and than Roll-Over 401K into that account. Otherwise will be a 10% penalty for withdrawal prior to 59 1/2 plus all will be added to your income for this year. Taxed as income.
Hey Hari, an IRA is an investment bucket, like a 401K plan. However, you can do anything in an IRA. You have limited choices in a 401K. To roll over a 401K, contact the HR department of your previous employer and have the check put into an IRA with 60 days(time limit)