What might be a good option for those of us getting close (to retirement) be, as it relates to 401K's and moving them elsewhere (if possible) like an IRA, Index-Fund, etc?
Depends on how close to retirement you are, how much you have already saved, what your annual expenses are/will be in retirement, whether or not you have a pension, own investment properties, when you plan on claiming social security, etc.
Typically a person needs a retirement account balance of minimum 25x their annual expenses on the day they decide to retire.
When you are accumulating for retirement it's hard to go wrong with a total US stock index fund such as VTSAX or it's ETF equivalent VTI in your traditional IRA and/or Roth IRA if you are 7 years or more away from retirement.
Your 401K should have a S&P 500 index fund and if you're lucky a total US stock index fund such as a Russell 1000 index fund. Always look at the fund's expense ratio and go with the cheapest one.
If you are risk adverse and stock market volatility is keeping you up at night, keep 10% to 40% of your retirement portfolio in a total US bond market index fund. This will smooth your portfolio's volatility, but it will slow down growth too.
If you have a mortgage, car loan, etc., make sure you keep 3 to 6 months expenses in a savings account for emergencies.
If you want to retire at age 55 using the rule of 55 to withdraw from your 401K penalty free, you'll have to keep your 401K with your final employer's plan and not roll it over anywhere. In fact, you'll want to beef up your latest 401K by rolling over to it any former employer's 401Ks you may have left behind, and even any traditional IRA you may have. You'll want to do this before you retire at age 55.
Check with your employer's 401K plan provider to make sure your plan allows partial withdrawals and won't force you to withdraw a lump sum. That would be a tax disaster.
For strategies that apply to you specifically, look for a "fee only" financial advisor who is fiduciary. You'll pay by the hour or per session. It won't be cheap, but it will give you a better picture of where you are and how to get to your goals.
Avoid financial advisors who are more salesmen than anything and want to sell you products (whole life insurance, annuities, etc.) and want to manage your accounts for a percentage of your nest egg.
Most importantly, think about your options for health insurance if you are retiring before age 65. Christians have the option of health sharing ministries such as Medi-Share. That has worked very well for many Christian early retirees. Some millionaire early retirees get on Obamacare. A few fortunate ones get health insurance from their employer after retirement until they qualify for Medicare.
