I would like to know if I should take my 401K out? I am 62 years old and it is dropping badly. I don't have much in there but where should I put it? Will there be a penalty?
Can I put it in CD's or should I just put it in a savings account?

Will there be an answer to my question? I asked about taking out my 401K. I am 62 yers old. Can I take it out without penalty?

Yes, you can take withdrawals from your 401(k) without penalty. You'll have to pay income tax on it, of course.