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1) As others have said you should be able to rollover or direct transfer you husbands retirement plan to a rollover/traditional IRA.

2) You should avoid the $12 trade fee (at least for now). If you open an EIRA with T.Rowe Price (for example) ALL of the $500 can be put into a mutual fund, either index (PREIX) or large growth (TRBCX). Then after the EIRA has grown to a larger sum >$1,200, you can transfer the funds (without penalty) to Waterhouse (or another) where the commissions will then be 1% or less.

jbw
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