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I have received a distribution from my former employer's ESOP in the form of a check for over $8000. The plan has been discontinued. I have been informed that I only have 30 days in which to put the monies somewhere so as not to be penalized. I would like to roll it over and let it continue to grow. I have over 20 years until retirement and will probably not have any other retirement funds from a company (I am now a stay-at-home mom). I have heard that I can only rollover to a traditional IRA as opposed to a Roth IRA. I would like any suggestions and/or recommendations that you can give me as to what I should do with this money.
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