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Many discount brokers offer free IRA's, both traditional and Roth. I'm with TD Waterhouse and have been satisfied, there are lots of other choices.

Choose your broker and then get the application form and transfer of assets form. Fill them out and the new brokerage firm will do the rest. How long it takes varies, mostly with the type of assets you hold now and the firm where you hold them. Transferring a mix of stocks, bonds, and proprietary funds from ML to TDW took about 45 days for me. Mrs. W had funds with Fidelity, and that took closer to 75 days.

Would it be smart to wait? I have no idea. I can't time the market, and I suspect that the Y2K bubble (if there is any) has been priced into the market already. The overall market (S&P500) has averaged roughly 1% per month over the last two or three decades. If you hold cash out of the market you loose that trend. Your choice, your risk.

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