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I have had X variable annuity for 6 years. It is currently parked in a value fund that has been doing pretty well. These are "B" shares which I think means that costs are paid up front. I'd say I've gotton 20% gain on my investment over the past six years. The original investment was a roll-over from a 401K. The penalty period (7 years) will be up in 2000. Can I roll it into an IRA? Can I invest in individual stocks within that IRA? Would this make sense money wise? Is conversion to a ROTH a viable alternattive?

I'm 48 and have most of my retirement in this annuity. I have two other very small IRAs sitting in the bank in money market funds and I am currently putting 10% in my current employer's 401K (A T. Rowe mutual fund). I feel I'm missing out on individual stock investment.
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