You do need to put it into a traditional (or "rollover") IRA to start with. Then you can convert ALL or PART of it into a Roth pretty much right away. Depending on who you get your IRA from, you can indicate on your rollover/traditional IRA paperwork that you want all or part of it to be converted into a Roth. Or, you can just arrange to call them when you want to make the conversion.I went with Fidelity for my 401k-into-an-IRA thing. They have discounts if you have a certain amount invested with them as a household. And there are lots of mutual funds, both from Fidelity and from "partners" like T-Rowe Price and Oakmark, to choose from. You can also choose to put individual stocks or bonds in your IRA, as well. Vanguard would be another excellent choice.I chose to convert just half of my money into a Roth for 2003, and then will convert the rest in 2004, so I don't have to pay so much in taxes in either year. You could maybe spread yours out over several years, if you want.Good luck!
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