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I left my previous place of employment with approx. $80,000 in my minnesota mutual plan and am now self-employed as partner in a LLC. My 401(k)is divided in to Advantus Cap. Mgmt, Janus 20, Fidelity Contra, and Templeton Foreign. I have a Roth Vanguard Index, and a non-IRA with American 20th Ultra. My questions are as follows:

1) Where do I go with my 401(k) rollover w/o incurring any penalties. Do I go directly to a Vanguard Index (for instance) with it all, could they allocate it if I choose? What are my options?

2) Is my best bet now to open a SEP-IRA for myself? I never thought I'd say this but I need something to bring my income down and redirect these funds essentially replacing my 401(k).

Suggestions/answers would be much appreciated!

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