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I am new to the discussion board and it is my first question. If I am tripping, please go easy on me.
Recently I got laid off and currently I am not looking for any jobs. My existing 401K with the previous employer is with Wachovia. The plan manager sent me a notice that I have the option to roll over my 401K plan to a traditional IRA.
I called wachovia and they connected me to their IRA adviser. He told me that I should basically liquidate my holdings in my current plan and buy new funds in a traditional IRA with that proceeds.
My questions are,
1. If I sell now I would be encumbered with substantial loss with such depressed stock prices. Should I do that?
2. My existing plan manager in the company said I can keep the 401K as it is in the previos company plan, but I would not be able to contribute. Can I do that and is that good?
3. Can I find a Traditional IRA custodian that will just transfer my current assets fund to fund in a new plan?. How do I find one like that?

Any help regarding this is very much appreciated

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