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Greetings, LeeChapman, and welcome. You wrote:

<<I will be eligible for a nice pension early next year.
I can opt for monthly paments for life, but then,I cannot touch the principal. I have been advised to take the lump-sum and roll it over into an IRA, and try to invest the money foolishly myself.
Would you recommend a regular or a Roth IRA for this? >>

I recommend you fully understand the choices you face at retirement before you reach a decision on how to take your retirement plan money. See the first article on company pension plan distributions appearing in our Managing Your Retirement section of the new Retirement Area. To get there, click on the "Retirement" tab at the top of most screens in Fooldom. That article will give you some of the things you need to consider as you make this irrevocable, once in a lifetime decision.

If you decide to take a lump sum payment, then be aware it cannot be transferred to a Roth IRA. It can only go to a traditional IRA. Once there, then it can go to a Roth. Whether that's a wise decision or not is the topic of next week's Retirement Column that appears on Monday. Read that for some further considerations.

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