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I am in the process of opening an Ameritrade account and it has asked me to specify what type of IRA I'm opening. When I called them, they said to specify a traditional IRA, but when I looked on the internet, it mentions a Rollover IRA, which is what I thought my profit-sharing transfer was.

Please help with this issue - I know I don't want the funds to come to me, but what's the difference between these two types of accounts?

Here's what I'm thinking -
I need an IRA account to hold my money. When I can think clearly, I'll pick mutual funds to spread this money into, through the IRA account. Although my new employer is offering a 401k plan, this will be seperate from that - I won't want to combine these together.

Am I on the right track here?

BA (sweating bullets and short of breath)
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