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I'm trying to decide if I should just roll it into one of our banks IRA CDs for the short term until more money can be added since buying a good stock will typically mean only getting a few shares, or if it is actually feasible to go ahead and find a discount broker and set up an IRA to roll it into.

The discount brokerage IRA account will most likely include some option for a money market or other equivalent to the bank CD, in terms of interest paid on cash deposits........ so that way you preserve all your options. Just check with the broker.

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