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I have ~$75,000 in a 401K through American Century, with my previous employer. Since I have not been employed this year I have made no contributions to it or any other retirement plan. In addition, with the passing of my mother I've been scrambling to get the estate in order before year end. Finally, I now have a moment to figure out what to do with this 401K (if anything).

I begin college full time in January and it looks like it will be about a 4 year haul. With my wifes salary supporting us for the most part during this time. In sort, it looks unlikely that I will be able to transfer this 401K to another place of employment for at least 4 years.

American Century is offering a rollover IRA option and I'm debating on whether to take it or not. I really have not had any complaints with the plan per say. Other then, from a psychological standpoint I would like to make a "complete" break from my previous employer and this 401k is the only thing left.

On another note. Should I make a last minute contribution to either this plan or the rolled over IRA before year end? Realistically, would there be enough time to roll over the 401k to an IRA AND make a contribution before year end? Or should I make the contribution with the existing plan and worry about rolling it over in January?

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