I still have money in a 401(k) with my former employer, a steady and reliable company. I can transfer the money from the 401(k) into an Individual Retirement Account, or leave it where it is. My present employer does not have a 401(k), so I cannot transfer it there. What do you suggest?

When you leave a job, as long as you have more than $3,500 in a 401(k) plan, your old employer must give you the option to keep your money there until you reach normal retirement age (65 in my company). Your other choice to avoid taxes and penalties is to transfer the money directly into an IRA, which is the option I favor.

If you set up your own IRA, you would have much more control. With the type of self-directed IRA offered by many investment companies and brokerage houses, you can invest in stocks, bonds, mutual funds, Treasury securities and CDs. You can also buy and sell any time you want. My own 401(k) plan - and it is a good one - offers nothing I couldn't buy on my own in an IRA.