Getting 1/2 of ex's 401k in 2007 divorce,don't have a 401k of my own.Can I do something with ING Direct?

I'm 48 yrs old and don't have a retirement plan, just some small investments(that are doing well) for our 13 yr.old's education.One yr after I filed for divorce my ex changed his 401k from 1% to 8%of his salary.We've been negotiating for 3 yrs.His salary is aprox 115k per year. I don't want to buy a house,yet.So I need to make the most of this rollover after the QDRO. Any ideas?

Any attempt to use 401 or IRA $$ during your next 12 years (before age 59 1/2) would not only result in it being taxed but there would be an additional 10% penalty on top of that . Put in it an IRA under your name.
It is retirement $$ and any other use (except for a terminal illness) would be super stupid. You still have 18 years until retirement age, get yourself a job with benefits now or else you will regret it.

I would start by contacting the administrators of your ex's 401k plan. In terms of setting up the IRA for you, I think it should be like any other kind of rollover. If at all possible you should have the money sent directly from your ex's plan to the brokerage where you will have an IRA.

wow
seems like a lot of money but it isn't
get some books
like Suze Orman.. she is a woman..writing about such things and she has a tv show..
again it seems like a lot but it could be gone so fast..get some books
what i did personally..was a 3 way split..but then when my children left...i had the equity and the money of the 1/3 that they used..so.. okey say.. $70 grand.. one for your needs and future..$70 for the children so they will not be burden to society
and $70 to invest for your retirement..
a friend of mine took similar advice and for her needs she took a trip with her child and then bought a house..and rented out a suite.. in the house she bought for extra income.
the other 1/3 chunks you can start with ING Direct..and build your confidence..
yea i agree on the tax of the early.. but they have instances when it is to buy a house....and they expect the pay back..over like 10 years interest free which can be the income from the suite rental.

This money is from a qualified plan, so you need to put the money back into a qualified plan - you have a time limit to do that within (like 90 days of the decree). Otherwise, you pay 10% penalty plus taxes on this money which could wipe out 30% of the value or more.

So, you simply need to stop by a bank and talk to their investment department and put this money in a qualified plan - like a Roth IRA. I like Roth's because you don't pay taxes on the money while it grows AND you don't pay taxes when you take the money out for retirement! Rarely does this good of deal come along.

Hope this helps.