Aha, good thing you asked. I’m sorry about your loss. And now you have to follow some rules and make that money grow until you are required to start withdrawing. But that won’t be for a decade.
I’ll give you two ways to proceed.
1. Call Vanguard at 1-800-VANGUARD and ask for help with an inherited 40l(k) ROLLOVER. They will handle the paperwork with the company and have the money directly moved to Vanguard — where you will pay no fees or commissions. But then you have to make some decisions about investing it. I would suggest something simple like 25% in their S&P 500 stock market fund,50% in their equity-income fund, and 25% in the money market fund (just to let you sleep well at night when the market takes a tumble). You give them those instructions and they wll do it for you.
OR 2) just in case you need a broader look at your financial plans now that your life has changed, I suggest that you talk with a FEE ONLY, FIDUCIARY financial advisor. You can find one at www.Wealthramp.com — You fill an online questionnaire and you are matched with an appropriate advisor. Your first meeting is free– and they will discuss things like your own retirement plans, the need for you to make an “estate” plan, and name a beneficiary for your new IRA account, and lots of other issues. I recommend Wealthramp because the advisors there are carefully vetted and you can trust them. But you still need to have a conversation and see if you feel comfortable.
Both are much smarter approaches than handing your money over blindly to a “management company” — especially since 40l(k) accounts typically don’t come with management services for individuals.