You have several options available to you, all of which you should seriously consider. Or you can leave the money with your employer and simply ignore it. I recommend you consult with a qualified adviser to further explore your options. Most of my investments over the years have been in rental properties and it has only been in the last five years that I have owned stocks. If you sell a stock for a gain, you must report that gain on your income tax return, regardless of whether you invested your proceeds in a like-kind stock.
Real estate can often provide greater tax planning flexibility than stock investments.
I am 68 years old and will probably need income from the annuity in the next year or two. After reading the fine print, I realize I can only take out 10 percent without paying 7 percent penalty. Technically, they are fixed annuities issued by insurance companies and can be sold by anyone who is licensed to sell life insurance. However, they tend to be sold as investment products that offer upside potential with no downside risk. As long as you leave your money in the account for the length of the contract, you really can't lose.