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Galleta, you asked:

Could he rollover his annuity into another annuity such as Fidelity Annuities, which is tax-deferred, variable. In this way he wouldn't need to pay taxes on all and continue with a higher rate of return? I'm sure we've all made some investing mistakes (I know I have), but I don't think the game is over and it's not too late to learn.

If it's a run of the mill tax deferred annuity, then yes a Section 1035 exchange for another annuity can be made to avoid tax impacts. If it's part of a 403b plan, though, I'm just not sure what exhange can be arranged. That's something for the plan administrator to answer.


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