SpiderAnt105,An annuity is probably the insurance company's best option, and probably the salesman's best option, but I doubt it's your best option.What fees are being charged into the annuity? There's usually a flat fee plus a percentage of your balance for insurance, then another percentage of your balance for investment fees.What insurance benefits does the annuity have? In general, due to the insurance, annuities have higher fees and lower returns than mutual funds.There are plenty of "larger companies" that would be happy to open your IRA even with a small initial investment, as long as you regularly add to it. T.Rowe Price and TIAA-CREF come to mind.If I were in your situation I'd gather as much information as possible about the advantages and disadvantages of each. Based on what I know, I'd try to cancel the annuity as soon as possible, and transfer the money to an IRA somewhere else.
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