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Tough situation. Sort of convoluted, thanks to the patchwork of tax laws. You can save more monthly than your imputed taxable earnings.

The annuity option sounds like one possible compromise. Choose one with a good mix of non-proprietary sub accounts. American Skandia is a good example; no proprietary subaccounts. They also monitor their subaccount managers very aggressively and replace them if they are not meeting peer-mirrored benchmarks.

We manage a fair amount of client assets using this vehicle. We're at about 10% gain YTD, afte all those nasty fees have been taken into account.

Somewhere else, I believe in response to a retirement planning question regarding buying annuities with $200,000 of retirement money, I made the case for purchasing multiple annuities instead of just one. This gives you tax planning options on the withdrawal end.
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