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What is the best place to put this money where it will be safe and have a reasonable return?

If that is your only source of retirement income, buy an annuity. You can get one that will cover both of you.

No, no, a thousand times no.

Annuities are big money makers for the insurance companies that sell them. Most have large management fees that you wouldn't have to pay with other investment vehicles. When you die, there's nothing left for your heirs.

Talk to somebody at Vanguard about how to invest your money. They have some of the lowest management fees around.

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