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Why not roll over the annuity with a non-predatory annuity company like TIAA-CREF or Vanguard?

If you do a 1035 exchange, there are no tax consequences of the switch.

With TIAA-CREF or Vanguard you can opt for the "fixed" plan (paying 6% or so) without any surrender schedule. Or you can invest in stocks, bonds, etc. but for a retiree that's probably not necessary.

Fees are much less and there's no sales pressure.
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