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I have an Annuity with TIAA-CREF that is several years old (more than 5). It is a low-cost variable annuity and the subaccount (an Equity Index Fund) where I have the money invested has performed reasonably well.

Can anyone give me some advice as to whether or not:
A) Is it possible to roll this money over into an IRA,
B) If it is possible, are there any significant tax advantages or disadvantages to doing so?

My major concern is that it is my understanding that the earnings on these investments will be taxed at regular income tax rates and not at capital gains rates once we begin taking distributions. The current value of these funds is a little under $20,000. I am in my early 30's, so they will likely grow significantly before retirement. Our current household income is around $70,000, but my wife is a medical student and I expect that we will be in a fairly high tax bracket by that time as well.

Any thoughts?
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