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Have you considered a variable annuity? She could put the principle in the fixed account currently paying about 3% in the New York Life annuities that I'm familiar with. She could sweep the interest into mutual funds of her liking and risk tolerance. The money would grow tax deferred and her principle would be guaranteed. She could annuitize in the future, do partial surrenders of up to 10%, or take out the gain without surrender charges if she needed the money at some point. There are lot's of other features, some of which are free and others that cost. I'd look into one for at least some of your mother's money.
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