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I think it's great that you feel you are able to help out your parents! These options aren't annuity-esque, but are things I would consider: discuss opening Roth IRAs in each of their names, with you making the contributions and investment decisions; or set aside some money in Mutual Funds but leave it in your name until you start giving them the money. I'd invest the money mostly in Index Mutual Funds, myself, but I'm young and can afford some risk. I would also look into insurance for long-term care -- something I should look into for my parents in a few years also.

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