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I hope this is the right board to post this question.

I visited my parents this weekend and they told me that they're pulling all of their retirement out of their 401ks, IRAs, mutual funds, etc and are going to invest with this company called Allianz Insurance in an annuity product.

I just finished reading the Fool School article about annuities and it definitely doesn't sound like a great investment vehicle, but needless to say, the thing that set off my radar was the fact that the salesperson told my parents that they're guaranteed to make 7%, regardless of how well the investments in the annuity do.

So, does anyone have any experience with this company and annuities? Is it possible for a company to guarantee 7% return regardless of the market? This just smells like scam to me, but I want to be able to present some good solid data to my parents to talk them out of this whole thing.
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