Retiree with excess income and unhappy with annuity
Problem:  78 year old retiree with income from Social Security, military pension, pension from hospital and having to take RMDs (required minimum distributions) from IRA.  Also, wasn't to happy with high cost/performance of a variable annuity that was "Non-Qualified", so after-tax monies were originally deposited.Currently giving/gifting his grandson monies to help fund his ROTH IRA.  Not a bad idea.  Had IRA invested in an annuity with no need for income or death benefit riders.  The current advisor made commissions on every aspect of his investments and seemed to not act in a "fiduciary" manner. 
Solution: Put IRA in a managed account to save on cost and add alternative investments.  Converted the "non-qualifed" poorly performing annuity into lifetime income of $38k of which he would not owe income tax on about half due to having funded the annuity with "after-tax" monies.  This 38k purchased $900k death benefit life insurance policy that would go to his daughter tax-free and almost tripled the amount of the current value of the annuity that we used to fund the insurance policy.  We also redirected some of his RMD that he had to take each year from his IRA, to a charity which lowered the taxable amount of the RMD.