Look for flexible premium equity index annuities or fixed annuities. Also, if you are self employed, poor as much as you can into a SEP. You can also buy Muni bonds, just make sure you don't have any AMT issues.

rkconnor,

You are 72 and your wife 66, forget investing. It sounds like you've done that you're whole life.

Live it up a little! That's what you've worked so hard for.

Haven't you and your wife talked about things who've always wanted to do when you retire. Well, sounds like that time has come. Live about those dreams. It's your time.

Think about it. Good luck.

Like what euguene perry said. If you have enough to cover the basic necessities just use the other income to enjoy life.

If you don't need the additional income, consider using it for the benefit of others. How could you use this money to help others and make their lives better. Sticking it away where it benefits no one until you die doesn't make sense.

I would prob stay away from the annuities and most investments because of the fees and penalties that will be tied to your money. Your best bet is to just put away the cash in a money market or "high" interest checking account. If you plan on leaving the money in for more then ten years just don't touch your current investments and live off of your current income. Starting a annuity at your age will hold the money up anywhere from 3 to 10 years. If you "need" the tax break a SEP will do the trick but again consider the loads and fees when contributing. The best tax break however would come by giving to a non-profit

A fixed or indexed annuity is a viable option since there are no fees. But only if you don't plan on withdrawing more than 10% per year which is what most of them allow without any penalties.

Muni bonds could also be a viable option but there are a couple of things to consider. First, depending on the size of your investment, you may want to consider purchasing them inside a fund or even better, a unit investment trust. Second, munis are paying relatively low rates and, if interest rates rise, the value of your munis may decrease which means you should probably only consider munis that you can hold to maturity. Of course, if you purchase a fund, there is no maturity so you should select a fund with a low duration to minimize any decrease in value.

Lastly, on a different note, you mentioned that you are taking social security but you didn't mention if your wife is. If you are holding out until she is 70 for the higher benefit, since it sounds like you don't need the income, she may be entitled to immediately begin collecting half of your social security while still allowing hers to increase until she is 70 at which time she can continue taking half of yours or switch to hers if it is larger. There are other questions that need to be answered however but if you are aware of the possibility, you can call social security and get more specific information about your specific situation.