1.   Another avenue you might consider to defer the tax liabilities on the taxable savings is a variable annuity program, available through many fund families including Vanguard.

2.   In the U.S., there is often no commission on an annuity program.

3.   Now, when Chileans retire, many transfer their funds to life insurance companies in exchange for annuity programs.

4.   One proposal calls for a computer system to let people compare annuity programs offered by life insurance companies, bypassing the salesman to cut costs.

5.   They also want to reduce commissions on the annuity programs.

6.   When someone retires, they typically transfer their funds to a life insurance company in exchange for an annuity program.

7.   That theme was embraced by officials at Brenau University in Gainesville, Ga., when they announced the creation of a gift annuity program in December.