Life Insurance salesman have given a legitimate option of annuitizing a bad rep. BE CAREFUL HERE - strongly second the comment of NOT investing in something you don't understand above! Nor for that matter something being pushed by a "nice" salesman.
If you are interested in annuitizing part of your portfolio - seek out a legitimate annuity company. (e.g. a TIAA-CREF type organization)
But I also find the reference to your state teacher's retirement system curious - I wouldn't be surprised if that already functions something like a 'pension'...? If so what would you gain by annuitizing this?
Good luck
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