This would not be in your parents’ best interest. One million dollars is not “a big fat pile of money” if you plan to live on it for the next 30 years. There are just too many unknowns. Major medical and/or nursing home expenses in the future could eat through that in a hurry. Your “annuity” may not be enough for them. Then what?

I agree with UCGal – this also strikes me as pretty selfish. I cringed when I read the part about how the money is theirs, but will be yours in 30 years. Yikes! It is NOT your money. It may never be your money. They may NEED it. It is THEIR money, for THEIR needs – not yours.