Ep #200 - How and When To Get Out of An Annuity Policy

Grow Money Business with Grant Bledsoe

Annuity policies are relatively popular ways to guarantee income in retirement. But do you know how and when to get out of an annuity policy if you find it’s not the best option for you? We dedicated this week’s episode of the Grow Money Business podcast to discussing the situations where it makes sense to start an annuity, where it is a good thing to hang on to your current annuity, and when you should think about getting out of your annuity.

[05.55] Forms of annuities – Starting the conversation, Grant explains some forms of annuities and how they work.

[12.15] Expenses – Grant explains why variable annuity accounts are more expensive than mutual funds.

[21.03] Control – We talk about the less control you have over your cash once you hand it over to the insurance company and what you have to keep in mind if you ever think of getting out of your annuity.

[27.21] Surrender charges – Grant explains what you should look into when you are in the surrender period of your annuity.

[32.54] Tax ramifications – Grant shares how tax ramifications are more complicated than surrendering the annuity policy.

Resources

Breaking Down Annuity Fees and Charges

smartasset.com/retirement/annuity-fees

Annuity Fees and Commissions

annuity.org/annuities/fees-and-commissions/

Annuity Surrender Periods: Understand (and Avoid) Surrender Charges

thebalancemoney.com/annuity-surrender-period-charges-and-tips-to-pay-less-315092