Liquidating an annuity


01-Jun-2016 02:43

If you have a variable annuity that is owned inside of an IRA account you can simply roll your funds out of the variable annuity and into a regular IRA at a bank, mutual fund company, or brokerage firm.Since the funds are still inside of the IRA wrapper, it is considered a transfer or rollover, and no taxes are due on such a transaction.You will save well over ,000 over a ten year time frame.Finally, I am assuming that the annuity is not held inside a qualified retirement plan like an IRA or 401k. An annuity can certainly help you protect your money. This will give you unlimited upside with no downside risk.The fees are low and only payable if the annuity makes a profit. For the rest of your portfolio, I would look for a low cost, market based as...I am assuming that your annuity is the common "deferred annuity", which carries a surrender charge, and by "maturing" you mean that the surrender charge will disappear in January. But if it is 20% of your 401k, you may want to find an alternative annuity.

liquidating an annuity-37

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Be aware, some annuities have surrender charges that can last up to fifteen years from your purchase date.

Before you cancel or exchange any variable annuity, check on any fees that may be applied.