Maybe it isn't that serious yet but you might have a few concerns. Should you keep your annuity? Is it paying enough? Is a fixed rate still the right thing to do? Is it time to cash out of your variable annuity? Is the market going to hold up? There are so many questions and even more answers.
If you have questions and concerns, now is the time to ask. The market is up which is when moving a variable annuity is optimal timing. Rates are still low but if you are in an old annuity, 5 years or more, your rates could be even lower.
There are lots of new benefits as well. Guaranteed income riders, long term care riders, lower fees, and indexed annuities are just a few of the new benefits. Not to mention higher rates, better performance, and sometimes you can even get principal guarantees.
Even with all of the new benefits it still may not be a good time to transfer. Moving an annuity is a little like selling your house in that you are going to be stuck in the new annuity for while. When you invest in a new annuity your surrender charge schedule will start over. It's not a big deal if you are not using the income from your annuity and not planning on taking lump sums either. (On a side note, if that is the case then there are better places to put your money!)
To learn more about when transferring your annuity is good idea read - When Is It Time To Transfer Your Annuity?
Image by 401k at Flickr.com
No comments:
Post a Comment