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Like traditional annuities, indexed annuities have surrender charges. These charges vary from 20% down to 1% and policies can have surrender charge periods ranging from 1 – 16 years. 10–13 years is the most common length of a surrender charge period on indexed annuities.
The surrender period depends on several factors, including your insurance company and the type of annuity. If you withdraw money during the surrender period, you will likely have to pay a hefty ...
The annuity contract is the legal document that outlines the terms of the annuity, including its payout schedule, surrender fees and other costs. It’s important to read the contract carefully ...
An annuity with an extended surrender charge period may mean higher commissions, too. ... If you choose a fixed annuity, you will get a guaranteed rate of return on your money, which limits risk. ...
Here’s what you need to know about fixed annuities, their drawbacks and who should consider buying them.
An annuity is an especially good option for those who are approaching retirement age, are expected to live a long time, and have a decent nest egg saved up. It might not be a great fit if you don ...