Ask Terry Questions Annuity transfer

Annuity transfer

By Terry Savage on February 13, 2023 | Insurance & Annuities

Hello Terry
I have an annuity that will mature mid year. What type of vehicle, besides another annuity, can I moved the money into without incurring income taxes? Thank you for your help.

Terry Says

When you say “mature” am I to assume that you purchased a fixed-rate, multi-year guaranteed annuity?
If so, did you purchase it inside an IRA? If you did get that kind of annuity and its inside the IRA, no tax problem exists.
If you purchased it with non-retirement (non-qualified) money, then the only thing you can do is an “exchange” into another insurance product — and likely that will be a new MYGA at current rates. Find the best deals at, depending on your state of residence.



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