Consolidating Annuities
I have four annuities of varying amounts that are fully vested with no withdrawal surrender charges. Is it possible and if so advantageous to consolidate the annuities into one. I plan on retiring in two years and possibly begin withdrawing funds. Would the surrender charges begin again if consolidated? I also have a 401(k) from which to draw as well.
Terry Says
Consolidating annuities is likely the last thing you want to do because it would indeed start new surrender charge periods. BUT, you never know what better a deal you could get with this money until you get some advice from someone you can trust. (That is, someone who is not just dying to sell you something to get a new commission!) That person is Stan Haithcock at www.StandtheAnnuityMan.com. Go to his website and contact him, giving him the names of your annuity products. It may be possible to do a 1035 exchange into a different product that will better accommodate your retirement income needs. You can trust Stan — he is my annuity guru. Use my name, or not.
