Ask Terry Questions Expired Annuity Not Releasing Money

Expired Annuity Not Releasing Money

By Terry Savage on February 28, 2023 | Insurance & Annuities

My Western & Southern 3-year annuity at 2.3% expired 12/23/22, yet the company still has not released my money (as of today, 2/27/23) to my Fidelity account so I can then decide how to next invest the money at a higher rate. It continually states to Fidelity reps and to me, when we phone, that “it’s working on it” and has not committed to a date. Is there a federal agency oversight to which I can report this?

Terry Says

Gosh, you can report it to ME, and I’ll get involved. Please respond to the email you receive saying your question has been answered. Please give me your phone number, the exact name/title of the account and policy information, and the names/numbers of your broker, or whoever you called to get at this money.

It’s probably a good thing they didn’t hand it over yet — It should be ROLLED into a new multi-year guaranteed annuity so you can avoid paying taxes on the earnings. REad this recent article.

Maybe you can have the proceeds rolled directly to a new annuity, likely yielding over 5% right now.



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