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Have a question of your own. Then ask Mr. Annuity. Please limit questions on Fixed Annuities. Also, we are limiting our responses for Texas residents. For non-Texas residents please consult a local financial advisor or contact the insurance company directly. Back to TopWhat happens if rates go up or down?If you believe rates will rise, we can recommend an annuity that has a "floating" rate: that is adjusted quarterly or annually. If you believe rates will go down, we can also recommend an annuity that has a "fixed" rate for a defined period. It's your choice. Back to TopHow much access do I have to my money?Most annuities allow for penalty-free withdrawals of a portion of your annuity balance. Otherwise, early withdrawal penalties will apply. Your money can also be paid to you monthly over a fixed period, such as 5 or 10 years. Back to TopIf I find a better annuity later, can I switch without paying income taxes?If done properly, you may make a tax-free exchange under IRS Code Section 1035(a). Call our office for details. Back to TopAre there sales fees or other charges?Most of the annuities we recommend have NO fees or charges of any type. Those that do are openly explained. If you prefer, you can chose another annuity. Back to TopIs my interest reportable to the IRS to determine if my Social Security benefits are taxed?Your interest earnings are not reportable for any purpose, unless withdrawn. Withdrawals are treated as ordinary income based on Last In, First Out accounting. Back to TopRevised: November 16, 2018 . |