If you ever purchased an annuity, you got yourself into a situation that’s very difficult to get out of.There are often major fees involved if you ever want to take your money out of an annuity, so you’re almost stuck there.In a fixed annuity, the insurance company agrees to pay you no less than a specified rate of interest during the time that your account is growing.
In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date.These lenders will seize the collateral and sell it—often at a significant discount, due to the short time frames involved.If that does not cover the debt, they will recoup the balance from the company’s remaining liquid assets, if any. These include bondholders, the government (if it is owed taxes) and employees (if they are owed unpaid wages or other obligations). As you can see, there is much to review and discuss in making this decision and a blanket answer would not be appropriate.I, or another qualified financial advisor would be happy to help guide you through this important juncture in your life.
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It might have seemed like a good idea at the time, but now it seems you have fewer options in the event that you need to liquiditate your money.