Annuity rollover fees are a hidden cost many retirees might not notice. Not all annuities are created equal — some might be tied into mutual funds, which are tied to the sometimes-volatile stock market — and others function through an insurance brokerage, promising fixed rates and guaranteed minimums.
If you’ve decided that it’s time to jump ship from your current provider, be sure you’re following the guidelines so you don’t get slammed with hidden annuity rollover fees and other costs like higher expense ratios or administrative fees you didn’t have before.
The IRS allows for tax-free exchanges of annuity contracts as long as they fall under the same tax status — for example, a SEP or a SIMPLE plan can be rolled over into a traditional IRA because they’re both tax-deferred.
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