If the IRS doesn’t hit you with extra charges for rolling over your annuity, it doesn’t mean you’re home free — companies might charge a surrender penalty if you sell or withdraw money from a variable annuity, taking a portion of your proceeds. Often, annuities are structured in a yearly format — with the surrender penalties decreasing over time.
This information is typically located in the front of your policy, so before you make a switch, be sure to consult your plan. Very few annuity providers charge no surrender fees, so you should expect to pay them and if possible, budget for them in advance.
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