7 REASONS YOU SHOULD REVIEW THAT OLD ANNUITY
I bet you have many more interesting things to do than think of your old annuities. However, there are a lot of good reasons why you should review them occasionally.
At LS Wealth Management, we do this for our clients every year. However, we also offer this important review for annuities purchased from other companies.
Here are 7 important reasons why I want you to schedule your complimentary annuity review right now:
- Your annuity could be underperforming.
If your annuity was purchased when interest rates were at historical lows, it may no longer be competitive with other available options.
- You may be paying high fees.
Annual fees, mortality expenses, riders, and surrender charges add up. A review helps you make sure you’re not paying for benefits you don’t need.
- Your retirement income needs could change.
Annuities are typically purchased to produce reliable income during retirement. If your needs or income sources change, you may need to revisit your annuity strategy.
- The annuity carrier may no longer be able to keep its promises.
Your annuity’s guarantees are only as good as the company holding it, so we’ll review its financial ratings and stability. If we find cause for concern, we’ll show you what to do next.
- Better options may exist.*
Goals, interest rates, and products can change. It’s smart to see what else is out there that could meet your needs.
- Your beneficiaries may need to be updated.
Make sure your money will go where you want it to when the time comes. It’s not uncommon to find older annuities with hidden fees, outdated assumptions, or low-interest rates. That’s why this review is so important. Don’t get stuck with a low-performing annuity.
- You may need income and you invested too much in an underperforming annuity with a product salesman and your allocated improperly.
*When you exchange one annuity for another one, you may pay a surrender charge on the old annuity and initiate a new surrender period.
There could be many areas to review and analyze based on a solid income plan.
Schedule a virtual or phone meeting in the comfort of your home.