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Understanding your annuity

Annuities pay out income and can be part of a retirement strategy. You make an investment in the annuity so it can make payments to you on a future date or series of dates.

Before choosing an annuity, ask:

• What is the guaranteed minimum interest rate?
  Rates vary by company and type of annuity, so find out the exact rate you can expect to receive.
• Can I withdraw part of my annuity?
  Ask how much you’re allowed to withdraw annually without a penalty. Be sure this amount is adequate to meet your needs. Have your tax or financial consultant advise you before making any withdrawals.
• Will I get my money back if I change my mind?
  Check your contract. Most policies can be returned within 10 days of purchase for a full refund.

Annuity charges, fees, and expenses

Annuity payout options

Updated 05/07/2012