Can I change my mind later?
You can usually cancel for a full refund within a set window, often 10 days after you get the contract. Later changes depend on its terms.
The fair worry
You may have heard annuities leave little room to change. I understand wanting choices if life changes.
The answer
Some contracts let you add money only during a set window. Others take just one payment.
Growth and income are often separate products. You can't simply flip one into the other.
You can replace a contract with a new one. That can cost surrender charges, start a new surrender period, and lose benefits.
The downside
Once you turn the contract into scheduled payments, you generally can't take the rest as a lump sum.
At your consultation
Your free Zoom consultation gives those limits a place beside YOUR plans. Your retirement advisor will show what can change later.
More questions on this topic
- What if the insurance company fails?The insurance company backs the guarantee. It depends on that company's ability to pay. Annuities aren't FDIC insured.
- What is an annuity?An annuity is a contract with an insurance company. You put money in for growth, a retirement paycheck, or both.
- Can I lose money if the market drops?It depends on the type. Fixed and fixed indexed annuities protect your savings from market drops. Variable and index-linked annuities can lose money.