Anyway to backout of an annuity if you've only had it a few months?:(Kali
Greetings, Kali, and welcome to Fooldom.<<Anyway to backout of an annuity if you've only had it a few months? >>Yep. But you'll have to pay a penalty to do so. You' must read your contract to see what the surrender charges will be. And this early in the game, I'll guarantee they will be exceedingly steep. In fact, you may find that you'll get back exactly nothing.Annuities generally provide that you will be charged something on surrender within the first five years. Some even go to fifteen years. Look at your contract to see when it becomes the most economically feasible time to do so before you drop it. Sure, you may have made a mistake here, but it makes no sense to throw money away, either. IMHO you'll probably be more Foolish now if you ride out the surrender charge period unless it's such a poor performer you can do better elsewhere even if you do pay the penalty. Just one Fool's opinion FWIW.Regards.......Pixy
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