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I've had a small annuity for about 4 years that I started for my retirement. It will take about 3 more years before the money is equal to what I've put into it. I've stopped paying the premiums because now I don't feel it is the best use of my money for retirement. I am tempted to close my account and put the remaining money into something better (Iwould lose a few thousand dollars). Or would it be wiser to just leave it there until I retire?
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Since you have a loss in this annuity, you can take the money out without taxation or penalty, and probably should do so. However, I am curious as to how you managed to lose money in this bull market. Have you been investing in bonds?
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I think Chris may be referring to a surrender charge, meaning he will have to forfeit a percentage of his money for breaking the annuity contract.

One option is to leave the money alone until the surrender charge expires, and then move the money to another plan.

Dave
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ChrisN7777, you asked:

<< I've had a small annuity for about 4 years that I started for my retirement. It will take about 3 more years before the money is equal to what I've put into it. I've stopped paying the premiums because now I don't feel it is the best use of my money for retirement. I am tempted to close my account and put the remaining money into something better (Iwould lose a few thousand dollars). Or would it be wiser to just leave it there until I retire? >>

I'm perplexed at your post. I'm wondering how in the world anyone after 4 years in an annuity, especially giving how well the market has done in this period, can be in a position of having less than what they've put in - then 3 more years until you just break even??? Is this a Variable Annuity where you've chosen to be in a segment of the market that has done badly? If it is a Variable Annuity, it would be very helpful to know just which company it's with and what sub-account(s) have been used. Without a little more detail it's really not possible for anyone to offer a credible opinion.
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