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Ten years ago, my mother's "financial guy" at NYL talked me into buying a variable annuity. I put in $7500 at the time, and even in the market's good times, it never seemed to do all that well, even in good market times, plus for several years they took out a fairly hefty annual fee because the account was under $10,000. Since I figured I was stuck and it wasn't all that much money in the grand scheme of things, I just left it alone and tried to to think about it.

With the economic downturns, My annuity is now right around what I paid for it ten years ago.

I'm assuming (although I will need to check) that now that it has been ten years that I'm outside of the surrender fee timespan.

Since I'd be getting out at about the same dollar value I got in at, and the surrender penalty period is expired, I'm thinking any tax consequence would be just my ordinary income rate on the $45.00 or whatever gain it ends up being.

I'm thinking it might be worth doing - get out of what I've since learned is a relatively sucky investment at a fairly low tax consequence.

Any thoughts? I'm in my mid to late 30s if that enters into things. I also have a 401K and a Roth IRA (this annuity is held outside of any retirement accounts).
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