Can I Cash Out My Fixed Annuity?

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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Annuities are long term contracts designed to accumulate and then disburse money in retirement.  Most annuities can be surrendered.  Many contain a surrender charge that decreases every year until it disappears.  Surrender of the annuity might create a “taxable event.”   Of course the right to surrender the annuity should be written as a part of the contract so please consult the contract.
    Answered on August 12, 2014
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