Can You Surrender An Immediate Annuity?

  1. 440 POINTS
    Albert Rasmussen
    owner, retireright, sc
    Most all immediate annuities you can cash them in. However they may incur a penalty based on the contract which is called surrender charges. Its based on the age of the annuity. Also if the annuity is an IRA or retirement instrument it could have an early withdraw penalty due to age. Most annuity require you to be 59- 1/2 if its an qualified plan. Non-qualified plans would not. The contract has all the requirements by state laws.
    Answered on September 9, 2014
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