I would like to redeem my annuity and am not sure what are the penalties for doing so? If they are severe, do you have any recommendations to avoid the penalties or other options?

ANSWER

Expert Mark Anderson's Answer:

There is a 10% penatly. Here is some information and some possible options:

http://www.insure.com/articles/annuityinsurance/annuity-surrender.html

Mark Anderson, JD

Montana

21 yrs experience

Currently /5 Stars.
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Personal Tax

Annuities

QUESTION DETAIL

I would like to redeem my annuity and am not sure what are the penalties for doing so? If they are severe, do you have any recommendations to avoid the penalties or other options?

Mark Anderson, JD

Accounting

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Personal Tax

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Personal Finance