What is a balanced annuity?

What Else Can I Do With A Annuity Other Than Sale It..Help Please?

• I Have A Annuity For 2300..00 And I Tried To Sale It Which They Kept Telling Me They Would Give Me 10,000 Or 9,000 Back. I Felt Like They Were Cheating Me Out My Money. I Am Trying To Go Back To School ANd Have A Apartment To Do So. Also My Car Needs Fixing So I Kind Of Need It ASAP. What Else Can I Do Or What Other Options Are Out There Sorry For The Caps On Every Word My Phone Does That On Its Own Lol

• Answer:

  A lot of it depends upon what type of annuity you have, your age and how far into the future the payments are. For example, if your annuity is from a structured settlement all you can do is sell it but you might want to talk to other companies that don't advertise on tv in order to get a better offer. If your annuity is an investment annuity and you have not taken any money from it yet and your below are certain age you may be able to surrender it to the insurance company. BUT be forewarned that you will pay a surrender fee, penalties and taxes on it. Also lets say hypothetically your maturation date of your annuity is 2040 and it is worth 100k upon maturation. It is not worth 100k in today's money. So what they do is figure out what the value of that money is worth in today's dollars. In addition, if the annuity isn't an immediate annuity and you're still paying into it that also affects the value of the money with the insurer because the money in the account isn't even equal to 100k. By looking at the statement you wrote I am guess that you're annuity is $230,000. Without knowing the date in which you are to receive your payments and for how much, and how many payments you're planning on selling I can't tell if you're getting a good deal or not.