Suze School: Understanding Annuities
Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
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The Non-Qualified Annuity
There are some annuities that have a 7 year surrender charge. That usually equates to the amount of commission that the salesperson or the financial advisor was paid to sell you that annuity. And the surrender charge can start at 10% going all the way down to 0% over those 7 or 10 years. Also, the government comes in here where if you withdraw any money from your annuity before the age of 59 and a half, they will charge you a 10%.
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