Question for the Money Doctors
Question submitted on Mar 9, 2012.
QuestionI''m 58 years old. I have a variable annuity that I can start collecting monthly payments in two years. My broker wants me to transfer it to another variable annuity with a different company so I can get a better rate of return. Should I do it?
Not sure what he means by a "better rate" but your timeframe before annuitizing is very short and, therefore, I would advise against it. However, you may want to look at the possibility of transferring your balance to a fixed income immediate annuity when you are ready to start collecting monthly payments from the annuity, you may get a higher monthly payment.
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