Before the conversation
You do not need to research products or arrive with the "right" answer. Be ready to explain what you want your retirement money to do, when you may need it, and how important access to cash is.
If you want help reviewing an annuity you already own, have the latest statement and contract available for the licensed professional. Do not upload sensitive documents through an unapproved website form.
What the licensed professional may ask
Expect questions about your age, income needs, assets and debts, time horizon, tax status, risk tolerance, family circumstances, and how the money may be used. These questions help determine whether an annuity discussion is appropriate and which product features may be relevant.
Seven questions worth asking
- What problem is this contract intended to solve?
- Which benefits are guaranteed, and which are illustrated or current?
- How long could access to my money be restricted?
- What does the contract cost, and how are you compensated?
- Which rates or terms can the insurer change?
- What happens if I need money earlier than expected?
- Why this insurer and this contract instead of the alternatives?
What a useful first review should produce
You should leave with clearer trade-offs, a list of any missing information, and an understanding of the next step. You are not required to purchase a product because you scheduled a conversation.
The purpose of the review is to reduce your workload—not give you more homework. Let the licensed professional organize the comparison and explain the details in plain English.