Is Your Annuity Still Working for You?
Your life has changed. The economy has changed. Let’s make sure your annuity still fits.
Why You Might Need an Annuity Check-Up
Life changes and economic shifts are compelling reasons to review your annuity. People purchase annuities for specific retirement goals, but when your life circumstances change, your annuity may need adjustments to align with your new priorities.
Missing Out on Higher Payouts?
If you locked in your annuity when rates were low, you’re likely missing out on today’s much higher returns. Let’s review your options.
Outdated Benefits? Rising Costs?
With inflation up 17.9% since 2021, your annuity may not stretch as far as you planned. A review helps ensure your income keeps pace.
Still Paying for Old Riders?
Many annuities have add-on benefits (“riders”) that no longer apply to your situation. Removing them could save you money.
Most retirees don’t realize how easy it is to make one wrong move with their annuity—and how costly that can be. This guide helps you avoid that.
Danial Fereydani, President
How Our Complimentary Annuity Review Helps
We go beyond just numbers. Our review includes a comprehensive evaluation of your annuity’s performance and payout alignment with your goals, assessment of interest rate and inflation adjustments to protect your purchasing power, identification of unused or costly riders that may be unnecessary expenses, verification of beneficiary designations to ensure they reflect your current wishes, and a thorough tax efficiency review to optimize your financial strategy.
FAQs
How often should I review my annuity policy?
Annuities should generally be reviewed every year or two to ensure they remain aligned with your personal financial situation and the broader economic environment. Regular reviews help confirm your annuity still supports your retirement goals and adapts to changes in your life or the economy.
How do changes in interest rates affect my annuity?
If you purchased an income annuity when interest rates were low, you may be locked into lower lifetime payouts. With recent increases in interest rates, new annuity buyers are receiving higher payouts. Reviewing your annuity can help you assess whether your current payouts are still competitive or if adjustments are needed to take advantage of improved rates.
What impact does inflation have on my annuity income?
Riders—such as death benefits or long-term care provisions—can provide valuable protections but also increase the cost of your annuity. If your needs have changed, some riders may no longer be necessary. Reviewing your annuity allows you to assess the relevance of each rider and potentially remove those that are no longer beneficial, reducing your ongoing fees.
Should I keep or remove riders attached to my annuity?
Riders—such as death benefits or long-term care provisions—can provide valuable protections but also increase the cost of your annuity. If your needs have changed, some riders may no longer be necessary. Reviewing your annuity allows you to assess the relevance of each rider and potentially remove those that are no longer beneficial, reducing your ongoing fees.
What life events should prompt an annuity review?
Major life changes such as marriage, divorce, a change in employment, significant changes in assets, health status updates, or changes in your planned Social Security start date can all signal the need for an annuity review. These events may alter your income needs or beneficiary designations, making it important to update your annuity accordingly.
What are my options if my current annuity no longer meets my needs?
After a comprehensive review, you may find your annuity still fits your goals, or you may discover opportunities for improvement. Possible actions include adjusting the terms of your existing contract, maintaining it as is, or exchanging/restructuring it for a new annuity that better aligns with your current objectives. Be aware that switching contracts can involve new fees or surrender charges, so compare options carefully with your advisor before making changes.
When Should You Review?
An annuity review is a smart idea if you’ve experienced major life changes like marriage, divorce, career transitions, retirement, income fluctuations, health changes, adjustments to your Social Security strategy, or if you simply want more flexibility or higher payouts from your existing annuity. These significant life events can substantially impact your financial needs and goals, making it the perfect time to ensure your annuity still aligns with your current situation.
Request your free booklet today and take the first step toward retirement confidence.
Yes, I Need Help Revitalizing My Annuity
I am not familiar with financial planners and their services, and for that matter, I have not used any, but when Danial was referred to me I have to say that I appreciate the help and services that he gave and will use him in the future.
I was in a bind regarding an inherited IRA and he was able to save me quite a lot of money (taxes) simply by steering me in the right direction rather than just taking advantage of me during this stressful time.
He also didn’t charge me for the advice, gave me a solution that was best for me, and simply thanked me for thinking of him. All I can say is that he is fair, honest and I would gladly recommend him to anyone who is looking for an honest person/company. Thank you
Dimitry M.
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I had some questions regarding my 401(k) and I was recommended this company from Pacific life. They were able to answer my questions about contributions, and figure out how to set things up according to my financial needs and goals. I am very appreciative of the help.
Sunny D.
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Called them last week for an IRA booklet, Received the information I asked for and was able to get some questions answered regarding my specific situation. Still confusing dealing with his issues sometimes nice to have some help.
Sharzhad S.
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About Pendo Insurance
Pendo Insurance—a dedicated group of licensed, financial professionals led by president and founder Danial Fereydani—helps people like you create and manage a customized retirement strategy that preserves and safely grows your assets.
Our goal is to help you achieve a financially secure and enjoyable retirement. We specialize in helping people seeking guaranteed income for life, tax-efficient legacy planning and estate planning. As an independent insurance advisor, we work with over 50 different companies allowing us to select the best solution to meet your needs.
Our solutions-focused approach is a key reason that we were recently voted best insurance advisor in Los Angeles by the readers of the Daily News and that Pendo Insurance ranks as one of the nation’s leading providers of income solutions and legacy planning.