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Ways Out of “Annuity Prison”

Do you find there are times when annuity income seems more like a gilded cage than financial freedom? Guaranteed regular income isn’t always the right solution. For example, you might want to buy a home, change neighborhoods, or simply prevent foreclosure on your current home. In those cases, the income payments you receive from an annuity may not come in fast enough. Besides homes, other expenses that need financial action sooner rather than later can include mushrooming credit card debt and urgent medical costs.

So is there an alternative? Do you have to give up the advantages of annuities just because of a one-off need for cash now?  The good news is that there are already two avenues open to you for financial solutions tailored to your needs: the first is to structure your annuity in a different way; and the second is to convert your annuity into a lump sum payment.

While annuities in their simplest form can be a fixed, regular payment, they can also be much more flexible. Solutions exist for example for index-linked payments, in which your regular income keeps pace with inflation. The payments may be regular (same time every month, for instance), yet variable because they are based on different underlying investments. When the investments perform well, your income payments go up, but it is also possible to write in a guaranteed minimum payment, even if the investments perform poorly.

If however you already have an annuity in place for which the regular payments do not meet your current needs, then trying to change it may be expensive (you may have to pay further commissions) or not possible. Converting your annuity into a lump sum with a competent and reputable company is then the other option. You can use the resulting cash injection to fund the projects and investments important to you, and win back some financial liberty at the same time.