Ask SmartMoney

In SmartMoney, February 2009, Benjamin Tobias was quoted in the Ask SmartMoney section of the magazine written by Stephanie AuWerter.  A reader wanted recommendations about transferring a variable annuity to a different annuity provider.  Ben warned that many annuity contracts have a surrender fee which may be levied when withdrawing or transferring funds during the first years of the contract; typically, these fees are in effect for the first six or seven years of the contract.  In certain cases, paying the penalty could make sense over the long run, Ben said.

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