Annuity guide
How to review an annuity you already own
Buying an annuity isn't the end of the decision. Your plans, your income needs and the contract's options all move over time. A short yearly review keeps the annuity doing the job you bought it for.
By Dan Huslin, licensed insurance agent · Updated November 2026
Why review it every year
Most annuities have dates that matter: a contract anniversary, the end of a surrender period, a window for choosing when income starts. Missing one can cost you. And your own situation changes. You retire sooner or later than planned, a spouse's needs change, or you take on a large expense.
What to pull out before you start
- Your latest annuity statement
- A rough retirement budget
- Your Social Security and any pension estimates
- A summary of your other savings and expected large expenses
What to check on the statement
- Account value and credited interest for the year, and how it was credited.
- Surrender period: how many years remain, and the current charge.
- Free withdrawal amount available this year.
- Rider status: the income benefit, the fee, and when you can start income.
- Index crediting rates: the cap, participation rate or spread now in effect, and any change from last year.
- Beneficiaries: still correct?
Ten questions for your review
Timing and income needs
- What month and year do you plan to retire, and is the date firm?
- When do you need the first payment from the annuity?
- How much monthly income do you need from it, after taxes?
- What other income will you and your spouse or partner have?
- Should the income continue for a spouse or partner if you die first?
Goals, access and preferences
- What matters most: lifetime income, income for a spouse, accessible savings or an inheritance?
- How much money will you keep available outside the annuity?
- Do you expect large expenses or withdrawals in the next few years?
- How do you feel about years with no new interest credited or no income increase?
- Have your family, health or finances changed since you bought it?
Before you change anything
Don't surrender or exchange a contract on the strength of one conversation. A 1035 exchange to a new annuity can avoid immediate tax, but it can also start a new surrender period and change your benefits. Ask for illustrations that compare keeping the contract with the alternative, using your real start date and your real numbers. Then confirm how any change affects your guarantees, your income start date and your withdrawals.
Want a second opinion on an annuity you own, from me or from anyone? Book a free review or call 619-251-3868. Bring your latest statement.