Want To Know How Much Your Annuity Is Worth?

If you have an annuity through your work, congratulations

. Many people are not so fortunate. However, in today's tough economic times, every penny that you can save towards retirement is very important. An annuity is one of the best ways to maximize your savings and turn your final payouts into some serious cash. The question that many people want an answer to is "how much is my annuity worth?" Here are some simple tips to help you find the answer.

#1 Determine How Your Annuity Will Be Paid Out

Will you be able to take a lump sum or will you take monthly payments? In most cases, you'll get more money if you take a monthly payment. However, some people want to get their hands on all the cash they can as soon as possible. One thing to consider is the tax obligations no matter which choice you make. An annuity calculator can help you find out how much you will get each month or in a lump sum after taxes. It's best to contact your tax professional as well, to see which option they suggest to minimize your tax liability.

#2 How Much Have You Paid into Your Annuity?

While this may seem rather simple, most people couldn't give you an exact number. You should keep track of the balance, including any changes in investment strategies or early withdrawals. Not all annuities allow early withdrawals and some will have a waiting period before you can take the money out if you leave your job. By keeping track of each deposit, you can also ensure that there are no mistakes made or money missing.

#3 Check the Laws Governing Marriage, Divorce, and Annuities

Each state has its own rules governing the disbursement of the funds. Some states award half to a divorced spouse after ten years of marriage. If you were married for more than ten years, your spouse may get half of each month's payment if it was ordered during the divorce. Make sure you understand the laws that govern marriage, divorce, and annuities, or you could find you're getting a lot less money than you thought.

In Closing

It's best to contact the company that handles your annuity with any questions you may have. Most companies will provide an automated number that you can call 24 hours a day to find out your balance and anticipated payments. You should also receive monthly or quarterly statements. Keep all of this, as it may come in handy in the future.

by: Steven Magill

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