You’re driving a 1998 sedan. The air conditioning is broken. The radio only plays AM. The windows are manual. But you’re still making payments. Why? Because you didn’t know you could refinance. Your annuity is no different.
In this episode of Strategies for Retirees, retirement planning specialist Brandon Clarke joins John Michael Chambers to reveal the truth: you are not trapped in your underperforming annuity. Whether it’s a variable annuity with high fees, a fixed annuity with a locked rate, or an income annuity you no longer need, there is a way out—and it’s tax-free.
The secret is the 1035 exchange—an IRS code that allows you to exchange one annuity for another without triggering a taxable event. And with the new generation of bonus annuities offering upfront additions of 20% to 26%, you can overcome surrender charges and improve your financial position in a single move.
Clarke breaks down the refinancing formula: compare your initial premium, accumulated value, withdrawals, and surrender penalty. If your growth has outpaced the penalty—or if a bonus can offset it—an upgrade is not just possible, it’s financially wise.
NOTICE: Many frauds weigh in as me (JMC). I NEVER promote or sell any QFS, Crypto, wallets etc. These people are reported as fraud and are banned, but new ones crop up every week.
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NOTICE: Many frauds weigh in as me (JMC). I NEVER promote or sell any QFS, Crypto, wallets etc. These people are reported as fraud and are banned but new ones crop up every week.
