Accessing Your Annuity Early? What You Should Know First
Bankers Life, Sherry Einhaus
For more information about the author, click to view their website: Bankers Life Sherry Einhaus LTC
Jul 23, 2026
Pennsylvania - Greater Pittsburgh Area
Many people include annuities in their retirement
strategy—but aren’t always clear on how surrender periods work. Understanding
this key feature can help you avoid unnecessary fees and make more informed
decisions about your money.
Why Many Retirees Choose Annuities
Annuities are often part of a retirement strategy because of
the benefits they can provide over time. Research
from BlackRock found that annuity owners value the financial security
of guaranteed lifetime income, with 97% saying it helps them worry less about
running out of money and 93% saying it helps reduce concerns about everyday
expenses. Additionally, many report feeling more confident during market
volatility and less vulnerable to financial missteps later in life. Together,
these features can provide greater peace of mind—especially for those looking
to create a more predictable income stream in retirement.
What Is an Annuity Surrender Period?
An annuity surrender period is the length of time after
purchase during which withdrawing more than the allowed amount may trigger a
fee, known as a surrender charge.
Think of it as a waiting period: If you access too much of
your money too soon, you could pay a percentage-based fee on those withdrawals.
How Long Does a Surrender Period Last?
Surrender periods vary by product and insurer, but most fall
within a typical range:
- 3–10
years for many annuities.
- Fixed
annuities often fall on the shorter end.
- Variable
or indexed annuities may have longer timelines.
The exact schedule—and any penalties—should always be
outlined in your contract.
Related: Types
of Annuities Explained: Evaluating Your Retirement Income Options
How Surrender Charges Work
If you withdraw funds during the surrender period, you may
pay a fee based on the amount withdrawn.
- Charges
are typically a percentage of the withdrawal amount.
- Fees
are usually highest early on and decrease each year.
- Many
contracts allow limited penalty-free withdrawals, often around 10%
annually.
For example, a surrender charge might start around 6–9% in
the first year and gradually decline until it reaches 0% at the end of the
period.
What Are the Benefits of Waiting?
While it can be tempting to access your funds early, there
are several advantages to waiting until the surrender period ends:
- Avoid
surrender charges: Once the period is over, you can typically withdraw
your full balance without incurring fees.
- Give
your investment more time to grow: Annuities grow on a tax-deferred basis,
meaning earnings aren’t taxed until withdrawn—allowing more potential for
compounding over time.
- Take
full advantage of your contract: Surrender periods exist in part to
support features like guaranteed rates or income benefits, which are
designed for longer-term use.
What Happens If You Withdraw Early?
Withdrawing funds before the surrender period ends can come
with added costs:
- Surrender
charges, often around 5–10% (or more in some cases).
- Possible
additional fees outlined in your contract.
- Potential
tax implications, depending on your situation.
Because these costs can add up, it’s important to review
your annuity terms carefully before making a withdrawal.
Key Takeaways
- A
surrender period is a temporary restriction on accessing your annuity
funds without fees.
- Most
last between 3 and 10 years, with charges that decline over time.
- Waiting
out the surrender period can help you avoid fees and maximize growth.
- Always
review your contract to understand withdrawal limits and fee schedules.
Next Steps
If you’re thinking about withdrawing from your annuity:
- Contact
your provider to understand your specific surrender schedule and fees.
- Review
any penalty-free withdrawal options.
- Weigh
the cost of withdrawing now vs. the benefit of waiting.
Taking a few extra steps now can help you avoid
surprises—and make the most of your retirement strategy.
Want more? Check out our blog, Get
to Know the Annuity, a Key Retirement Savings Vehicle
We’re Here for You!
Bankers Life is here to help customers with their financial
and insurance needs so please visit us at BankersLife.com to
learn more.
Bankers Life Securities, Inc., Bankers Life Advisory
Services, Inc., and their representatives do not provide legal or tax advice.
Each individual should seek specific advice from their own tax or legal
advisors.
This material is for general information only and is not
intended to provide specific advice or recommendations for any individual.
There is no assurance that the views or strategies discussed are suitable for
all investors. To determine which investment(s) may be appropriate for you,
please consult your financial professional prior to investing.
Bankers Life is the marketing brand of various affiliated
companies of CNO Financial Group including, Bankers Life and Casualty Company,
Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc.
Non-affiliated insurance products are offered through Bankers Life Securities
General Agency, Inc., (dba BL General Insurance Agency, Inc., AK, AL, CA, NV,
PA).
Securities and variable annuities offered through Bankers
Life Securities, Inc. Member, FINRA/SIPC (dba BL Securities Inc., AL, GA, IA,
IL, MI, NV, PA). Advisory products and services offered by Bankers Life
Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory
Services, Inc., AL, GA, IA, MT, NV, PA).
Investing involves risks including possible loss of
principal. No investment strategy or risk management technique can guarantee
return or eliminate risk.
Investments are: Not Guaranteed—Involve Risk—May Lose Value.
- To view the original version of this article visit www.bankerslife.com/insights/personal-finance/accessing-your-annuity-early-what-you-should-know-first/
- Seniors Blue Book was not involved in the creation of this content.
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This option is often chosen by families who want affordable protection during working years or while paying off a mortgage.-Whole Life InsuranceWhole life insurance provides lifelong protection and may build cash value over time. Many people choose whole life insurance for long-term security and guaranteed coverage.-Universal Life InsuranceUniversal life insurance offers flexibility and can sometimes be adjusted as needs change throughout retirement or different life stages.-Final Expense InsuranceFinal expense insurance is designed to help cover funeral costs, burial expenses, and unpaid medical bills. This option is especially popular among seniors who want to avoid placing financial strain on loved ones.The Importance of Long-Term Care PlanningMany families focus on life insurance but forget about another important piece of planning: long-term care. As people age, they may eventually need assistance with daily activities, home care, assisted living, or skilled nursing support.Long-term care costs can quickly drain retirement savings if families are unprepared. According to information provided by Bankers Life, long-term care insurance may help provide flexibility and independence while helping cover costs associated with aging and healthcare needs.Planning ahead for long-term care may help seniors:-Protect retirement savings-Reduce financial stress on family caregivers-Maintain greater independence-Access quality care options-Prepare for unexpected health changesFamilies in Pittsburgh, Bethel Park, Mt. Lebanon, Upper St. Clair, Peters Township, and surrounding communities are increasingly recognizing the importance of preparing for both retirement and future healthcare expenses.Retirement Planning for Todays SeniorsRetirement should be a time to enjoy family, hobbies, travel, and peace of mind not constant worry about finances. That is why retirement planning and insurance protection often work hand-in-hand.Bankers Life offers products and services designed to help individuals nearing retirement or already retired prepare for:-Income protection-Healthcare expenses-Estate planning goals-Financial security for spouses-Legacy planning for children and grandchildrenFor many families, retirement planning is not only about investments. It is about creating a complete strategy that protects the people and assets they value most.A Local, Personalized ApproachOne reason many people prefer working with a local insurance professional is the personal relationship and guidance they receive. Insurance decisions can feel overwhelming, especially when navigating retirement, Medicare questions, or long-term care concerns.Local Pittsburgh-area agent Sherry Einhaus understands the importance of taking time to listen, educate, and help clients make informed decisions based on their goals and comfort level. Rather than using confusing financial jargon, the focus is on helping families understand their options clearly and confidently.That personalized approach can make all the difference for seniors and adult children who are trying to make smart financial decisions for the future.Start the Conversation Before a Crisis HappensMany families wait too long to discuss life insurance, retirement protection, or long-term care planning. Unfortunately, unexpected illness, accidents, or financial emergencies can happen at any time.Starting the conversation now may help:-Reduce stress later-Protect loved ones financially-Avoid rushed decisions-Preserve retirement savings-Create a clear plan for the future-Planning ahead is one of the greatest gifts someone can give their family.Helping Pittsburgh Families Prepare for the FutureFor generations, Bankers Life has focused on helping Americans prepare for retirement and protect their financial future through insurance and retirement solutions. Whether you are exploring life insurance for the first time, reviewing existing coverage, preparing for retirement, or helping aging parents make important decisions, having a trusted local resource can help simplify the process.Families throughout Pittsburgh and surrounding communities can benefit from learning more about:-Life insurance for seniors-Retirement income protection-Long-term care insurance-Final expense planning-Medicare supplement insurance-Financial planning for aging adults-Legacy and estate planning strategies-Insurance options for families and caregiversTaking action today may help provide security, confidence, and peace of mind for tomorrow.