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pay a fee based on the amount withdrawn.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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Long-term care services, assisted living, home care, rehabilitation, and extended medical support can become very costly over time.Bankers Life educational articles frequently discuss the importance of preparing for long-term care and healthcare expenses before a crisis happens.-Planning ahead may help:-Protect retirement savings-Reduce stress on family caregivers-Preserve financial independence-Prevent sudden financial hardship-Create more healthcare choices later in lifeLong-term care insurance, supplemental health insurance, and life insurance may all play important roles in a complete retirement strategy depending on each familys situation.Managing Inflation and Rising CostsInflation can quietly reduce purchasing power over time, especially for retirees living on a fixed income. Everyday expenses such as groceries, utilities, medications, housing, and transportation may become significantly more expensive during retirement years.Bankers Life explains that inflation planning is an important part of protecting retirement savings and maintaining financial stability. Diversifying investments, reviewing financial strategies regularly, and planning for changing economic conditions can help retirees prepare for rising costs.For many families, this is why financial planning is not a one-time conversation. It is an ongoing process that may evolve as goals, health needs, and life circumstances change.-Retirement Planning for Every Stage of Life-Financial planning is valuable whether someone is:-Still working and saving-Preparing to retire within a few years-Already retired-Helping aging parents-Recovering financially after life changes-Managing inheritance or estate planning decisionsAccording to Bankers Life educational resources, planning ahead can help individuals feel more prepared and empowered at every stage of retirement.Some retirees focus on generating dependable income streams. Others prioritize protecting assets, reducing taxes, or preparing for future healthcare needs. Every familys financial picture is unique, which is why personalized guidance can be so valuable.Financial Education Helps Families Make Better DecisionsOne of the most important parts of retirement assistance is education. Many people were never taught how retirement income, Medicare, insurance, investments, or long-term care planning actually work.Bankers Life emphasizes financial education through articles, tools, videos, and retirement resources that help individuals better understand important financial topics. Their educational content covers areas such as:-Retirement income strategies-Roth conversions-Estate taxes-Inflation planning-Medicare enrollment-Investment planning-Long-term care preparation-Financial literacy for retireesUnderstanding these topics can help families avoid costly mistakes and feel more confident when making financial decisions.The Importance of Planning AheadOne of the biggest financial mistakes many people make is waiting too long to plan. Unexpected illness, healthcare expenses, market downturns, or the loss of a spouse can quickly change a familys financial situation.Planning ahead may help:Protect loved ones financiallyReduce stress during emergenciesCreate more financial flexibilityPreserve retirement assetsPrepare for healthcare changesSupport future generationsThe earlier financial conversations begin, the more options families may have available later.Helping Families Navigate Retirement with ConfidenceBankers Life focuses on helping Americans prepare for retirement through insurance products, retirement education, and financial guidance tailored to individual goals and needs. The company works with more than one million customers annually and provides support related to retirement income, healthcare planning, insurance protection, and financial security.For seniors, retirees, adult children, and caregivers, financial planning is about more than numbers. It is about protecting quality of life, maintaining independence, and creating confidence for the future.Families searching for help with retirement planning, retirement income strategies, personal finance education, long-term care planning, life insurance, Medicare guidance, or financial security for aging adults can benefit from learning more about the educational resources and retirement-focused solutions available through Bankers Life.