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9 Questions Every Smart Retiree Should Ask About Their Annuity Before Making Another Move

November 10, 2025

You’ve worked a lifetime to build your wealth. Now you’re focused on protecting it, preserving income, and ensuring that your money lasts as long as you do.

For many retirees and pre-retirees with over $500,000 in investable assets, annuities seem like the answer to peace of mind. But here’s the truth — most people who own annuities don’t fully understand what they actually have. And that lack of clarity can quietly cost tens of thousands of dollars in fees, lost growth, and missed opportunities.

At Patria Wealth Group, we believe confidence in retirement comes from clarity. Before you make another decision about your annuity, make sure you can confidently answer these nine critical questions.

1. What type of annuity do I actually own?

Not all annuities are created equal. Fixed, indexed, variable, immediate, or deferred — each works differently, and not every type aligns with your financial goals. Understanding what you own is the first step toward knowing whether it’s serving you or the insurance company.

2. How much am I really paying in fees?

Annuity contracts often include layers of hidden costs — administrative fees, rider expenses, mortality and expense charges, and more. These fees quietly eat away at your returns. Knowing exactly what you’re paying is the key to knowing whether your annuity is still working for you.

3. When can I access my money without penalty?

Some annuities lock your funds for seven to ten years or longer. Liquidity matters, especially when life changes or new opportunities arise. You should know exactly when and how you can access your funds without triggering unnecessary penalties.

4. How much guaranteed income will I actually receive?

Every retiree wants reliable income. But not every “guaranteed income” is the same. Find out when your payments start, whether they increase over time, and if they keep up with inflation. Clarity here ensures your retirement income truly lasts.

5. How strong is the company backing my annuity?

Your guarantees are only as secure as the insurer providing them. Review your carrier’s financial strength ratings from agencies such as A.M. Best or Standard & Poor’s. If the company’s rating drops, your income stream could be at risk.

6. What happens to my annuity when I pass away?

Some annuities end with you, while others continue income for a spouse or heirs. The wrong setup could unintentionally reduce what your loved ones receive. Understanding your contract’s beneficiary options is essential for proper legacy planning.

7. How does my annuity fit into my overall retirement plan?

An annuity should support your broader financial strategy, not exist in isolation. The right approach coordinates annuities with investments, tax-efficient withdrawals, and Social Security to create sustainable, predictable income throughout retirement.

8. Are there newer annuities with better features?

The annuity landscape changes quickly. Many retirees hold outdated contracts with higher fees and lower benefits. A professional review can reveal if modern solutions could provide more flexibility, stronger guarantees, or higher income.

9. Who is really advising me — and how are they compensated?

Transparency matters. Some advisors are paid through commissions, others by fees. Understanding your advisor’s incentives helps you see whether their advice is designed for your benefit or someone else’s.

Take Control of Your Retirement Income

Annuities can be valuable tools for generating stability and protection, but only if they’re structured and managed correctly.

At Patria Wealth Group, we help successful retirees uncover what’s really inside their annuities. Through an independent annuity review, we analyze fees, evaluate guarantees, and identify opportunities to strengthen your retirement plan.

You’ve built your wealth with intention. Now it’s time to protect it with clarity.

Schedule your personalized annuity review with Patria Wealth Group today — and discover whether your annuity is truly working for you.