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Can you take the income from a qualified annuity and transfer it to another qualified annuity?

Can you take the income from a qualified annuity and transfer it to another qualified annuity? We have taken the free withdrawal amount from a qualified annuity to another but not the income.

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May 2019

Hello,

If you’re asking if you can transfer an annuity to another annuity, a 1035 exchange can do that.  Make sure you’re out of the surrender period before doing so.

Your question asked about taking the withdrawal amount from one annuity to fund another, and I don’t see why not since they’re both non-qualified.  Essentially, you’re funding the second annuity with the first one. I guess you see the second one has some robust growth and nice features that the first one couldn’t match.  In that case, why not just do the 1035 exchange and transfer the entire annuity?

At my practice, we offer a free review to show what benefits, features, and pros and cons you have with the existing annuity.  Thus, we can tell you either you have an awesome plan already or what you could have (additional benefits, less fees etc.) with the same amount of premium.  We’re here to assist.  Best!

 

May 2019
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