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Inheriting an annuity can be a complicated process and can give you a hefty tax bill, or possibly even knock you into a higher tax bracket. If youâve inherited an annuity, your best bet is to talk to a qualified financial professional in Retirement HQâs network to see what your options are. Retirement HQ and their network of insurance and financial professionals do not offer tax or legal advice.
An annuity is a financial product which gives you a guaranteed income for life when you retire. Because pension savings donât automatically do this, some people decide to use these savings to buy a retirement income product. An annuity is one of the options youâll have if you want to do this.