8:00 AM Central Time is 7:00 AM Mountain Time. Mountain Time is one hour behind Central Time.
In 2009, Ted purchased an annuity for $60,000. The annuity is to pay him $1,500 per month for the rest of his life. His life expectancy is 120 months. A). Ted is not required to recognize any income until he has collected 40 payments (40 $1,500 = $60,000).
If you purchase the annuity in 2013, you are free of surrender charges by 2020. Annuity B charges surrender fees based on the date of each premium payment. It also has a seven-year surrender period starting at 7% and dropping a percentage point each year.The first year's payments are free of surrender charges in 2017.here are a few vendors that offer annuities with minimal or no surrender fees. More typically, annuities have a surrender schedule that lasts six or seven years. The fee may start at about 6% or 7% initially, then decrease each year until it reaches zero. Some have much higher fees and/or longer terms.