If you buy an annuity and just let it sit there collecting interest for decades, what eventually happens to it?

Every annuity contract has a built-in "Maturity Date" (usually set far in the future, like when you reach age 85 or 90). When you finally hit that date, the insurance company will require you to make a decision about your money—and you typically only have a 30-day window to do it!

In this quick video, Shawn Plummer from The Annuity Expert breaks down exactly what happens when your annuity matures. You will learn the three primary choices you have: cashing it in, moving it to another account, or annuitizing it. Shawn also issues a massive warning about why you should almost never choose the annuitization option, which forces you to hand over your cash value to the insurance company!

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