Steps to Perform an Annuity Plan Evaluation

Annuity schemes are a valuable financial instrument for individuals pursuing a consistent income stream throughout their retirement. However, annuity plans such as F&G Annuity are essential to ensure they align with your financial goals and objectives. This article will guide you through conducting an annuity plan review, emphasizing the importance of maintaining a secure and prosperous financial future. 

Understanding Your Annuity Plan 

Before delving into the review process, it is crucial to learn more about annuity plan’s terms and features. Annuities are available in diverse forms, including fixed, variable, and indexed options, each possessing distinct attributes and features. Familiarize yourself with the specifics of your plan, including the payout structure, payment frequency, and any associated fees. 

Setting Clear Objectives 

A successful annuity plan review begins with setting clear financial objectives. Determine your aims and achieve them with your annuity plan, whether supplementing your retirement income, covering specific expenses, or providing for your beneficiaries. Having well-defined goals will serve as a benchmark for evaluating the effectiveness of your annuity. 

Assessing Performance 

One of the primary reasons for conducting an annuity plan review is to assess its performance. Analyze the returns generated by your annuity plan over the years, comparing them to your initial expectations. Ensure that your annuity plan meets your income needs and long-term financial goals. 

Reviewing Fees 

An often overlooked aspect of annuity plans is the associated fees. If applicable, examine the fee structure of your annuity contract, including surrender charges, administrative fees, and investment management fees. Ensure that these costs are reasonable and do not erode your returns excessively. 

Evaluating Risk Tolerance 

If you hold a variable annuity, it’s essential to assess your risk tolerance periodically. As financial circumstances and goals evolve, your risk tolerance may also change. Ensure that your investment choices within the annuity align with your current risk profile and comfort level. 

Beneficiary Designations 

Review and update your beneficiary designations regularly. Life-changing events like marriages, divorces, or losing loved ones may require you to reconsider and adjust your chosen beneficiaries. Ensuring that your annuity plan reflects your current intentions will help avoid complications in the future. 

Tax Considerations 

Annuities often have tax implications that should be considered during your review. Evaluate how your annuity plan affects your overall tax situation, including any taxable income generated from withdrawals or annuitization. Consult with a tax advisor if necessary to optimize your tax strategy. 

Assessing Market Conditions 

External factors such as economic conditions and interest rates can impact the performance of your annuity plan. Monitor the wider financial environment and consider how these elements could impact the performance of your annuity. Modify your strategy as required to accommodate shifts in market conditions. 

Annuity Riders and Options 

Many annuity plans offer riders additional options that can enhance their flexibility and benefits. Review your annuity contract to see if you have any riders in place, such as income or death benefit riders, and assess whether they still align with your objectives. 

Seeking Professional Guidance 

Conducting a thorough annuity plan review can be a complex process. Exploring the guidance of a seasoned financial advisor with expertise in annuities can offer valuable insights and recommendations, aiding you in making well-informed decisions. 


Retirement plans like F&G Annuity are crucial in maintaining financial security and achieving your retirement goals. By understanding your annuity, setting clear objectives, and regularly assessing its performance, fees, and risk tolerance, you can ensure that it continues to serve your financial needs effectively. Additionally, staying informed about market conditions and tax considerations and seeking professional guidance when necessary will contribute to a successful annuity plan review. Remember that periodic reviews are essential to adapt your annuity plan to your evolving financial circumstances, helping you secure a prosperous retirement.