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Fidelity Annuities

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LAST UPDATED: February 23rd, 2021

As a Financial Services juggernaut, Fidelity is committed to helping people live the lives they want by making its knowledge and financial expertise easily accessible. 

Fidelity offers a myriad of services, including financial planning and retirement options such as IRAs, brokerage and cash management products, managed accounts, college savings accounts, and retirement annuities – including deferred fixed annuities, immediate fixed income annuities, deferred income annuities, and variable annuities.

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The Good

  • Variety of Annuities
  • Eligible Online Withdrawals
  • General Information

Variety of Annuities

Fidelity offers six types of annuities. Depending on your financial situation and position in life, some annuities may be a better fit than others. We recommend getting a basic idea of each product and then speaking with a Fidelity representative for more specific information. 

Fidelity Personal Retirement Annuity

  • Minimum Investment — $10,000
  • Fees 
    • 0.25% for contracts purchased with an initial investment of less than $1 million (or which have not yet accumulated $1 million)
    • 0.10% for contracts purchased with an initial investment of $1 million or more (or which have accumulated $1 million or more)
    • Fund fees
  • Annuity Type — Variable

With this contract, you can choose your investment style: Fidelity allows you to be as hands-off or hands-on as you'd like. Or (if neither option suits you), Fidelity lets you choose from portfolio funds that focus on different market sectors, like real estate, technology, energy, and more.

New York Life Premier Variable Annuity – P Series

  • Minimum Investment — $25,000
  • Fees 
    • 1.90 Percent
    • Fund fees 
  • Annuity Type — Variable

Guarantees the return of your initial investment at the end of the 10-year holding period,
regardless of market performance, minus the impact of any withdrawals.

Deferred Fixed Annuities

  • Minimum Investment — $5,000
  • Fees 
    • Interest rate is net of implicit fees
    • Market value adjustment (MVA) and/or surrender charges may apply
  • Annuity Type — Fixed

This annuity has a set interest rate for anywhere between 3 and 10 years (regardless of how the market performs). 

Deferred Income Annuities

  • Minimum Investment — $10,000
  • Fees 
    • Income payments are net of implicit fees
  • Annuity Type — Deferred Income Annuity

Income start date can be changed up to two times and additional premium payments in the deferral period can boost future income. Keep in mind the fine print and familiarize yourself with all the terms and conditions that may apply. 

New York Life Clear Income Fixed Annuity – FP Series

  • Minimum Investment — $50,000
  • Fees 
    • Income payments are net of fees
    • Annual fee is 0.75% of accumulation value
    • MVA and/or surrender charges may apply
  • Annuity Type — Fixed

This guarantees lifetime income, starting immediately or in the future. If you choose to receive income in the future, you will receive higher income the longer you defer (up to 10 years). 

Immediate Fixed Income Annuities

  • Minimum Investment — $10,000
  • Fees 
    • Income payments are net of fees
    • Surrender charges may apply
  • Annuity Type — Fixed

Guarantees income is available for you individually or for you and another person.

Eligible Online Withdrawals

Fidelity allows you to make the following annuity transactions online:

  • Withdraw from your variable tax-deferred annuity, and direct the proceeds to a non-retirement Fidelity brokerage account SSN as the annuity contract. Generally, the funds from the withdrawal are available in two to three business days.
  • Withdraw from a variable tax-deferred annuity, direct the proceeds to a non-retirement Fidelity mutual fund account with the same SSN as the annuity. The proceeds can then be used to buy shares in an existing mutual fund held in the non-retirement account. Generally, the proceeds from the withdrawal are available in two to three business days.
  • Direct the proceeds to a bank account associated with your annuity. Generally, the funds are available in three to five business days.

General Information

If you're interested in learning more about annuities in general, Fidelity can help. The company's website has plenty of information about general annuity information. You can sift through blog articles, videos, guides, and more. 

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The Bad

  • Overwhelming Amount of Information

Overwhelming Amount of Information

While browsing Fidelity's website, it's easy to become lost in all the products, services, and information the company has to offer. Additionally, there are so many terms and conditions for each annuity product that it is often difficult to know precisely what it is you're signing up for.

Although we appreciate Fidelity providing consumers with the information, we wish it was a bit more palatable. Because the website just has so much information, we believe it's best to call and speak with a financial advisor. That way, you can get more detailed information on only the products and services that apply to your financial situation. 

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The Bottom Line

Fidelity is a great place to start if you're interested in learning more about retirement planning and annuities. The company has been helping people with their finances for over 70 years and its low-fee annuities is one way you can increase your retirement income.

We appreciate that Fidelity offers several types of annuities. Still, since there are so many terms, conditions, and stipulations, we highly recommend consumers consult with a financial advisor before making a firm decision.

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