Many people buy annuities according to their agent's recommendations. However, many people do not even know what they own. It is a good idea to take inventory of your investments, and particularly your annuity. It is important to understand what your annuity can and cannot do and what features it has. Here are some of the things you definitely must be sure to know about your annuity:

1. What interest rates are you currently getting?

2. Are the interest rates getting worse?

3. What is the rating of your insurance company? (Critical)

4. What are your surrender charges?

5. Is your principal ever at risk?

6. What retirement & income options does your annuity have? 7. Is your annuity Medicaid Friendly?

8. Did you properly designate your beneficiary annuitant and even ownership of your annuity?

9. How safe is your annuity?

10. Is your annuity subject to double taxation?

12. What is your minimum guarantee?

13. Are you eligible for a 1035 exchange?

14. What happens in the event of your death? Are your beneficiaries entitled to all of the money or are there penalties?

This is a good beginning inventory list. These questions are important in assuring you are doing what is right for you. As we said before, the best annuity is the one that is best for YOU. And by taking inventory of what you own, you can now assess it against your own goals and make sure there is a match.

By the way, this is a good process to go through periodically. As you know, your needs change over time. And as they change, you must make sure your investments are always in line with your goals. If they are, great. If they aren't, well, change your goals---or change your investments! But make sure there is a match.

Hopefully this helps. And remember, it's not what you know; it's what you do with what you know. If this makes sense, then pull your annuities out and take inventory. There is no better time than the present.