No. One of the big differences between Relay’s Planned-Spend Account and other annuity products in the market is that there are no penalties for withdrawing funds early from your Planned-Spend Account. However, to withdraw funds beyond your monthly payouts, you must withdraw your entire Planned-Spend Account balance (which will be the "commutation value" of the contract - the present value of remaining payments), at which point your contract with Guggenheim Life and Annuity Company will be terminated. Planned-Spend Account balances withdrawn will not be eligible for cashback rewards.
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Articles in this section
- What is a Planned-Spend Account?
- How safe is the money in my Planned-Spend Account?
- Is the Relay Planned-Spend Account a non-qualified or qualified annuity?
- Does my initial lump sum earn interest?
- I didn’t receive my payout. What should I do?
- Can I add more funds into my Planned-Spend Account?
- If I wish to withdraw my Planned-Spend Account balance, will my funds be subject to surrender fees?
- What would happen to my Planned-Spend Account if I were to die?
- How do I close my Planned-Spend Account?
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