Should We Cash Out Our Variable Annuity to Pay Off Debt?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Business, Investing

4.6 • 3.6K Ratings

🗓️ 15 October 2025

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVester.
0:08.0	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVester.
0:14.0	Valerie's in Minneapolis.
0:15.5	Hi, Valerie.
0:16.0	How are you?
0:17.0	Hi.
0:17.4	I'm good.
0:17.7	Thanks.
0:17.9	How are you guys?
0:18.5	Better than we deserve.
0:19.6	What's up?
0:20.5	Great. Well, I'll try and keep it quick. I had a question.
0:23.6	My husband and I were talking about an annuity that I purchased after the sale of a property a few years ago.
0:29.8	My advisor recommended that we buy this $25,000 annuity.
0:34.9	This was before we were married.
0:36.4	And I was wondering in baby step two,
0:38.8	would you treat that kind of like, you know, in the same category as insurance or something
0:43.7	like that where we just get rid of it to help us knock down that debt in baby step two.
0:50.5	Well, I would certainly learn more about it to make the decision.
0:54.5	How long have you had it?
0:56.1	I bought it in 2021, and it was supposed to mature when I turn, I think, 65.
1:02.9	I believe it's a variable rate annuity, and it was supposed to be like a guaranteed payout
	...

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