Pennsylvania is one of the most retirement-friendly states in the country on taxes — it doesn't tax your Social Security, pension, or qualified retirement-account income. Don't take our word for it: ask any AI whether March 2022 matters for annuity owners, then get the one answer a machine can't give you — whether yours is still any good. A free, no-obligation Annuity Fiduciary Second Opinion for Pennsylvania residents. Sometimes the honest answer is "keep exactly what you have."
In about three minutes: what March 2022 changed, why holding an older contract can quietly cost you, and how a fiduciary second opinion works. Then decide if 15 minutes with us is worth it.
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Open Google, ChatGPT, or any assistant you trust, and ask it one question. It has no reason to care whether you ever call us — which is exactly why the answer is worth having.
“Is March 2022 a significant date for owners of annuities?”
You'll get the same answer everywhere: yes. In March 2022 interest rates began a historic climb, and because annuities are priced off interest rates, a contract bought before then was built at the very bottom of the cycle.
AI and search results vary, can be wrong, and are not endorsements of The WealthKare Investment Center. Use them as a prompt to look closer, not as a diagnosis.
For years, interest rates sat near zero. In March 2022 the Federal Reserve began raising them, fast, ending the near-zero era. An annuity sold before that shift was designed at the bottom of the cycle — often lower income, lower rates, and weaker terms than the same money could command afterward. It doesn't automatically make your annuity bad. It makes it worth an honest look.
Built when rates were near zero — the terms, income, and crediting were anchored to a world that has since changed underneath the contract.
As rates climbed through 2022–2023, insurers could offer meaningfully more competitive income and growth designs. Worth comparing — not switching for its own sake.
Comparisons are general and not a promise of any specific rate or result; terms vary by insurer, product, and date.
Everything you've been taught about investing rewards patience — buy and hold, don't touch it, let it ride. For your market money, that's exactly right: as markets and rates rise, your money keeps pace. But an annuity is different. Its rate, its caps, and its income were locked the day you signed. A stock index updates itself to today every morning; your annuity doesn't. So the same patience that grows your portfolio can quietly hold an older annuity back — leaving newer, post-2022 terms on the table.
Buy and hold. Time in the market compounds in your favor, and rising rates lift what your cash and bonds can earn.
Frozen at signing. Holding it simply keeps yesterday's terms — which is exactly why it's worth comparing to what the same money could do today.
Not a recommendation to exchange any contract. Whether to keep, adjust, or replace depends on your specific contract and situation; a 1035 exchange may involve surrender charges and a new surrender period.
Pennsylvania has one of the oldest populations in the country, which means more annuities per capita — and plenty of older, pre-2022 contracts still sitting in drawers. Three things make an honest look worth your time here specifically.
Pennsylvania is one of the few states that doesn’t tax Social Security, pensions, or qualified IRA and 401(k) income once you’ve retired. The state’s flat 3.07% tax falls on wages and investment income — not the retirement paychecks you live on. So guaranteed lifetime income you turn on in retirement lands in a state that leaves it alone; worth confirming you own the best version of it.
Pennsylvania’s Best Interest annuity standard (Act 99 of 2021, effective June 2022, following the NAIC model) requires a recommendation to be in your best interest based on your age, income, assets, and situation — and a replacement contract carries a 20-day free-look for a full refund (31 Pa. Code Ch. 81). A fiduciary second opinion is how you hold the contract you already own to that bar.
Unlike many states, Pennsylvania has an inheritance tax — 0% to a spouse, 4.5% to children and grandchildren, and up to 15% to others. How your annuity’s death benefit is titled and who you name as beneficiary can change what your family actually keeps — so it belongs in the review alongside the contract itself.
An upgrade is worth more in a state that leaves your retirement income alone.
Because Pennsylvania doesn’t tax retirement income, when a newer, post-2022 contract can pay more guaranteed income or credit more growth, more of that improvement actually stays with you. And because Pennsylvania does levy an inheritance tax, getting the beneficiary structure right means more of it reaches your family instead of the Commonwealth. We’ll help you weigh both at once — the income upgrade and the legacy — and your tax professional can confirm the specifics for your situation.
Tax treatment described is general information for Pennsylvania residents, not tax advice; consult your tax professional. Treatment of non-qualified annuities can differ. Statutory references are for education and may change.
Answer honestly. If you can answer all four and like the answers, keep exactly what you have. If you can't, that uncertainty is your reason to look.
1. Do you know what your annuity is crediting you today — in real numbers?
2. Do you know what you're paying in fees and riders each year — and what it's costing you?
3. Do you know how much guaranteed lifetime income it would produce if you turned it on now?
4. Do you know what happens to the balance when you pass — your family, or the insurer?
Prefer to review it yourself online first? Go to HonestAnnuityReview.com.
There are really only three reasons people talk to us about annuities. Pick your door.
Turn a portion of your savings into guaranteed lifetime income — an income floor beneath the rest of your plan.
Explore income →Protect a slice of principal from market losses while still capturing some upside. The details decide whether a design is good.
Explore safe growth →A documented, both-sides review of the contract you already have, powered by our AnnuityDataPRO™ analysis.
Start your 2-minute Second Opinion →Bring your annuity statement. We run the four questions against your real contract and lay the pros and cons side by side — from The WealthKare Investment Center, an SEC-registered fiduciary firm. Sometimes the honest answer is "keep exactly what you have."
Serving Pennsylvania retirees statewide. Pick a time below, or use the short form and we'll reach out. No cost, no obligation, no pressure — and if your annuity is already a great fit, we'll tell you that plainly.
Prefer to talk first? Call or text 888-888-5901, book your consult at LetsTalkAnnuities.com, or explore everything at Annuity911PA.com.