Liquidating annunities asterisk dns not updating


14-Dec-2019 14:04

An annuity is a contract between you and an insurance company that is designed to meet retirement and other long-range goals, under which you make a lump-sum payment or series of payments.In return, the insurer agrees to make periodic payments to you beginning immediately or at some future date.Therefore, you'll pay tax on every dollar until you're only left with your initial investment.After you've withdrawn all your earnings, you can then withdraw your initial investment free of tax.Annuities can be complex, and tax consequences aren't always clearly stated when you buy an annuity.Nevertheless, there are ways you can control your tax liability and make the most of the annuity contracts you own.If you take money out of an annuity before you turn 59-1/2 and you don't qualify for any exceptions to the general rule, then you will have to pay an additional 10% penalty on the withdrawal on top of the taxes that result from adding the withdrawal to your taxable income.

We do the work for you by comparing annuities from more than 150 insurance company websites including New York Life, Met Life, Mass Mutual, Nationwide, Pacific Life, Principal, and many others.

Taking money early The other major tax consequence has to do with the retirement-related nature of annuities.



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