You should be able to surrender the contract or take out cash value without any problems depending on how long ago you purchased it. Most annuities will have a surrender charge for 1 to 10 years after you buy them. The age to take withdrawals without the 10% government penalty is NOT 65. It is 59 1/2.
April 1st, 2009 at 11:42 pm
If you are trying to get cash you can use now you can use the annuity as collateral for a loan. You can sell any security within an IRA but you cannot take disbursements until age 65 without paying a penalty which negates the tax-deferred status of your IRA savings.
References :
April 1st, 2009 at 11:56 pm
You should be able to surrender the contract or take out cash value without any problems depending on how long ago you purchased it. Most annuities will have a surrender charge for 1 to 10 years after you buy them. The age to take withdrawals without the 10% government penalty is NOT 65. It is 59 1/2.
References :