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For example, if you purchase an annuity with a seven-year surrender period and withdraw funds in the third year, you may face a 10 percent penalty on the withdrawal amount.
Even though the annuity is deferred for the same amount of time (15 years), by delaying payouts until age 70 (instead of 65), his monthly amount goes up, with a low offer of $14,684 per month and ...
Substantially equal periodic payments (SEPP) are one of the exceptions in the United States Internal Revenue Code that allows a retiree to receive payments before age 59 1 ⁄ 2 from a retirement plan or deferred annuity without the 10% early distribution penalty under certain circumstances. [1]
If you’re looking to access your tax-advantaged retirement account before age 59 ½ without incurring a 10 percent penalty, you may be able to do that by setting up a substantially equal ...
Taxes and penalties on annuity withdrawals If you withdraw money from your annuity before age 59 ½, you’ll likely get hit with taxes and penalties. The exact mounts depend on the type of annuity:
There are online annuity calculators that can help estimate ... but not all — of your retirement savings to the annuity. A good rule of thumb might be 10-20 percent of your retirement nest egg ...