Who lends money on retirement annuities?

Who lends money on retirement annuities have annuity with neap that can be withdrawn at age 55 which is a yr away but I need money now Asked by heyjill 4 months ago Similar questions: lends money retirement annuities Business > Insurance.

Similar questions: lends money retirement annuities.

Nobody that I know of. But you may be able to go to a bank and assign part of the annuity to them as collateral. You could then pay the loan back from the annuity, but you will lose some of your annuity money to tax and penalty.

But, you have some other problems. Annuities follow the same rules as IRA's. If you take any money out before age 59 1/2 there is a 10% early withdrawal penalty on the interest, and income tax.

Finally you can withdrawal your principal income tax free. You can not take the principal first. You must take the interest first.

You also have to make sure you have no surrender charges on the annuity. They usually go away after 10 years. For example, over the years you deposited $50,000 and the balance is now $80,000.

$50,000 is principal and $30,000 is interest. You would have to take the $30,000 first and pay tax and penalty. Then you can take the principal tax free and penalty free.

If it is an IRA annuity, then the entire $80,000 in the example above is subject to tax and penalty until you reach age 59 1/2, then just income tax after age 59 1/2.

People don't lend you money for your retirement annuity. There are companies who will give you money for a discount based off of the amount of money you have in your account. If you have a 403B or 401K many of these types of accounts will allow you to borrow from your account.

All other types of annuities do not allow you to borrow you would just have to withdraw money from the annuity. If it is an immediate annuity and you are already receiving payments go back to the beginning of this answer and that is the only way you could get money.

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We are retirement age and have $30,000.00 savings. Would it be better to put the money in CD or money market account?

Can social security retirement survivors insurance be garnished for child support.

Step-Daughter I raised said she and husband used me to get retirement money for their wedding! What do I do?

Calculator for how much money I need in a retirement account now to have $1 million at retirement age.

My grandma is applying for retirement or something so she wants me to co-sign for her life insurance. Is that possible.

I'd like to know more about homeowners insurance, why I need it and how I can save money on it.

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