Author: Jack Guttentag
Source: Paddock Publications, Inc.
Retrieved from: www.dailyherald.com
FINRA Compliance Reviewed by Red Oak: 794955
Fixed Annuities are long term insurance contacts and there is a surrender charge imposed generally during the first 5 to 7 years that you own the annuity contract. Withdrawals prior to age 59-1/2 may result in a 10% IRS tax penalty, in addition to any ordinary income tax. Any guarantees of the annuity are backed by the financial strength of the underlying insurance company.