Question

If Robert wishes to cash out his annuity at age 70 after having it for over 40 years, what should he know about prior to doing it?

Answer 1

Answer:

Explanation:

An annuity is equal streams of cashflows that can compliment payments from social security and pension plans for retirees. Robert should know that taking out all the annuity savings as a lump-sum will make the  deferred earnings  taxable. A deferred annuity gives an investor options of to either take out all the long term savings  in one lump-sum, make withdrawals whenever they need or transfer the amount to a different account.