What You Need to Know About Annuity Withdrawals
Even though we’re living in an increasingly cashless world, there are still times when you need to withdraw cash. Case in point, my local coffee shop is cash-only. That means whenever I’ve craving one of their delicious cappuccinos, I have to visit the ATM first. Unfortunately, when it comes to withdrawing funds from your annuity, it’s not as simple as accessing an ATM and taking cash out of your checking account. Why is this the case? Annuities were designed to provide regular income during retirement. As such, the IRS imposed financial penalties for owners who withdrew more than allowed. So,...