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getsteph | I am pretty much homeless, I have an annuity, can i take that out for emergencies? |
Additional Details
Um yea, thanks for your answer Erica. I am on my uncles pc just so you know. And I said pretty much. If you didnt know, there was no reason for you to answer. Thank you to all of the others who actually gave an educated answer. They were very helpful.
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PepsiLime
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You can take out the annuity, but it will be a taxable distribution, and if you are under 59 1/2 you will have to pay a 10% early distribution penalty ontop of regular taxes on the distribution. |
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~gail from Long Island
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Go to a bank- they may lend you money using the annuity as collateral, and you won't pay a penalty for closing the annuity. |
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Good♥Gyrl
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True, that if the CDSC (contingent deferred sales charge, or surrender) period has not expired, you may get penalties. However, this completely depends on your annuity and the type of contract you have. mbrcatz generally knows her stuff, but you have to beware of blanket answers. Some contracts allow for a liquidity feature (because they know they generally have your money locked up for anywhere from 5 to 15 years or longer), so they will let you withdraw a certain percentage of either your deposits or contract value each year, non-cumulative. You'd have to contact the company or read your contract for those details (if you have it).
Also, GENERALLY, the IRS treats early withdrawals from an annuity (before age 59 1/2) as a premature distribution, but IF YOU TAKE THE MONEY OUT BASED ON YOUR LIFE EXPECTANCY (which, could be a very small amount each month if you're young), that excise tax (10% penalty people mention) COULD be waived by the IRS. You'd need to talk to an accountant and discuss your circumstances in regards to that.
Good luck to you ... hope things get better. |
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stephenweinstein
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To the person who questioned how a homeless person could have a computer and internet access: most public libraries have computers with internet access and allow anyone to use them. The homeless are allowed in libraries.
To the person who asked the original question: there is usually a tax penalty for doing so if you are less than 59 1/2. |
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Margarita D
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Hello Getsteph
You can use your annuity for an emergency. The question will be how your annuity was set up. Some annuities are set up for retirement accounts such as an IRA and if yours was set up that way you will have a penalty from the IRS for accessing the fund before retirement. Basically you will have to pay taxes on the money that you did not pay taxes on before plus a small penalty. Insurance companies will also penalize you if you withdraw the funds prior to a specific date let's say the first 2 or 5 years.
For more accurate and specific information to your needs you should consult with the agent who sold the annuity or with the insurance company and also with a tax preparer.
In any case if you are in a situation where this is your only option of course you should withdraw it. It is better to eat then to say I have an annuity but here I am starving. Anyway it is your money!
I wish you the best of luck and will keep you in my prayers.
P.S. Not all annuities are sold as retirement accounts and therefore might not have a penalty from IRS on the part you contributed but there may be a penalty on the interest. Basically it gets complicated so call your Agent! |
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my2sense 793
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You should be able to liquidate it but there will be financial penalties. You will receive less than what it is valued at for loss of interest. Call the annuity company and explain your situation. They will be able to tell you exactly what your options are in this case. |
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mbrcatz
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Yes, but you're going to get nailed on taxes, penalties, and withdrawal fees. AND, it's going to lower or eliminate any future payments.
Annuities are basically just a good deal for the agent who sells them, and the insurance companies. BUT, if you've got one and it's paid for . . . . well, my big question is, how is taking money out NOW going to help your long term financial situation? It's PROBABLY not attachable (check with a lawyer in your state), and it's PROBABLY not going to "fix" your situation, if you've got an income issue.
So you're shooting yourself in the foot tomorrow, to put off the problem for a short term basis, by trying to access this. I wouldn't do this if you can find ANY other options. |
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saberhilt
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Depends on the terms of the annuity, but most likely it's just set yo pay you a fixed dollar amount when you reach a certain age.
There are groups that buy annuties from people for one time cash buy outs. They'll typically give you 70-80% of the Annuity's value, but you recive it all now, instead of in small increments over the next 10+ years. |
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EMG
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Your homeless but you have a computer and internet acces? hmm... who knows? |
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J22H-1997
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no it is war to the law |
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