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Retirement Planning Question – Annuities

 

Q: I presently have an annunity that has 2 years left before I can change without penalty. Should I withdraw my maximum this year to avoid the tax increase scheduled for next year? I am 79 years old.

A: Unfortunately, It won’t matter because the changes that are being proposed are mainly to Capital Gains. The gain that you have in the annuity will always be taxed at income tax rates. So unless you have a large gain like $200k+ it will likely not affect you. Thanks for your question!


 

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