Is it ok for a retired person to use annuity to repay debts?
I won't recommend that. I
I won't recommend that. I would suggest you to get part-time job instead.
Money withdrawn from an annuity is taxed just like a normal income. Plus, the insurer who holds your annuity may charge a withdrawal fee, and that can be as high as 7%. So you have to pay a significant amount.
he has to pay the tax and
he has to pay the tax and penalty charges for this. Your uncle could take out a consolidation loan instead.
Submitted by Sanders Patricia on Fri, 06/07/2019 - 04:46
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I would agree with Nick.
I would agree with Nick. Money taken from annuity can be taxable as a normal income.
The insurance company may also charge you a withdrawal fee as much as 7%. So, the costs will be higher.