1. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! The short answer is yes, but....Most annuities will allow you to take out a percentage for free, generally up to 10%, but it really won't be free. The money that you withdraw will reduce the earnings power of your annuity over time, and can actually end up costing you money. If the amount you want to withdraw exceeds the free amount, you will be assessed fees, and may have a tax liability on any interest earnings portion of that withdrawal. If this is early into your annuity, expect to also have a surrender charge assessed if the amount exceeds the free amount. Call your agent, and get the specifics for your annuity before doing anything, ok? If you have a whole life policy, maybe taking a loan out of the cash value might be a better option. Good luck, and thanks for asking!
    Answered on October 8, 2014
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