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    David RacichPRO
    Fountain Hills, Arizona
    There are two annuity retirement plans: qualified and non-qualified. Annuities are designed and should be purchased ultimately as an income strategy for your golden years. Qualified annuity payments are completely taxable at ordinary income tax rates. Non-qualified annuities are taxed as ordinary income on the policy’s gain, but not the basis. There are two distribution formats: withdrawals and annuitization. Lifetime annuitization credits the prevailing interest rate and adds the appropriate mortality credits for lifetime income you can’t outlive.
     
    Answered on June 22, 2013
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