Can I withdraw money from my variable annuity?

Yes, it is possible to withdraw money from a variable annuity. However, there are a few important considerations to keep in mind. Typically, variable annuities are designed for long-term investment and may impose penalties for early withdrawals, especially if the withdrawal occurs before reaching the age of fifty-nine and a half. These penalties can include surrender charges, which are fees that may apply if you withdraw funds during the early years of the contract. In addition to potential surrender charges, the amount you can withdraw may be subject to taxation. Withdrawals from an annuity are often taxed as ordinary income, which means that any earnings above your original investment may be taxed at your regular income tax rate. It is also important to check the terms and conditions of your specific contract, as different variable annuities may have varying rules about withdrawals, including minimum withdrawal amounts and how often you can make them. For detailed information about your options and any possible consequences associated with withdrawing from your contract, it might be helpful to review the materials associated with your annuity or check the current web page for additional guidance.