Cashing out an annuity shouldn’t be done on a whim or in response to market volatility because it can derail your retirement. Withdrawing money from your annuity is also a last resort because a withdrawal will reduce the amount of money that would rebound when the market recovers and result in lower payments in retirement. Not to mention, any withdrawals made before the age of 59 and ½ would likely be subject to surrender charges, IRS penalties, and higher taxes. 

Instead of making a knee-jerk decision during a life crisis or global economic uncertainty, contact Alloy Wealth. If you are dealing with a medical or family emergency, we can recommend alternatives to cashing out an annuity to cover your emergency expenses. If you’re in a panic over world affairs, we will help you develop an income plan to manage savings and ensure your money lasts in retirement regardless of what the market does.

We’ll also teach you withdrawal strategies that will ensure your retirement income is reliable and sustainable retirement income. Something as simple as switching from fixed withdrawals to flexible withdrawals on your retirement accounts can help improve the longevity of your portfolio during a market slum.

At Alloy Wealth, helping people build and preserve wealth is a shared passion. Our CEO and founder Mark Henry offers free advice to viewers on WCNC TV during their Money Matterssegment and is a member of the Wealth Council on the Fox Business channel. We also offer complimentary retirement planning seminars because we want everyone in our community to live well the retirement of their dreams, free of fear and uncertainty. Before considering making an early withdrawal or cashing out an annuity, call 800-689-3935 to speak with one of our team members.