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Can I withdraw money from a qualified annuity plan set up through a previous employer?
Can I withdraw this money with penalties (20% to taxes and 10% penalty for early withdrawal) even if the plan stipulates that the money can not be withdrawn prior to retirement or disability? This money is in the NEAP (National Electrical Annuity Plan).
2 Answers
- 1 decade agoFavorite Answer
Is your annuity a fixed or variable annuity? If variable, the cannot prevent redemptions. See Section 22(e) of the Investment Company Act of 1940. For fixed annuities, check your state insurance laws and your contract/plan.
- EdsLv 71 decade ago
There is a set amount of time when you leave a job to move that money without taxation on it. If you are going to start a business you might be better off taking out a loan for small business purposes. Check with your tax advisor and/or a local banking expert. Those are the people that I would begin asking, then move on to investment "experts". Have fun in this process. Happy Holidays too!
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