In this week's video, I explore how we plotted our escape from the annuity maze. A non-qualified annuity will incur ordinary income on the gain no matter when you take the money out. So how to best get the money out while we are in a low tax bracket?

The video looks at a full surrender of the policy, versus an annuitization of the policy over 20 years. One will result in more taxes during your retirement.

A few links on annuities:

https://www.kiplinger.com/retirement/...

https://www.thinkadvisor.com/2023/04/...

https://www.annuity.org/annuities/tax...

https://finance.yahoo.com/news/owe-ta...

Remember, I'm not a professional. I have no initials after my name, so take these as entertaining ideas from one educated consumer to another. Always do your own due diligences. And seek out a professional if you need one.