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All annuities are different. You need to read the annuity contract you received when you signed up to determine what the penalties are for:
- stopping the set contributions
- withdrawing funds (if you're under 59.5 years old there will be IRS taxes and penalties unless you do a 1035 exchange to another annuity)
- closing the account

Most annuity companies will waive some of the penalty if you take the money out over a period of years, rather than all at once.
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